Covid-19 Downturn: Quick Glance At India's Economic Status Amid This Global Pandemic

In the last fifty days of lockdown, country beared a loss of Rs 18 lakh crore. The World Bank has anticipated India's GDP to be merely 1.5 to 2.8 per cent for 2020-21. The IMF valued it at 1.9 per cent while Fitch calculated it to 0.8 per cent.

The pandemic has adversely hit three main industries, tourism industry being on top. (Image: PTI)

New Delhi: With the surging number of Coronavirus cases, the health situation remains serious in the country. Along with this, India is unfortunately heading towards a different phase where country's economy appears to be in bad shape. People are worried about jobs as the graph of unemployment increases. Even after Centre and State governments allowed several economic activities amid third phase of lockdown, no major improvement in economic status is worrisome. In the last fifty days of lockdown, country beared a loss of Rs 18 lakh crore.  The World Bank has anticipated India's GDP to be merely 1.5 to 2.8 per cent for 2020-21. The IMF valued it at 1.9 per cent while Fitch calculated it to 0.8 per cent. Currently, the largest number of unemployed people are daily wage earners, who account to be above 9 million. Keeping this class at the center, Finance Minister announced various economic packages. The first package of one lakh 70 thousand crores was equal to 0.8 percent of GDP. After this, the industry is now demanding an equal economic package from the center for a large share of GDP. ALSO WATCH | Harega Corona: Know The Sectors Badly Hit By Coronavirus Outbreak Such a crises raises several concerns - How is government dealing the situation? What should government be doing to revive the economy? What are the difficulties and demands of private sector? The pandemic has adversely hit three main industries, tourism industry being on top as it lost Rs 10 lakh crore. The lockdown has also affected those multi-brand companies that sell salmon through stores in the mall. These range from lifestyle to clothing and shoe stores. People associated with this sector believe that the coming days are going to be difficult for multibrand stores. Cantabil director Deepak Bansal said that there was expected to be a market of around $ 85 billion, but now it seems difficult to do this after Corona. ALSO WATCH | Harega Corona: Testing Time For Private Companies Apart from the industry, it has become difficult for people running their own start-up companies. Of the companies that are all over the country, 95 percent are in the private sector, most companies are in the business services and manufacturing sector. There are a total of 11 lakh 23 thousand private companies in India. Of these, 3,74,767 are related to business service. There are 2,21,025 private companies in the manufacturing sector. This means that if the private companies do not understand the difficulties and they are not given the necessary help, then it will directly affect the employment. In such a situation, the question remains, what should the employed people do? Investment advisor Jeetendra Solanki suggests that emergency fund could be helpfull for atleast one year post lockdown. He says, not to invest for 3-4 months as it might be risky. According to experts, in addition to these investment options, people should also find more and more ways of saving at this time and for this, it is necessary that no unnecessary expenditure is incurred.