Covid-19 has been a largely disruptive Factor. Starting from household to finances, everything is disturbed. When it comes to the economy of India, in the fourth quarter of the financial year, India’s growth has-been going down. As per the ministry of statistics, the growth went down by 3.1%. The country is not only experiencing a rapid increase economically but the already existing problems are magnifying. The country is entering into a recession. Let's talk about the effects of the corona that have been seen so far and some measures that can be taken:
1. Goldman Sach revised its growth forecast for India and said the economy is expected to contract by 5% for the fiscal year that began in April and ends in March 2021.
2. Moody’s (a rating agency) cut India’s rating to the lowest and with a negative outlook. As per then, the GDP will contract by 4% in this fiscal year.
3. CRISIL, Announced that it will be India’s worst recession since independence
4. SBI research estimates a contraction of over 40% in the GDP in the first quarter of the financial year 2021.
5. A sharp rise in Unemployment- major companies such as L&T, Ultratech cement, BHEL, Tata Motors have temporarily suspended and reduced their operations. Revenue transport companies went down to nearly 95% thus resulting lay off. Overall Unemployment 27 million youth lost their job in this pandemic.
As per the psychologists, the corona is not affecting the population physically but mentally as well. The pandemic of coronavirus disease is stressful for individuals. The impacts of covid-19 on the Brain are of concern as per UN guidelines to brief covid. The pandemic's social effects can affect the level of brain health in young children.
Public health actions can make individuals feel alienated and alone, such as social distancing, and can increase stress and anxiety. However, to decrease the spread of COVID-19, these acts are required. Social and financial protection measures are necessary to prevent people from the effect of losing a livelihood.
To mitigate this, both policy and politics would have to play a significant role. Economic survival can be delayed by poor politics. But we need to bear in mind that there's a massive and very complex Indian economy. This diversity will have to be aware of the policy response. If it is performed effectively, corrective steps are applied where applicable.
Besides, governments and other influencers need to interact about covid-19 in ways that facilitate citizens' mental health and well-being. The government needs to communicate periodically about the pandemic to minimize the spread.
Some people spend years allowing the pressure to build up inside them without even noticing, then one day some tiny incident triggers a crisis. Then they say " I have had enough, I don't want this anymore". Paulo Coelho These are the days where the World just feels like too much, but you need to stay strong. This time will pass soon
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