Coronavirus, does anyone need to know which calamity is this? Yes, maybe one who does not belong to the Earth. Because there will be no one on this entire earth whom it has not made his prey. A virus that is incomprehensible to the god of the earth. A virus that forced people around the world to stay home. A virus that forced even the world’s most powerful and influential people. A virus that made even the world’s most dangerous and deadly weapons useless. A virus that challenged the knowledge of the world’s renowned economists and forced them to think about how to save the economy.
But amidst all these problems it has also a positive side for the world. Hello all, Quitoffer brought you another interesting topic. In this blog, we’ll discuss some ‘What is the Positive Impact of Coronavirus on Indian Economy?‘
Inactivity is the biggest enemy of the economy. The economy gets offended when there is any stability in the system. From where it starts falling and tries to touch the bottom.
This epidemic halted all activity. It has affected almost all sectors from aviation to railways, from hospitality to food processing.
Pharmaceutical companies are also struggling due to a lack of pharma ingredients to make medicines. China plays the role of the largest importer for the Indian pharma sector.
The whole world has become stagnant because of Lockdown. Businesses across the world are struggling due to worldwide lockdown. India is also not untouched by this. Businesses in India are facing problems amid a nationwide lockdown. Economies are getting worse. The unemployment rate is increasing day by day. The growth rate is also feeling hindered in its path. Production is halted.
However, companies are following ‘ work from home directive ‘ to maintain balance. But still, it can’t be called compensation for loss from Lockdown.
Besides having all these negative aspects of this epidemic, it has some positive side for the economies. Here we’ll discuss ‘What is the Positive Impact of Coronavirus on Indian Economy?‘
So, let’s get started:
1. Reportedly, China is believed to be the cause of this epidemic which has spoiled all other countries’ relations with China. Due to which countries seem reluctant to strengthen trade with China. Because of which they are looking at other countries. In that case, India may be a better option.
2. India can increase its export percentage to those countries which depended on China.
3. Businesses in India largely depend on the import of pharma ingredients, mobile phones, automobile equipment, computer parts, and many electrical appliances from China which has been closed due to Lockdown. And that may be a great opportunity for the domestic players to expand their operations.
4. Preventively, the government has implemented a nationwide lockdown. Due to which only limited production is being done. This has given businesses a chance to work on their stalled plans.
5. By leveraging the generous work done by the Indian government (offering hydroxychloroquine to needy countries including the US, Maldives, and its other neighboring countries), it can expand its domestic companies worldwide.
6. India spends a large amount to control pollution. This amount can certainly be spent on some other aspect as it seems that pollution is also following ‘Stay Home Stay Safe’ to prevent coronavirus.
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7. Import/export, transportation services, production, and almost every kind of activity has stalled due to worldwide lockdown. Only certain necessary activities are allowed to be performed. People are working remotely. This epidemic has given them an opportunity in which they can introspect. There is no shortage of extra time in lockdown that can be used to refine yourself.
8. Working remotely also helps businesses to find out their true potential. In a time where businesses are struggling to carry on business activities as before. The real potential of businesses will come out. This hard time will help the businesses to know their dark side and also what is the positive side of their business.
9. Covid-19, as we all know, has tarnished China’s reputation in the eyes of the international community. Even the behavior of the government of the world’s most powerful economy is becoming harsh towards China. Consequently, it is expected that new tariffs may be imposed on China. And this may force Chinese companies to close their business in China. As a result, they will start looking elsewhere and in this scenario, India may be on the watch list of those companies.
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10. Layoffs in jobs are showing the value of working under a salary. As a result, people will start paying attention to multiple streams of income and even startups. Those who are deprived of cash flow in this difficult time will move towards passive income. As a result, they will start their work and strengthen the economy by offering jobs.
On crisis, the Canadian actor Ryan Rodney Reynolds says, ” Any kind of crisis can be good. It wakes you up “.
This worldwide crisis has opened everyone’s eyes. We need to focus on why this has happened so that future crisis can be fought and conquered. With this, we need to use this time effectively and efficiently.
We’ve given some points by which the Indian economy might be beneficial.
Instead of being afraid of this virus, we need to fight it together. As every crisis brings a lot of opportunities, we need to focus on them.
So, that is all about this blog. We hope that you enjoyed this blog and learned a lot from it.
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