In November 2019, news surfaced that a contagious virus found in China. People were dying on a huge scale in there. Doctors were unable to identify the virus and thus they were failing in treating patients. Doctors also mentioned that the coronavirus was known but the strain is new and powerful. The first case in India recorded on 30 January 2020. After that, the number of infected people rises rapidly. Globally the death was recorded as six lakhs according to World Health Organisation. To control and minimize the spread of the virus, the government of India announced a nationwide lockdown from 25 March 2020.
Covid-19 effect various class
The lockdown forces various non-essential services to remain close such as educational institutes, big-medium-small businesses, and religious spots and travelling. Not only businesses but also middle-class family struggled to meet their basic need every day. The huge fact that unmasks itself during this challenging situation is that the rich class was getting richer and the poor class getting poorer. The middle-class family all across India falls from middle-class level to poor class. This incident recorded for the first time after 1990. The most pathetic situation was highlight by almost every media channel in India is the condition of the labour.
The sudden lockdown diminishes their path to earning bread. Many labour-committed suicides due to the shortage of money to feed their family. The rising demand increases the price of crops and vegetables. On the other hand, the rising price of the food and the other hand closing path of the income forces people to suffer from mental health issues such as depression, anxiety and stress. The pandemic not only cost the life of the people but also it drags the economy ten years behind. Millions of employee lost their job due to the decrease in revenue generation of the companies. Transportation business faced the most loss during uncertain lockdown across the nation. Tourism and oil are the economic backbones of any country.
Good effects of Covid-19 on Indian economy
Covid-19 pandemic breaks this backbone and drag the country to its worst situation. The capital cost of the country drops drastically. People forces to change their purchasing behaviour from traditional medium to online platform. This provides both positive and negative effect on the Indian economy. Many new and emerging markets started to develop their potentiality and increase the profit rate while providing jobs to many. Another positive effect of Covid-19 in the Indian economy is Indian Citizen can purchase a home in seven per cent of home loan.
However, the beauty-cosmetic sector, entertainment, automobile sector, travel, tourism sector faces the most loss than any other sector in India. In 2020 Bangladesh bit India in per capita GDP growth. The economist is claiming that the economic loss India faced can be dangerous for the country to sustain. The middle-class family are likely to experience tremendous pressure to keep the country running. The GDP of India is likely to grow four per cent in the coming years. Nevertheless, the factor also depends upon the second wave of the virus. According to scientist many more waves, of the virus are likely to come due to its powerful characteristic of mutation.