The suicide conspiracy no one's paying attention to - Indian economy's contraction by 23.9%.

~ Ayush Kumar

Just before I even begin, no, America's economic fall isn't 32℅, it's 9%. if India was to calculate their economic fall the way the United States did, it would be 75℅.

India has dethroned the United Kingdom and has successfully managed to face one of the worst downfalls amidst the bedlam caused by Covid-19. My motif isn't to expand on Covid-19 here but rather the sporadic changes being made in the economic policies and how COVID -19 has aggravated and exposed our ill-preparedness as an economy. This 'act of God' isn't something to succumb to. Yet, it's crucial to reflect on all the economic blunder made in the name of the demonetization, poor implementation of GST, and the scrooge relief packages in which direct spending is nowhere to be seen. Direct benefit transfer has been the climacteric step in many foreign policies of countries to combat the pandemic. India, on the other hand, hasn't done much for their citizens except for providing means of deferred payment and blatantly insinuating a YOYO policy( yoyo here refers to you are on your own).

Despite the things of the past, the Government is still to play a paramount role in shaping the economic recovery and clearly would either become a protagonist or an antagonist. The government can't push the consumption itself and would have to broaden the scope of spending by empowering the lower middle class and middle-class. In simple terms, demand has been hit. People's propensity to save for the future has multiplied manifold considering the ambivalence about the economy. Since India is a consumption-driven economy, the economic pandemic could only be overcome once the demand is back on track.

This is the time for the government to take responsibility and lead its citizens out from the economic pandemic whose repercussions will not only sabotage the vision of 5 trillion economies but become a world power as well.

If people survive the coronavirus, there's a high possibility that hunger would jeopardize their lives. The demography of India would be pushed to poverty if policymakers still play it safe. This is surely an act of God, but Noah built the ark and survived the flood gracefully. We have the flood knocking on our door but we are losing our time to build the arc.

Comments

Past makes present: Elon Musk 's anti union tweet

Who would have thought that a tweet made in 2018 will cause hassle in someone’s life in 2021. We are talking about none other than Mr. Elon Musk, CEO of Tesla, Inc. He needs no introduction but more than him, his tweets are famous. Elon Musk has been seen tweeting sharp and blunt statements very often but this time he faced serious repercussions as well. Swami Vivekananda rightly said that the present is determined by past actions. It all started in 2018 when Elon musk is his tweet, wrote: “Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing? Our safety record is 2X better than when plant was UAW & everybody already gets healthcare.” This tweet came in the limelight in 2021 when National Labor Relations Board found it oppressive and threatening. As per NLRB the tweet by Mr. Elon Musk was unlawfully threatening the employees with the loss of stock options if they decided ...

Russia’s Melting Snow May Cost the World Economy 2 Billion Dollars

The impact of climate change on a vast permafrost area of Russia has become a principal apprehension for the country. This is primarily due to thawing of once permanently frozen ground which covers more than half of Russia. The liquefication of snow is putting buildings, pipelines and other infrastructure in peril. This problem needs to be addressed imperatively because the scale of damage will escalate every year. Rising temperatures are the epicentre of anxiety for mining, oil and gas companies. The permafrost area accounts for 15% of Russia’s oil and 80% of its gas operations. It is also home to miners including MMC Norilsk Nickel PJSC, the biggest refined nickel and palladium producer. Multiple new craters have been found in the gas-rich Yamal region, which is a risk to pipelines. By 2050, global warming may jeopardise about a fifth of structures and infrastructure across the permafrost area, costing about $84 billion. Residential real estate, worth $53 billion, might be als...

Changing Environment For Local Business In Sri Lanka; Government Initiates The Revolution

Local industries and businesses are the backbone of the economy of any country. Additionally, Sri Lankan Government defines a local company as one with a minimum ownership of 51% of a Sri Lankan. To help these companies grow, the Sri Lankan Finance Ministry has proclaimed a circular enlisting the priorities to the local companies. Moreover, this move from the government may bring some salient alterations in the condition of the local manufacturers. The government has also come with up steps that will augment the local industries across the different domains. These domains include IT sector, construction, etc. The circular, as issued by the government includes relevant documentation regarding sourcing of resources and products. Additionally, sources point towards the fact that the government is hoping to extend support to the domestic sector and help them grow. Besides, the major focus is on the three sectors- IT software and hardware, construction and furniture and allied products. Pos...

Entrepreneur Digest

Search This Blog