The coronavirus COVID-19 pandemic is the defining global health crisis of our time and the greatest challenge we have faced since World War Two. COVID-19 is much more than a health crisis. By stressing every one of the countries it touches, it has the potential to create devastating social, economic and political crises that will leave deep scars.
Almost every country has been affected by the devastating Coronavirus disease (COVID-19). An outbreak from China has gone everywhere. In the last few months, Corona’s epicentre has been shifted from China to Europe to the United States. Undoubtedly, this Coronavirus has put the world economy at a major risk. Coronavirus ravages the economic foundations of world trade. Commentators have identified this outbreak as an outcome of hyper-globalisation or starting of de-globalisation. However, the world is going to face recession; and the global losses, according to some commentators, may exceed the World Wars I and II combined. At the same time, the falling world price of crude oil has added further anxieties. Several estimates are now available on the economic loss and post-COVID-19 growth path, and most of the estimates show that the world is already in an economic crisis.
India has successfully controlled the transmission of COVID-19 till date, thanks to our well-coordinated steps to tackle the Corona epidemic. India’s prowess in pharmaceuticals and health science; mass public awareness with the help of digital systems; and a central political command; among others, indeed helped in containing the spread so far.
Covid-19 has changed the world fundamentally. With nations in lockdown to protect their people and businesses on hold, the wheels of economic growth have been brought to a halt. But like everything else, this too shall pass. And when it is gone, the countries with proper plans will take a lead. We have to make sure we are ready for the new world post- coronavirus. There are many steps that we can take now to make sure when the lockdown is lifted, our systems are ready for economic growth. If we can do scenario planning, we, as a country, will win.
Our country have to work hard for sustain whenever the lockdown period will be over. This is very hard to recover. We should think over the guidelines and compliances for post lockdown period. For the business there will be scarcity of human resources as there so many worker who has been decampment into their native place. Businesses should put in extra effort to make sure their factories are Covid-19 compliant. This step will also build confidence in the workforce and will ensure better production.
To enhance the development or to come the economy on track of development, we, being an Indian should purchase only product which are manufacturing in India. So that Indian company will help in sustain and develop. This will also increase employment rate of India.
The Covid-19 pandemic has impacted the supply chains across the globe. Post lockdown, it will be very difficult for businesses (except essential goods, FMCG etc.) to predict from where and what level of demand will come. Businesses should activate scenario planning teams. These teams will help cover multiple demand scenarios and plan solutions accordingly, managing other stakeholders like vendors to ensure supplies.
The MSME and startup sector is super negatively impacted by COVID-19. To over with this post pandemic situation, Government should come up with white papers for guidelines for the same and get some good policy for the MSME Sectors.
Written By:- Mohini Sharma(CS, MBA, LLB, M.Com)