Covid-19: A curse to the economy – Devak Bakshi

Ever since covid-19 has started, we all have seen major losses in jobs and businesses all around the world. Everyone was trying to find ways to escape it and keep the ball rolling but actually nobody knew how to prevent it from happening. It is a deadly disease, highly contagious too, so the work culture has greatly been affected and needless to say, the finances, the economy have been facing the biggest challenge ever. People have been working from home on reduced salaries. But this work from home is an option for industries where physical labour is needed for manufacturing or construction. Owing to this, the labourers who work on daily wages and dig a well each day for their survival have become jobless and moneyless. Their plight is indefinable. No work no pay… for how long could industries support their big work force without income? Who can be held responsible for this misery?
New start-up companies have to shut down because they did not have any backup to keep their businesses going on. Another biggest hit has been faced by the tourism industry. This thriving industry was a very good source of income for the nation until Covid 19 but when there are no tourists, how will the income be generated! Certainly, the funding of the nation has gone down and this too has affected the economy. According to the surveys, in India, there have been more than 38 million job losses in the travel and tourism industry; if the crisis does not end soon, we cannot even estimate how this figure will soar.
India’s GDP growth had fallen to 4.7% in third quarter of 2020. The world had seen the greatest economic fall ever.

Devak Bakshi
Grade 9

Leave a Comment

Your email address will not be published.