Coronavirus Impact on Indian Economy.

Today we will talk about how Coronavirus will affect our economy. Due to the lockdown, we are in the house, many government offices are closed, there is a loss in business. If all the work is stopped then it is obvious that our economy will be badly affected.

There is continuous decline in Sensex and Nifty recorded, imports and exports have all stopped.

Coronavirus Impact on Indian Economy/ Indian Economy affected by coronavirus

The automobiles and tourism sector has been badly affected. And there is a lot of potential for the lockdown to increase. So we will talk about some important facts. Let's know what they are.

Corona Special Package announced for 1.7 Lakh Crore.

For the war against Corona, the Central Government has announced a relief package of 1 lakh 70 thousand. Under this relief package, about 20 crore poor women will get Rs 500 per month for the next three months. This amount will be deposited in Jan Dhan account. Not only this, the government will also provide relief under Ujjwala scheme, about 8 crore BPL families will get free cylinder for three months. Provision of 5 kg additional wheat-rice and 1 kg of pulses under the Pradhan Mantri Anna Yojana, 80 crore needy people will get benefit for next three months.

The Central Government has also made a big announcement for medical workers fighting the war against Corona. The government will insure life of 50 lakh medical workers.

Jobs can be reduced by 52%.

The problem of unemployment due to the continued downtime due to corona is going to be huge. CII has said that "the sharp decline in income and greed of domestic companies will also have an impact on the country's economic growth". At the level of employment, jobs in these related areas can be reduced by up to 52 per cent.

Companies' income will be reduced by more than 10 percent.

According to the survey, "Most companies' earnings are expected to decline by more than 10% during the current quarter and the previous quarter.

Hundreds of billions of losses from lockdown.

The economy is expected to lose $ 100 billion due to the 21-day lockdown. In this phase, the lockdown will be further increased because Corona cases are increasing rapidly. This can worsen the situation.

Government's earnings are continuously decreasing.

On the one hand the government is announcing a relief package, on the other hand its earnings are continuously decreasing. The GST collection was around 1.10 lakh crore in January 2020, which came down to 1.05 lakh crore in February. The GST collection stood at around 97597 crore in March. Given the current economic situation, it is likely to fall further in April.

I would like to say in the last that there is no need to fear us, we have to face these situations firmly. And all the rules of lockdown have to be followed. Our government is ready to take every possible step.

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