CORONA VIRUS AFFECTED :ECONOMY

 

 

                  IS COVID 19 AFFECTS ECONOMY

 

The decline in economic activity because of the Covid-19 lockdown is unprecedented in India’s history. Its impact on the real or productive sectors of the economy is worse than what was witnessed previously..Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.Covid 19 worsely affected our economy. In the IT and software industries, employees have to share the same space with multiple members and teams. Often, they interact physically in meetings and attend client meetings if needed.Due to covid 19 outbreak ,physical interation meetings are not possible because of government guildeline to keep 1 metre social distancing.The Indian economy was expected to lose over 32,000 crore every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.

During the lockdown, an estimated 14 crore  people lost employment while salaries were cut for many others.More than 45% of households across the nation have reported an income drop as compared to the previous year. Any employee diagnosed with coronavirus can adversely affect others when they sneeze and cough. The widespread nature of coronavirus is causing challenges for IT services companies, and many have started evaluating its impact on their business operations.So best website development company in kerala,most of software companies shutdown and  companies try to implement work from home strategy.When come to software industry work from home is ok.But most of other industry affected by huge loss.For example film industry,due to covid 19 all theatres are shutdown and producers are in big loss. Under complete lockdown, less than a quarter of India's $2.8 trillion economic movement was functional.Up to 53% of businesses in the country were projected to be significantly affected. 

The coronavirus is throttling the global economy.Every daily wages are worsely affected by Covid 19. Those in the informal sectors and daily wage groups have been at the most risk. Government provides all essential things like food to all ,but that is not a solution that’s only a relief. A large number of farmers around the country who grow perishables also faced uncertainty.Supply chains have been put under stress with the lockdown restrictions in place,initially, there was a lack of clarity in streamlining what an essential is and what is not.In this period online platforms are more active than previous period.This is because of whole world are at home.Online platforms like Social medias,online meeting,client meeting,online business,start up,online classes for students are also come to existence. Due to this reason,online industry made huge profit and online shopping sites also made huge profits.

 

These lockdowns meant confining millions of citizens to their homes, shutting down businesses and ceasing almost all economic activity. Not only covid 19, our country also affected by other pandemic like flood,cyclones etc.According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3 per cent in 2020. In a matter of weeks, the highly contagious disease has pushed the world to the brink of a recession more severe than the 2008 financial crisis.It was the steepest slowdown since the Great Depression of the 1930s. The depth and duration of the downturn will depend on many factors, including the behavior of the virus itself, public health responses, and economic interventions. But the worst thing is number of covid 19 affected is increased per day.Still covid 19 is a  pandemic and large threat to our economy.

 

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