Hasty imposition of nationwide strict lockdown to control the ongoing coronavirus pandemic has almost proved counter-productive for both wealth, as well as health of the people in India. In September, the number of daily infections are punching one lakh mark; whereas, the state of GDP has already crashed one-fourth in the ongoing quarter. Truly, these, precipited outcomes cannot be attributed to the mere pandemic bypassing ill-timed faulty decisions which bought the nation into the situation of double jeopardy of coronavirus pandemic.
What is present situation ?
India has already registered one of the worst GDP numbers compare to peers in the just completed quarter.
Second, now, government wants to accelerate the vehicle of growth by the process of unlock sequels.
Third, but, government cannot open the entire economy to compensate the huge negative numbers due to limitations of standard operating system or procedure.
Fourth, at the present, people neither have surplus not they could get credit from banks as the financial institutions are more cautious now. So, what would happen about demand ?
Fifth, unabated growth in daily infections would prove the biggest speed-breaker against the government efforts of economic revival, as the lot of investment is urgently needed to upgrade health system to treat people.
Finally, apathetic attitude of financial institutions, fear of bankruptcy and NPA, fear of being infected, and plunged demands are some of challenges which need to be addressed first before to move ahead.
What caused the ongoing economic crisis
Sudden lockdown without letting people to secure themselves with adequate resources was the himalayan blunder in the Indian history. Apex authority didn’t consider even the livelihood of migrant, daily workers, who forced to walk hundreds of miles in the scorching heat.
Secondly, in India, around 450 millions people are working in the unorganized sector. Then, what would have happened with these masses without saving and authorized means to get relief.
Most disastrous thing was the role of media which didn’t see anything beyond the eugologing Prime Minister of India.
What needs to be done
First of all, accept openly that your efforts and plans were proved inadequate to address the situation of pandemic, securing required livelihood of people. Next, there should be consensus decision making, considering the all segment of society, instead of decision by surprise.
All the stakeholders, including political party workers, NGOs, officials, and other volunteers to come together to spread awareness about the ongoing pandemic till the scientists develop effective treatment.
Because, until and unless we get effective treatment, the efforts of accelerating the economic recovery will prove temporary not sustainable.
We know that in the country like in India, any aggressive move to unlock economy, without considering the growing numbers of infections, will definitely pave the way for the situation like double jeopardy of coronavirus pandemic.