The coronavirus pandemic affected India severely. India is the second most-hit country by COVID in terms of the number of people who tested positive for the virus. Both cases and fatalities are immense.
Not only did the pandemic disrupt the well-being of the people in terms of health, but it also caused socio-economic severities for the public, and almost 50% of the families reported a fall in income.
The country recorded the highest unemployability rate and the GDP was also well hit. All the sectors were heavily affected especially the tourism and hospitality sector. The economic stress on households and individuals started and is still growing rapidly. There is a sharp rise in unemployment which has also affected the government’s income due to minimal economic activities.
The most heavily affected by the pandemic were the lower-income groups who could not even afford their daily essentials due to the loss of their jobs, which also resulted in deaths. Millions of labourers and workers returned to their villages due to severely limited economic opportunities.
Multiple businesses like restaurants, hotels, shops, etc were shut. And those businesses who are still operating reduced their working staff by more than half which caused unemployability and added workload to the already stressed employed.
Due to the growing economic problems in the country, relief funds were announced. But in a densely populated country like India, it is not enough and additional financial aid would be beneficial.
The Indian government announced a variety of measures to tackle the situation, from funds for healthcare and state to food security measures and extensions on the tax deadlines. Economic relief plans have also been implemented for the poor for approximately 170,000 crores.
The government of India for now should focus on saving and making the lives of the poor more easier, even if it means the economy of the country would take time in recovering.
The pandemic has brought untold misery and hardships to the country and especially the lower-income groups. The road to revitalize the socio-economic situation in India is a long and hard one.