Exploring the Economic Condition of India

Every country's economy has suffered a lot of damage due to lockdown. India had been badly hit as a result of the strict lockdown. It had been a year since March 2020 when COVID hit India. We have witnessed a lot of things in the last year: how the country handled COVID during its peak graph, how the frontline COVID warriors took care of patients, Indian health care system working 24x7 to take care of COVID cases. The last few months, when the COVID cases fell down, it really brought a smile to a lot of people. The end of lockdown jump-started the long-stagnant economy to an initial start & the launch of the vaccination drive shot up economic activities as people were waiting eagerly for normal days to return. Investors are regaining faith in putting their money out in the market. Even though this doesn't ensure that our country's economy has risen from the negative growth after the worldwide pandemic, but it sure does mark a start towards a recovery journey of the Indian economy. But, the current scenario comes with the cost of a lot of cost-cutting by the companies, resulting in unemployment evenly distributed throughout the country.

We can hope that with time the shape of the Indian economy will get better, but one cannot guarantee unless we can deal with the COVID pandemic first. The government is trying its best to broaden the vaccination umbrella to the citizens by trying to increase the age group eligible for vaccination. It is really impressive how the Serum Institute of India & Bharat Biotech is constantly pushing themselves to produce the vaccine for the welfare of the citizens.
RBI can take lead over here and make some changes in the rates so that people start to move their money and the market re-opens from being stagnant to a fluidic state. The central bank can provide a shoulder to rely upon the rates for businesses which are in dire need of money and are unable to pay their mortgages. Sectors like automobile, low-income group businesses are hit the worst.

Other factors like privatising the government entities and bringing in money is similar to killing the golden duck for the gold. Yes, perhaps it will provide initial relief, but the long term benefit will go missing. It perhaps will be a good call to make the government and private sector go hand-in-hand and learn to function together. India's economy largely depends upon agriculture. Hence the rural economy should also be the focal point.

The automobile industry took a severe hit during the COVID. But, it was seen that there has been a sharp rise in automobiles post COVID. Our government has taken several steps to ensure the rise of the automobile sector. The new scrappage policy that says after 15years commercial vehicles & 20years commercial vehicles needs to be scrapped will boost the selling of new cars. It will ensure that customers keep on buying products. In this manner the flow of money will continue, thus securing the upliftment of the current economic scenario. This will also open a pathway for the entry of EVs given that options are available for purchase and sufficient charging stations are made available.

These few tweaks and treats can really help the economy. Its high time that we act otherwise it is like a sinking ship that won't stop unless we make it stop.