The corona virus is having an important effect on people and also on the economy. The uncertainty is high, and the situation changes every day. Over 8000 active cases and 324 total deaths in India have already taken place. The novel corona virus didn’t take more than four months to get the title of a pandemic in March’s second week 2020. The impact of coronavirus is not only limited to social economic disaster but people and businesses in India are also in fear of physical and mental effects.
Such a situation, especially in a country like India, is leading to numerous unpredictable conditions. Therefore, it is important to understand how the corona virus is making a profound impact on India physically, mentally, and economically.
Economic Impact of COVID-19 in India – Social Economic Disaster
Coronavirus recession is a social economic disaster which is happening across the world economy in 2020 due to the 2019–20 coronavirus pandemic.
Industries have a major effect of the coronavirus. We all know that India is majorly dependent on China for imports. The significance of imports from China is measurable by the fact that out of 20 major products imported by India. Out of these, China manufactures ten major products.
Talking about electronic imports, china exports 45% of electronic goods to India. The same applies to organic chemicals as well. On an estimate, more than two-thirds of the chemicals are imported from China by India.
Even in the automotive parts, china exports over 25%of parts in India. On top of that, the figures are surprisingly 70% and 90% for pharmaceutical as well as mobile phone imports in India from China. Therefore, due to the outbreak, most of the industries are hitting poorly. The aviation business, overwhelmed by strong competition, worth wars, and poor economic health, has been hit in the tremendous mess by the attack of the coronavirus. It has almost stopped the progress of ground air travel and threatens to break most airlines.
“Some of us have worked in aviation through the global financial crisis and the outbreak of SARS and September 11. What is happening now is the result of COVID-19 more dangerous than any of these events. Several of well-known airlines are seeking state aid to assist them in the present disorder.
It fears that there will be many people who will not be able to achieve this. And we will begin to see some major failures of companies flying soon.
The fall of the stock exchanges
The fact that companies stop producing and people stop consuming has effected on the stock markets. As the coronavirus spreads around the world, the stock markets have experienced their worst crash since 1987.
The pandemic raises fears of a global outbreak of unemployment and inequality. In the United States, where even long-term employees are easily laid off, more than 3 million people get unemployed between March 15-21, something never seen before. In India, Everyone can predict that employment condition will be worse when lockdown open.
Approximately 8.3 million people are at risk of falling into poverty in the Arab world due to the pandemic, according to the United Nations Economic and Social Commission for Western Asia.
The COVID-19 crisis will persist longer than many investors suspect. And that the social-economic disaster will damage the investments potentially for a longer period in India.
Sectors under serious conditions due to coronavirus outbreak
In India, because of the coronavirus, many restrictions have been put. The government has closed the movement of people and factories. People have to follow quarantine. On the supply side, reductions in the working hours, closure of factories, etc, creating negative effects on global chains. Consequently, the supplies reduced.
On the demand side, there is a significant impact on the confidence of both people and companies to spend and invest. An example is a travel. Many countries, including India, have imposed travel restrictions, either by specific measures or because people have decided to stop traveling. This is going to have important effects in the services sector.
Another affected sector is industrial. Due to the closure of the factories, the economy is going down. Companies that ship their products to China through exports or import products from China such as the electronics, automotive or pharmaceutical sectors are in great loss. We have seen the effect on financial markets. That will affect business investment.
The physical impact of COVID-19 in India
As the country is under 21 days complete lock down, the citizens lack physical activity. They are not being involved in workouts or even cope up with their daily schedule. In that case, people are not taking care of their health and affect themselves physically.
Talking about the virus itself, people with COVID-19 are constantly developing signs of mild fever and respiratory symptoms. Moreover, symptoms such as body ache, headache, and sore throat are likely to happen but not assured.
You may also witness cough due to corona virus (a dry one), and it happens due to the sole reason for cell irritation caused by the virus. However, some people might experience a cough with sputum. In that case, your cough will contain a thicker mucus containing cells killed by COVID-19 in your lungs.
The older people with any respiratory disease are at higher risk from the virus. Social distancing shows the signs of higher inflammation in a body. Therefore, the physical impact of COVID-19 in India is lethal.
Mental Impact of COVID-19 in India – Medical Disaster
Pandemic is more than just a phenomenon of medical culture. Both professional and personal life is poorly affected on numerous levels. The only solution as of now, i.e., physical and social distancing, leaves a significant impact on relationships and life.
The widespread chain hoax and false information through the means of social media is regularly spreading. This does nothing but increases the fear among people. Panic attacks, depression, sleep disturbances, and loneliness are just starter fallout of mental health during this pandemic.
When it comes to the assessment of COVID-19, everyone is just talking about the death tolls, and nobody cares about mental health. It is necessary to know how the COVID-19 pandemic affects the mental health of Indian citizens.
Foremost of all, if you are a senior citizen, experienced gone through a pandemic earlier, you may feel the fear of reliving all those experiences again. Not only this, but the fear of losing a job because of isolation or ban on travel can also affect people in fitness, tourism, or travel sectors in India.
Also, it is the human tendency to develop insecurity in their mind for the sake of your loved ones. There is a lot of anxiety involved with the fear of living alone. On the other hand, some people might face the exact opposite i.e., living with a large family for the time being.
On top of that, you might even develop a stigma for people who have a cough or cold. However, that can be just a mere flew. Hence, the mental impact of COVID-19 in India is way more than the physical impact.
In conclusion, the import dependence of India is causing a huge economic impact due to the corona virus outbreak. Hence, the economic impact is extremely high and likely to cause numerous problems in the upcoming future until the social economic disaster break off.