The aftermath of the second wave: economy continues to suffer
The slow down of the Indian economy has been like a complement product of Covid-19, in the pandemic. Coming in hand to hand with the adversity caused by Covid-19. The economy faced a major decline, with the reduction in production, sliding the gross domestic product (GDP) of the country down by 23.9 percent.
With over 45 percent of Indian households complaining about a downfall of their average income, in comparison to the year previous to the pandemic. The pandemic also managed to bring about a global recession, affecting all parts of the world.
The lockdown of the country, continually for several months, caused unemployment, reduced the supply chain, made government face a shortage in income with the fall in tourism, etc. However, India’s unemployment rate has been restoring to that of the pre-Covid era.
Most of the economic activities have been at a halt, for over more than a year now. Inflation, being the byproduct of the slowdown, has affected all the traces of humanity. The ongoing discourse over the hike in fuel prices is one of the examples. The hike in prices of retail items has caused a hole in the pockets of Indians.
Any and every step that was taken by the government to rehabilitate the Indian economy but it proved to be effective, only sometimes. The second wave with stricter and longer lockdown proved to be more hazardous to the economy, than the first one, onlooking the predicament that the envisaged third wave might bring.
