Positive Impact of Covid-19 on Indian Economy — 5 Best Point

The coronavirus epidemic is unlike any other economic crisis the globe has ever witnessed. Lockdowns and the fear of infection have interrupted or periodically slowed business activity throughout the globe, putting all of our textbook concepts of how to boost economic development in the face of a slowdown meaningless. However, let’s talk about Positive Impact of Covid-19 on Indian Economy:

Introduction

While the judgement is still out on how many quarters it will take before a U-shaped or a V-shaped recovery will be apparent, what is universally acknowledged is that the epidemic will induce a paradigm shift in how we live and how we work.

Moreover, governments and central banks throughout the world have been extremely proactive doing what they can to help companies and restore employment with extraordinary fiscal and monetary stimulus.

As a result, even after the epidemic has passed, one may anticipate the economic consequences to last for a long period. So, let’s have a look at some of the long-term benefits of the coronavirus epidemic.

Positive Impact of Covid-19 on Indian Economy

There is a silver lining to every cloud, even coronavirus. In five ways, it is assisting in the transformation of important sections of the global economy.

Demonetization was the shock that propelled India into the digital era, as individuals began to use online payments due to a lack of currency or a scarcity of cash.

Covid-19 is the shock that is pushing everyone to adopt digital in anything from grocery shopping to seeking online doctor consultations for minor ailments.

When compared to 78 percent in China and over 70 percent in the United States, India’s entire e-commerce buyer base is very low, at 30 percent of its online population.

Morgan Stanley forecasts that India’s internet buyers would increase to 590 million by 2020, up from 190 million now, in a 53-page research titled “India’s Digital Economy in a Post-Covid-19 World.” The average amount spent by an online consumer is expected to roughly double to $318.

For a fairly long time, China has been the globe’s manufacturing industry, and as a consequence, it has become the backbone of global supply chains for everything from semiconductors to medication APIs. The globe has realised that putting all of one’s eggs in one basket may not be a smart idea.

This would imply that nations like India, which has long awaited its time in the globe, would witness an increase in the number of international firms setting up shop and creating large-scale employment.

The coronavirus epidemic has prompted India to embark on long-awaited improvements that have been impeded by bureaucracy.

For example, the government has modernised the coal industry and altered labour rules that were ostensibly impeding firms.

Furthermore, the administration has promised agricultural market changes, including laws that would empower farmers to sell their goods to whoever they choose.

Originally published at https://profitmust.com on July 2, 2021.