COVID 19 Effect On Indian Economy

There has been great depression, dot com bubble, and the financial crash in 2008. Just like that now, covid19 is causing havoc in the Indian economy. The next twelve months will be crucial during this period; many changes will be there with peoples, business houses, economies, etc. Some might even die. But at the same time, there will be many new businesses that will come up when this gets over. However, many people, as of now, struggle to run the family now. Many prices have increased. But in some cases, the people have lost their livelihood.

Most of the financial professionals have predicted this pandemic, and the multi-phased lockdown will spell devastation on the Indian economy, which is nothing but the truth. Though the scenario is pathetic, the International Monetary Fund (IMF) predicts the growth percent for 20-21 as 1.9 percent. It is appreciable that the Indian Government is spending on healthcare measures by supporting wages, in-kind, and cash transfers to lower-income and deferral of tax, loans, and liquidity for small businesses and financial institutions.

 Indian economy itself is in a lousy condition, and now this COVID 19 has made it pathetic. The prolonged lockdown will make a global economic downturn and associated problem in the supply chain. Only people need to wait and watch how it all goes.

Do Not Lose Hope If You Have Lost Your Job

If you have lost your job and don’t know what to do. Then you need not have to worry as you can have your business set-up in your home. You can do several businesses like soap making, chocolate making, candle making, trousseau making, paper bags making, etc. 

There are also other businesses like Tutoring, house cleaning, freelance writing, personal training, virtual assistance, marketing, designing, etc. Some people might want to set-up their own SME. For which, the government provides finance for such ventures. So you can go for that.

 When you lose your job, don't panic, but stay cool. Spend some time with your family and catch up with your friends. This way, you can also promote your business. You can sell your products through local vendors. If your business is a bit big, you can go for online marketing by having your website. This will fetch you with a broad market. If you can't afford an online store, you can market your products to other e-commerce websites by making a tie-up with them. 

Thus, when you lose a job, you don't have to worry as you have many options available. You can also have an eye on similar job opportunities. If not, go for home-based or own SMEs.