The corona effect on the economy in a nutshell.
As the country went into lockdown mode by the end of march, there were hopes that the country would beat the virus in a matter of few weeks. Almost 6 months down the line, we’re yet awaiting the silver lining; with the ever limbing economy, crippled.
Indefinitely blurring, the promise of a better tomorrow. Like a picture by an amateur photographer.
It is difficult times we’re living through, our tales would be recited someday, on how the world lived through a pandemic in the first quarter of the twenty first century.
As always, US leading from the front, with the highest toll of covid casualties. A testament that no superpower is indeed that ‘super’ a power. Uncle Sam bowing to a virus with Communist roots.
India on the third spot on the chart, showing little hope on cutting down the numbers whilst reviving from a stringent lockdown.
Following the trend of lockdowns to curb the novel coronavirus by the end of march, slowed down the pandemic by a few months rather than preventing.
Prevention would have been ideal.
As the end of the day, millions hope that the the worst has passed, with reviving the economy being a priority and curbing the pandemic being the top priority.
The lack of health infrastructure ever apparent. ‘Events being the greatest teachers of fools,’ hoping the future game-plan would be proficient in this aspect.
The sudden surge of covid clusters in certain localities, pushes the authorities to impose further lockdowns, affecting such local economies evidently. Throwing the business owners into a frenzy.
I believe it goes without saying that the worse hit by the lockdown was the daily wage earners and the poorer households. About 50,00,000 people have lost their jobs till date.
The loss of jobs would constrain the purchasing power and consumption for good. Further derailing the economy.
Basic economics I learned in grade 11th taught me that, ‘Production’, ‘Consumption’ and ‘Investment’ constitutes the major economic activities in an economy.
With the former two limited, economy revival any time soon seems like a far fetched dream. Investment fell to the lowest in the last two decades during the past year. With the new highly criticised policy reforms promised by the Union with regards to Investments and education; makes one wonder whether covid is really at the heart of all our problems. Strange.
Don’t get me wrong, ‘Recovery does require reforms.’ Provided it addresses all the socioeconomic factors. Equality and freedom requested by popular demand.
The relief package of ₹20,00,000 crores promised by the Central Government fed the hopeless hope. But closer introspection made clear that such a generous financial aid can do nothing to crank up the economy. The relief sought after, delayed for the time being.
The current trends have shown us that the union does redress grievances; Mostly of industrialists and the people of a certain religion.
As the country is heading into the worst recession post independence, with the ones in power tolerating zero accountability and on the verge of striking down ‘the freedom of expression’. A ‘happily ever after’ seems like a far fetched dream than the reality