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Impact of corona virus on Indian Economy

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Now-a-days COVID-19 is impacting on our life,as well as on our economy.This is small effort made by me to prepare an power-point of Indian economy by researching some of the articles and websites.

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Impact of corona virus on Indian Economy

  1. 1. Parameters Impact 1. Quarter wise impact i.e. the GDP growth 2. Situations that resulted into such GDP quarter wise above • Economic activities were standstill. • Industries were partially opened or shut down. • In 2nd quarter it’s forecasted as above but still there is a hope that as industries restarts, migrant workers get back to work and streamlining supply chain may result in GDP growth. 3. Services affected • Education • Travel • Tourism 1st quarter(April- June) 1-2% 2nd quarter Forecasted to slowdown 4.8%
  2. 2. Parameters Impact 4. Non-agricultural GDP Contract 6% 5. Agricultural GDP Cushion the blow by growing at 2.5% 6. Economic costs 7. Economic growth estimations • For fiscal year 2019-20: estimated was 5% • For fiscal year 2020-21: estimated is 5.1% Industrial Production Fell by 16%(for march) Exports Contracted 60.3%(in April) New telecom subscribers Declined 35% Railway Freight movement Jump 35% on- year
  3. 3. Sectors % of GDP Reasons Agriculture and allied sector Accounts for 15.87% of India GDP This sector is facing difficulty because of; • Labor availability • Issues in transportation results in inability to access the market for produce Industry sector Accounts for 29.73% of India GDP • Disruptions in international supply chain because of lockdown in china • Migrant workers & semi-skilled workers returned their hometown • Movements of material such as fuels & people declined Service sector Accounts for 54.40% of India GDP • As compared to others facing less difficulty because of ‘ Work from home’ concept.
  4. 4. Source: Statista.com
  5. 5. • During pandemic Industries now-a-days have been shut down or partially working wherein some company likely to retain most of their workforce & with minimum wage cuts as company resumes. • In such situation of crisis where unemployment rate is increasing, employment opportunities seems to be declining. • If considered about April month, then 20th April week unemployment rate was 26.19% & week after that it was 21.05%.
  6. 6. • But post pandemic maybe scenario will hit different as many foreign investors & foreign companies are stepping out of china & looking to invest in other Asian countries & India can grab this opportunity • Actual scenario post pandemic would be;
  7. 7. • And to stand out in market in previously discussed scenario the graduates and PG’s should; ✓ Upgrade their skills ✓ Join online courses that are offered by government free of cost ✓ Can gain practical experience by doing virtual internships ✓ Research some jobs of your choice & develop those skills within you. • Doing above all can generate the employment opportunities. • If new companies came in India this will create a huge impact on career’s of students and as well as experienced so why not to upgrade in the period of pandemic itself.
  8. 8. • Looking at conditions in market this condition would be stable by nearly 1 or 2 years. • So, once lockdown vanishes graduates should think of PG/Master’s because as stated in first statement above employment opportunities are difficult to grab. • Till market gets stable without wasting 1-2 years at home PG/Master would be great option. • Benefits; 1. Get 1 more degree to add in resume 2. Up gradation of skills 3. Investment of time in doing something valuable that add value to your knowledge