Hello friends I hope all you are fine welcome on goondigitals blog today we are talking about Impact of covid-19 Indian Economy and Business sector……..
IMPACT OF COVID-19 ON INDIAN ECONOMY
As we know that Covid-19 impact our lifestyle every one doing work for home since last year but the main topic is economy Ever since Covid-19 has come, the condition of India has been maintained. For a few years, our Indian economy was growing at a growth rate of 8 percent. The growing economy of the world was one from May. But now the situation is very tough.
A report says that our GDP has been reduced to 23.9%, this Indian economy is considered a historic decline since May 1996 and one of the reasons for this is Covid-19. The economy had started falling since India May first-time Lockdown and the rest was completed by Covid-19. And GDP has fallen so low in 40 years.
It is now clearly visible that unemployment has no investment and business to this extent. Now the government has neither the will nor the will to fight this problem.
Business between China and India
As we know, India relies heavily on China in terms of imports 18 to 20 which is the production that India imports from the world and the Most of which is from china.
About 45% of India’s electronic items are imported from China.
About one-third of the machinery and about two-fifths of organic chemicals that India buys from the world come from China?
China accounts for over 25% of India’s imports for automotive parts and fertilizers. About 65 to 70% of active pharmaceutical ingredients and about 90% of mobile phones come from China to India.
Therefore, we can say that due to the corona virus outbreak in China, import dependence on China can have a significant impact on Indian industry. But now the situation is improving in China, then maybe there will be some changes in the coming time.
IMPACT OF COVID-19 ON BUSINESS SECTORS
Like we are talking about what effect covid-19 had on business and economy..
At this point we will talk about business
Covid-19 does not affect business bigger than small business.
Some such small businesses are running their daily bread and some of these small businesses are also fighting with Covid-19
I try to explain some of the details of such small business.
First come the textile industry, which has been greatly influenced by Covid-19.A lot of time the clothes factory is closed. Because of which the workers of the cloth factory are sitting at home.
When there is no demand from the market, this business will not be able to hold its pace.
The other business is cookies with junk food. This business is completely dependent on the people coming in the market, because now it is prohibited to come in the market. Because of which this business is completely closed.
This is the road side seller whose living bread runs on the daily basis.Due to the closure of the market, there has been a huge impact.
Mall and cinema Hall have been closed since last year, which is running in a lot of cost and in the coming time it will take to cover the loss.
How are governments trying to protect small businesses?
The government is giving almost full attention to both health and economy and has also raised recent funds. The outcomes of the program vary greatly, from little to no to nearly half of .Gross Domestic Product (GDP).
The higher the GDP per person, the higher will be the level of solution of Covid-19.
In simple words, small businesses in poor countries get less support than small businesses in rich countries.
• Two main characteristics of the ‘new normal’
If the world seizes the opportunities presented by this crisis to address fundamental challenges in the global economy, the new normal can be one that emphasizes resilience to change and unexpected shocks, embraces the possibilities offered by digitalization, prioritizes inclusiveness and leads to sustainable growth.
1. Resilience :- People have definitely learned a lesson in this covid period. That they are trying to strengthen their business. It is clear that promoting flexibility to the business can bring the business out of trouble. Its purpose is to reduce the chances of the business going bankrupt and to improve the economy.
2. Digital:- As we all know that digital technology is helping a lot in this Lockdown. The entire economy of the world has arrived in the digital platform. Tel-working, remote learning, teleconferencing, online health services, e-commerce and digital payments.