This pandemic has hit both the Indian economy and the global economy harder than the 2008 recession.
We do not know now the duration and depth of this uncertainty of the crisis, but dealing with the after-effects of Covid19 will be a major economic challenge over the coming few years. If the Indian political leadership and entrepreneurs play their cards well, the nation is sure to witness a revolution post-Covid 19 crisis. This is because hundreds of multinational companies in sectors like automobiles, mobile phones, electronics, and textiles among others are considering moving their manufacturing base from China to business-friendly nations in Asia including India. The US has been openly criticising China in containing the Covid19 crisis and also its lack of transparency, while European nations too raised fingers at it. The need of the hour for our Government is, to introduce more reforms to attract investors. Multinational companies can be easily lured to India as India itself is a huge consumer market as well. The availability of skilled manpower, labour, and raw material will be of immense help, while their entry will boost our economy, provided our governments will try to exploit the situation.
The pandemic has impacted the world economy and India is no exception, but an hour of crisis government must salvage the economy by stopping all projects that are not essential, instead, the Centre has decided to freeze the hike in DA for the government employees, and unsurprisingly Congress and Rahul were up in arms against the decision, and pointed out that government should have put on hold the central vista project, budget for Bullet train, etc instead of taking away money from the middle class, and I don’t think, it’s a bad suggestion, as the government seems to have kept aside enormous amounts for development projects, like Central vista, Bullet train, etc as the Govt must giving priority to development projects more than the people. Opening up the economy gradually without throwing caution to the winds can bring a smile on the faces harrowed citizens.
We do not know now the duration and depth of this uncertainty of the crisis, but dealing with the after-effects of Covid19 will be a major economic challenge over the coming few years. If the Indian political leadership and entrepreneurs play their cards well, the nation is sure to witness a revolution post-Covid 19 crisis. This is because hundreds of multinational companies in sectors like automobiles, mobile phones, electronics, and textiles among others are considering moving their manufacturing base from China to business-friendly nations in Asia including India. The US has been openly criticising China in containing the Covid19 crisis and also its lack of transparency, while European nations too raised fingers at it. The need of the hour for our Government is, to introduce more reforms to attract investors. Multinational companies can be easily lured to India as India itself is a huge consumer market as well. The availability of skilled manpower, labour, and raw material will be of immense help, while their entry will boost our economy, provided our governments will try to exploit the situation.
The pandemic has impacted the world economy and India is no exception, but an hour of crisis government must salvage the economy by stopping all projects that are not essential, instead, the Centre has decided to freeze the hike in DA for the government employees, and unsurprisingly Congress and Rahul were up in arms against the decision, and pointed out that government should have put on hold the central vista project, budget for Bullet train, etc instead of taking away money from the middle class, and I don’t think, it’s a bad suggestion, as the government seems to have kept aside enormous amounts for development projects, like Central vista, Bullet train, etc as the Govt must giving priority to development projects more than the people. Opening up the economy gradually without throwing caution to the winds can bring a smile on the faces harrowed citizens.
