Covid-19/corona virus, it's disastrous effects on Indian Economy || read and be aware of coming situation

Corona effects on Indian Economy

Self reporter,April 23,2020 :   Coronavirus outbreak was first reported in Wuhan, China on 31st December,2019. Coronavirus is a large  family of viruses that causes illness. It ranges from the common cold to more severe diseases like Middle East Respiratory Syndrome and Severe Acute Respiratory  Syndrome. The novel coronavirus or covid-19 is a new strain of virus that has not been identified in human so far. 

                                                  Image source: Internet
    
The economic impact of the 2019-20 coronavirus pandemic in India has been hugely disruptive. The Indian economy is expected to loose over 32000 crore everyday during the first 21 days of complete lockdown. Upto 53%  of businesses in the country will be significantly affected. The supply chains have been put under stress with the lockdown restrictions in place. A large number of farmers around the country who grow perishables are also facing uncertainty. Various businesses like hotels, airlines, online shopping sites like amazon, flipkart are cutting salaries and laying off employees. However, on 25th March, one day after a complete 21 days lockdown was announced by the PM,SENSEX and NIFTY posted their biggest gains in 11 years, adding a value of 4.7 lakh crore. The government of India has announced a variety of measures to tackle the situation, from food security and extra funds for healthcare, to sector related incentives and tax deadline extensions. On 27th March RBI also announced a number of measures which would make available 3lakh 74 thousand crore to the country's financial system. On 29th March the government allowed the movement of all essential as well as non- essential goods during lockdown.On 14th April 2020, the PM of India extended the lockdown to 3rd May.On 17th April,the RBI Governor announced more measures to counter the economic impact of the pandemic including 50,000 crore special finance to NABARD,SIDBI and NHB. WHO is working closely with glibal experts, governments and other health organizations to provide advice to the country's about precautionary and preventive measures.

                                                        Image source: Internet


          An outbreak of covid 19 impacted the whole world and has been failed across industries.World's second largest economy China became standstill. Its outbreak is declared as the national emergency by the WHO. It is the greatest disaster after independence.In India the three major contributors to GDB namely private consumption, investment and external trade will all get affected. World and Indian economy are attempting to mitigate  the health risks of Covid-19 with the economic risks and th necessary measures needed will be taken to improve it.

                                                              Image source: internet