By the ‘English New Year 2020’, the worldwide economy was already at a stay. India, formerly the fastest growing economy, witnessed a GDP growth dip to 4.2 percent as against the 6.1 percent growth rate of the previous accounting year. But, it was just superficial. It seemed bad times in the universe had finally explored earth, when, by the ‘Hindu New Year 2020’ it all went deep down and the entire world was forced to enter one of the deepest recessions since the Great Depression, and is till date coping with it.
We don’t know when the world will revert back to normal. The current scenario is full of uncertainties. This is the ‘start of struggle to survive’.
There is an indispensable need to cease the presence of this NOT NORMAL and restrain it’s convergence and acceptance as a NEW NORMAL.
Yes, there is a cure!!!!
AATMANIRBHAR BHARAT ABHIYAN: A PARAMOUNT PUSH
Initially acting as the barricade to the imports of India, the ”Aatmanirbhar Bharat Abhiyan” would sooner or later become the U-turn in the journey of imports to india and witness bulk exports to the rest of the world.
It is indeed proved, as per the data India’s imports from China dropped 13% and exports went up by 16% in 2020.
With it’s overall socio-economic impact and essence this journey of ‘self reliance’ is actually the foundation of post pandemic economy.
NOT ONLY SUSTAINABLE, BUT A CLEAN AND CLEAR DEVELOPMENT TOO
One of the foremost lessons we humans have learned in this dreadful class of coronavirus is cleanliness and purity.
Needless to say, for our economy to run on the track once again it demands of ”CLEAN DEVELOPMENT” i.e. utilisation of resources in such a manner that the natural environmental processes and requisite environmental and climate state is not hampered.
”The coronavirus crisis will not be the last pandemic, and attempts to improve human health are “doomed” without tackling climate change and animal welfare”, is the statement of WHO chief.
VACCINE RIPE AND STOCK MARKET RISE
Coronavirus vaccine may or may not prove to be 100% prevention against this disease but it’s mere announcement has proved to be an absolute cure for the covid hit economy.
Investors who had started investing in gold as soon as the lockdown was announced in India once again became the “bull” of Stock Exchange post vaccine announcement.
Gold prices crashed around 5% and silver fell 6% as a result of the same.
DIVERSIFIED INDUSTRIAL RESPONSE TO CORONAVIRUS
While Coronavirus on one hand withered the working of most of the industries but on the other hand it unexpectedly protected some. Consequently, these industries earned better as compared to their earnings of pre-pandemic period.
MOST IMPACTED INDUSTRIES
3.Oil and Gas Drilling
4.Auto Parts and Equipment
LEAST IMPACTED INDUSTRIES
2.Internet Service Providers
4.Specialized Real Estate Investment
5.Online Shopping Sites
The balance created in context of earnings of these two categories of industries would, to some extent protect the economy.
FINALLY A UNITED EFFORT
“Increase Social Distancing and Reduce Digital Distancing”.
Digital platform would not only maintain a united society but would simultaneously reduce mass gatherings.
This is an era where demand and supply of technology is never ending. Thus, comes a new thought ”Unity through Technology”.
(A PREPAREDNESS FOR THE FUTURE IN THE PATH OF REVIVING THE ECONOMY: Equal Development of various societies of people and generating a balance in the Distribution of Income and wealth to rich and poor.)
The year 2020 can be concluded to be a cruel crash for humanity as well as the economy.The baseline forecast of the World Bank envisions a 5.2 percent contraction in global GDP in 2020. But, to our great fate, worldwide economic revival is near, with India expecting a strong and vibrant V-shaped recovery.