Economic Impact Of Covid -19

In COVID-19 the pandemic has an impact in India and all over the world. In our country and the whole world, there have been large disputes of economic activity like loss of jobs, loss of education, and many people suffering from poverty,  food, agriculture, and loss of human lives. Approximately all sectors have been largely destroyed as domestic as well as imports and exports of goods and services.

Background –

The initial stage of Covid -19 has started in China with the city of Chunyun. The CDS has confirmed that Coronavirus is spread very largely at a very high speed.  The first cases were detected in China and now more than 80 countries including the United States and many developed countries. The name of the Virus is SARS-COV-2 and the disease name is Covid-19.

A  large number of programs and events were canceled due to the national government and regional government including all the festivals, private companies meetings, all the transport system, shops, and all tourist places such as Hong Kong Disneyland, Shanghai, Disneyland, Lunar, Forbidden, all the temples and New Year Parties.

30 January 2020, International Health Regulation Emergency Committee (WHO) World Health Organisation declared the spreading of the Covid-19  virus. On 31 January the health Secretary of China  Alex Mazar declared an emergency in China.

Agriculture

Covid -19 affects a lot to the Indian Agriculture sector. The Growth of Indian Agriculture decreases 3.45% in the financial year 2020-2021. Before the pandemic of covid-19, the growth rate of Indian agriculture was estimated at 5.9%. Due To Covid-19, the growth rate is decreased at the rate of 2.5%. Uncertainty Government imposed the movement of people interstate, absence of transportation, disrupted the food chain supply, and spiked food prices. Before the Covid-19 many states harvested a rabi crop in large amounts up to   April 30, 28.039 million tonnes of wheat had been produced. But due to covid-19 our Indian farmers only produce 5.5 million tonnes of rabi crops, which is a large gap.

The Global market of the Agriculture Sector is affected a lot by the Covid-19 pandemic. According to the International Market, economic growth decreases  up to 7-8% of the agriculture sector. Due to the pandemic, there is a shortage of food grains in the International market. Although agriculture perhaps did not receive as much attention as other sectors of the economy like airlines, services, tourism, and many other sectors.

Affect in Tourism-

In India the Covid-19  all the things are destroyed like, Business, economic crises, as well as tourism. The covid-19 pandemic has largely affected the tourism industry across all over India, covering Sectors like travel and tourism, hospitality, tour operation, air ways, land ways, waterways transportation were also affected. The turnover of tourism of India before the pandemic 50USD billion $ but in the pandemic time, the turnover of tourism is  22 billion $. The tourism Industry in India helps to increase the country’s economic growth and increase the currency rate in the international market.

In the world, June 2020 Covid-19 infected over 10 million people and the death of 500,000  people daily. World Tourism  Organisation Report during the second quarter of 2020, 100% of tourism was affected. As the result, International Tourism was stopped by 100%. Tourism is one of the main sources of the International economy. In tourism, 3000 million people were engaged in the tourism sector and it was a good source of income and employment. The United Nations World Tourism  Organisation (UNWTO) lost 850 million to 1.1billion of international tourists and 910 $million to 1.1 $ trillion in export revenues and 100-200 million were lost due to the covid-19 pandemic.

International Trade

International trade is the source of exchange of commodities, goods, services,  raw material products from one Country to another Country. After the Covid-19 pandemic, foreign exchange has declined up to  12.4%. In the world India suffers from the economic condition at fifteen positions due to Covid-19 and slow production of china with the trade of 348.8 million  Then the extent of the damage to the Global Economic System caused by Novel Coronavirus Covid-19.

Unemployment –

During the Covid-19 pandemic, many industries and small businesses were stopped. That’s why the job crisis increased. Due to this factor, the economy dealing with slow growth and unemployment increased by the covid-19 hit. In October unemployment slightly increased 6.5% to 7%.

International Labour Organization release the notification on 7 April 6.7% of people lose their job in the second quarter of 2020 and 30 million people were job were lost in the first quarter of 2020. January and February are the highest picks of pandemic cases of covid-19, about 5 million people lost their jobs in China and 300 million rural migrant workers returned home. In India after the lockdown millions of migrants are unemployed and people are returning from home.

Approx 900000 workers lost their jobs in Spain in the lockdown of mid-march and 4 million workers are unemployed in France. In the Covid-19 pandemic combined impact of schools, markets, households, food availability, food price, local market. 

Science and Technology

Covid-19 also impacts the science and technology sectors. These agencies are known as  NASA, ISRO, Europe Space agency  Space Launch System. Most of the agencies were closed in the pandemic situation of the covid-19. Pandemic has stopped lots of space and science technologies like – improve scientific communication, research, launching satellites, rockets, etc.

Economic Impact by  Continent region and country

The total GDP of the world is nearly $22 trillion as of January 2021. Before the covid-19 countries are expected higher than usual economic growth. India, China, all Asian countries are expected to continue growing the economy of the country from 2020 to 2025 but due to pandemics, it is not possible.  The economy of China has recently decreased up to 1.1% by half of 2020. The Corona pandemic is negatively affected by economic activity. The World Bank expects China’s growing process to be up to 0.1 to 2-3% of the lowest growth rate of decades.

Stock Markets and  E-commerce-

Amazon announced in the mid of march it would stop the sale of essential and non-essential things of all of the country. Amazon can follow the same strategy in Italy and France on 25 March 2020. Flipkart temporarily suspended the services after the covid-19 improvement. In this time E-commerce suffered a time.

In Indian Stock Market has the worst losses in history. The SENSEX below 4000 points 13.15 percent and NSF NIFTY 1150 points biggest gain in eleven years.

State income and expenditure 

In the Covid-19 Government of India had huge losses and cut capital expenses. The Delhi Government decreased ninety percent taxes as compared to 2019. And planning to take a loan and improve certain sectors. The income of Madhya Pradesh has decreased by 85%.

Overall Economic Condition

Spreading the virus of  covid-19  likely to dispute the economic condition as well as negatively impact manufacturing, education, health, industries, financial market, global economy, and many other sectors. In the covid 19 very large effect of human lives and largely short term financial economy.

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