A devastating effect on the global economy has been the Covid-19 outbreak. Because of a lack of signs of recovery, all major economies have come under the pact. India, before the outbreak, the G20 economy was not in good shape and as the virus has spread, the economy of India has been shut down. In terms of the virus, the main sectors contributing to India’s huge GDP are already facing a crisis. Among the most impacted and in need of government intervention were micro, small, and medium enterprises (SME), tourism and hospitality, automobile, civil aviation, real estate, and banking services. A great number of jobs are created by these sectors. The unprecedented closure has forced companies to reduce labor and labor prices, resulting in enormous job losses in the industry. A study by the Center for Indian Economy Monitoring describes 21 million senior employees who will lose their jobs by the end of August. This issue is compounded by the decrease in consumer spending, which has led to a decrease in demand and a decline in the economy of India. A Q1 cut of 23.9 percent of global productivity has been cited by the National Bureau of Statistics.
FUNCTIONS OF THE INSTITUTION
After the announcement, the industry has slowed and is in danger of recuperating slightly. Because of lockout constraints, Maruti Suzuki, a major player in the automotive industry, has had to reduce its production to 98%. The misunderstanding surrounding the outbreak means that fewer buyers place orders and thereby impact income. As workers were unable to engage efficiently, declining sales meant a decline in productivity that resulted in general job losses. The figures were estimated at 20-30 lakhs by Harbhajan Singh, chairman of Ease of Doing Business, Haryana. While the automotive industry has shown signs of progress during the festival, as a result of the outbreak, customers are still aware of market use.
2. TOURISM AND HOSPITAL
The sector is an industry for job growth. It was the first to be affected, and on COVID-19 it will be the last to recover. This is because individuals have stopped walking and now drive when necessary. The sector is an industry for job growth. It was the first to be affected, and on COVID-19 it will be the last to recover. This is because individuals have stopped walking and now drive when necessary. The limited tourist movement (foreign and domestic) has a direct influence on the loss of entry and jobs. The KPMG study shows 38 million employment losses impacting white and blue-collar workers in the industry. Countries like Uttarakhand and Himachal Pradesh are now open to domestic tourism, but compared to the past, it is a less expensive location.
3. BUSINESS AND MONEY
The long-term consequences of the virus will be managed by the financial industry. In raising money and creating jobs, banks play a key role. They directly contribute to the GDP growth of the country. Poor loans and non-performing assets were still fighting Indian banks. The downturn continues to place pressure on the banking industry with an additional 15.5 lakh crore debt. The government-announced suspension scheme has raised the possibility of bad loans with NPAs as borrowers will not be able to repay the loans. Bad loans from 5 private banks could double (5 percent) in the last financial year, as in the India Rating survey. This is attributed to the negligent use of loans and the termination at maximum interest rates of contracts made.
Gross NPA for INR of PSB Gross NPA for INR of PVT Banks SBI 1,49,092 IDBI Bank 47,272
PNB 73,479 Yes Bank 32,878
BoB 69,381 J & K Bank 7,672
BoI 61,550 IndusInd Bank 5,147
Union Bank 49,085 Kotak Mah. Bank 5,027
A total of 5,46,615 PSBs total in 19 Private banks 2,04,358
And so how India seems to be the topic of conversation in this work. In this work, how India is expected to handle with an increasing number of COVID-19 cases, coping with the current situation such as adverse impact on the environment, program transitioned, and eco system during COVID-19 lockdown period along with alternative ideas undertaken to solve this pandemic is addressed. Three segments have been highlighted: the economy, human life and the environment. It is clear that while the first two have a negative impact on the corona, the impact on the environment is extremely positive. But is it a major question for India whether COVID-19 or hunger is the real problem now? As for the COVID-19 Indian economy, the unemployment rate will continue into the future. Furthermore, without adequate vaccine, containing cases of COVID-19 is a major problem.
Weekly Magazine: The Economist