Curbing The Impact Of Covid-19

Here are some of the relief measures for the Indian Manufacturing Industry

- Swati Deshpande

Until Beginning Of 2020, Electric Vehicles and other advanced technologies were considered to be most disruptive. However, outbreak of COVID-19 has proved to be the most disruptive phenomenon in the last few decades. From local MSMEs to global MNCs, there is no organization that has remained unaffected. Losses incurred due to the suspended production globally are immeasurable. Moody's Investors Service has readjusted its prediction of India’s GDP for the year 2020 to 2.5 which was earlier estimated to be 5.3%. India clocked in 5% growth last year. On the other hand, The Reserve Bank of India’s governor Shaktikanta Das has also predicted recession by saying that COVID-19 will slow down the global economy and India will not be immune to it.

Even, International Monetary Fund’s Managing Director, Kristalina Georgieva mentioned that global recession may follow COVID-19 outbreak. While speaking about it, she mentioned, “The human costs of the Coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage. This is a moment for solidarity—which was a major theme of the meeting today of the G20 Finance Ministers and Central Bank Governors.”

Georgieva further added, “First, the outlook for global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse. But we expect recovery in 2021. To get there, it is paramount to prioritize containment and strengthen health systems—everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.”