Page 16 - XITE Magazine 2021

Annual Magazine

Covid-19 and the Indian
Covid-19 and the Indian
Covid-19 and the Indian Aman Dwivedi
Economic Slowdown
Economic Slowdown BBA Semester 1
Economic Slowdown

The covid-19 pandemic was first identified in December 2019 in Wuhan, China. The World Health
Organization declared the outbreak a public health emergency of international concern in January 2020 and a
pandemic in March 2020. As of 7th January 2021, more than 87.1 million cases have been confirmed, with
more than 1.88 million deaths attributed to covid19. The virus spreads mainly through air when people are
near each other, leaving an infected person as they breathe, cough, sneeze or speak and infecting anyone in the
near vicinity. People are known to remain infectious for up to two weeks, without showing any symptoms. This
novel virus has drastically changed our lives - the mask has become omnipresent, files are handled only while
wearing gloves and pockets and purses always carry a hand sanitizer. Picnics, outings, trips, tourism, parties,
travel for leisure have all become things of the past. Visits to movie theatre and malls, too, are strictly
prohibited. It made us realize how easy and joyful life was before covid-19! But post pandemic, we all have lost
our smiles. School are closed, people are working from home, travel plans are being cancelled and life
altogether is being postponed. In the beginning it seemed like a dream come true; weeks of family time, with no
office or school to disrupt togetherness. However, as the number of positive cases and deaths continued to rise,
it became scary.

The Indian economy was drastically impacted by this pandemic. It lost over 32000 crores (U.S$4.5 billion)
every day during the first 21 days of complete lockdown. Under complete lockdown, less than a quarter of
India's $2.8 trillion economic movement was functional. Almost 70 percent of firms are expecting a decline in
sales in the fiscal year 2020-21. The revised Gross domestic product (GDP) estimates for India went
downwards by 0.2% points for the fiscal year 2020 to 4.8% and is expected to go down by 0.5% for the fiscal
year 2021 to 6%. In May 2020, situations became worst with the number of positive cases and deaths cases
rising exponentially. The responses to the pandemic have also resulted in the worst global recession since Great
depression. It led to widespread supply shortage and agriculture disruption. Washington university in St.
Lousin gave a $300+ billion impact on the world's supply chain. Global stock market fell on 24 February due
to a significant rise in the number of covid-19. India's GDP shrank 7.5% last quarter compared to earlier.
Private consumption fell by 11% capital expenditure fell 7% and so on. Over 4.1million young Indians lost
their jobs. Inflation rate had crossed 6% in December. India was in a tight situation with inflation but when
combined with falling economic growth, the circumstances became desperate. Trade, exchange rate, travel
and tourism have also fallen simultaneously, adding to the country's woes.

Currently, though the situation is in under control, life after the covid-19 outbreak will never be the same. We
are at the beginning of the end, waiting for a new beginning. Currently there are 50+ vaccines in trial, many of
them are very much effective but it still needs some time to fix it. Nobody knows what the future of humanity
after the pandemic, but it is certain that the climate and environment of earth are going to be benefited.

14 Volume-VIII, 2020