impact of covid19 on india

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Status: Finished  |  Genre: Editorial and Opinion  |  House: Booksie Classic

the world was already suffering from protectionist measures, tepid global trade and trade war between america and china when covid-19 spread. it started in china and rapidly spread across continents badly hurting most of the countries. the first case in india was recorded in kerala but soon it spread across the entire country at an exponential rate.
immediately, people were asked to not go out of their homes unless emergency. all the shops except pharmaceutical, grocery and basic stuff have been ordered to be closed. people have been forbidden not to gather in groups larger than ten people. marriages, parties have been postponed. temples, churches and mosques have been shut down. school, colleges have been closed and various examinations have been postponed. international travel has been banned to arrest further spread of infection. employees have been asked to work from home.
the service sector has been hit the hardest as footings to clubs, shopping malls, and movie theatres has reduced to almost zero. in our country where most people work in the unorganized sector, the impact can be devastating, should the infection advance to higher stages. they would have neither adequate insurance cover for medical emergency nor sufficient savings to survive in case of demise of the major family earner. both import and export are suffering due to travel restrictions. the sudden supply chain disruption has made it very tough to transport perishable goods both within and outside the country. there is a looming fear that the non performing assets of commercial banks may reach new levels should the situation persist longer. as people clamour liquidity in such times, the interest rates have gone up, troubling the capital market. due to this rush for liquidity and short-selling, the stock market also suffered a hit.
businesses find it difficult to repay their loans commitment or fulfil other obligation as the economy is at a standstill. in such a crisis, the reserve bank of india has conducted repo auction of one year tenure. it has also conducted a rupee-dollar swap to compress the term structure and infused dollar in the economy, thereby arresting the free fall of the rupee. moreover, the reserve bank of india is also requesting the people to use digital means of payment as using cash may beat the entire purpose of social distancing. it is actively monitoring the situation and working with the government of india to assuage the ill effects of the crisis as soon as possible. rather than being scared, we should use this experience to improve upon our earlier mistakes. “nature is the master of man’ – a lesson we must understand.

The world was already suffering from protectionist measures, tepid global trade and trade war between America and China when Covid-19 spread. It started in China and rapidly spread across continents badly hurting most of the countries. The first case in India was recorded in Kerala but soon it spread across the entire country at an exponential rate.

Immediately, people were asked to not go out of their homes unless emergency. All the shops except pharmaceutical, grocery and basic stuff have been ordered to be closed. People have been forbidden not to gather in groups larger than ten people. Marriages, parties have been postponed. Temples, churches and mosques have been shut down. School, colleges have been closed and various examinations have been postponed. International travel has been banned to arrest further spread of infection. Employees have been asked to work from home.

The service sector has been hit the hardest as footings to clubs, shopping malls, and movie theatres has reduced to almost zero. In our country where most people work in the unorganized sector, the impact can be devastating, should the infection advance to higher stages. They would have neither adequate insurance cover for medical emergency nor sufficient savings to survive in case of demise of the major family earner.  Both import and export are suffering due to travel restrictions. The sudden supply chain disruption has made it very tough to transport perishable goods both within and outside the country. There is a looming fear that the Non Performing Assets of commercial banks may reach new levels should the situation persist longer. As people clamour liquidity in such times, the interest rates have gone up, troubling the capital market. Due to this rush for liquidity and short-selling, the stock market also suffered a hit.

Businesses find it difficult to repay their loans commitment or fulfil other obligation as the economy is at a standstill. In such a crisis, the Reserve Bank of India has conducted repo auction of one year tenure. It has also conducted a Rupee-Dollar swap to compress the term structure and infused dollar in the economy, thereby arresting the free fall of the Rupee. Moreover, the Reserve Bank of India is also requesting the people to use digital means of payment as using cash may beat the entire purpose of social distancing. It is actively monitoring the situation and working with The Government of India to assuage the ill effects of the crisis as soon as possible. Rather than being scared, we should use this experience to improve upon our earlier mistakes. “Nature is the master of Man’ – a lesson we must understand.


Submitted: March 21, 2020

© Copyright 2021 Chaitanya. All rights reserved.

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