Covid-19 positive Aspects 2020 As a Economy in india

Abstract

The covid-19 epidemic is the first and foremost human disaster in 2020. More than
200 countries and territories have confirmed effective medical cases, caused by coronavirus declared a
pandemic by the WHO. Recent growth rate case globally has accelerated to more than 12,00,000 covid19 confirmed cases and more than 66,000 deaths till April 1, 2020.
As we have already acknowledged that India is a developing economy, it is stated as an economy
passing through demand depression and high unemployment, with 21-day lockdown announced by
Prime Minister Narendra Modi on March 23, 2020, it would slowdown the supply-side, accelerating the
slowdown further and jeopardising the economic wellbeing of millions.
In this scenario, they are predicting that India would go into recession affecting the unorganized sector
and semi-skilled jobholders losing their employment. It may also likely surface that at this time of
eroding trust within and between countries – with national leadership under pressure from growing
societal unrest and economic confrontations between major powers if we refer to the times of Ebola
crisis in Africa.
The labour sector under the MGNREGA, 2005 are worst impacted as they are not provided jobs due to
lockdown, most of the labour sectors are associated with the construction companies and daily wage
earners. Travel restrictions and quarantines affecting hundreds of millions of people have left Indian
factories short of labour and parts, just-in-time supply chains and triggering sales warnings across
technology, automotive, consumer goods, pharmaceutical and other industries.
If we refer to the recent measures announced by the government and the RBI to mitigate the impact of
the pandemic, as said by the RBI governor, these are only for short term and may not deliver the desired
results as the problem is severe and has been further aggravated by the lockdown.
The quarterly GDP growth has consistently fallen since Q4 of FY18. If there is a deviation in Q4 of
FY19, as shown in the graph below, it is because the National Statistical Office (NSO) revised its data
on February 28, 2020, drastically cutting down growth rates in the first three-quarters of FY19 (from 8%
to 7.1% for Quater1; from 7% to 6.2% in Quarter 2 and 6.6% to 5.6% in Quarter 3.