The COVID-19 pandemic has held the country captive. The World Bank and credit rating agencies have downgraded India's growth for fiscal 2020-21. The Indian economy is expected to lose over Rs 32,000 crore every day during the lockdown. Around 53 per cent of businesses will be affected. The supply chain has been put under stress. Those in informal sectors and daily-wage earners are the most at risk. Uncertainty haunts a large number of farmers across the country.
Major companies in India have temporarily suspended or significantly reduced operations. Young startups have been impacted as funding has fallen. Most fast-moving consumer goods companies in the country have significantly reduced operations and are focusing on essentials.
On 24th March when PM Modi addressed the nation, he said, "Jaan hai toh jahaan hai". PM Modi announced Economic Task Force which was led by Finance Minister Nirmala Sitharaman. The Ministry of Finance immediately started consultations with the RBI and ministries to take stock of most affected sectors like aviation, hospitality, and MSMEs. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) gave full support to the efforts. Numerous companies are carrying out measures within their companies to ensure that staff anxiety is kept at a minimum. Due to the lockdown tea estates were unable to harvest the first flush that will lead to significant fall in revenue. The farmers are also suffering a lot. Major companies have reduced operations in a number of manufacturing. Both Amazon and Flipkart are selling and distributing essentials. As citizen of India, all of us need to act responsibly and cooperate with the government and police in maintaining discipline and social distancing which will make our united fight against COVID19 easy to a considerable extent.
Hrishikesh Sarma,
(hriskikeshsarma@gmail.com)