Economy saw a sharp decline during our two consecutive years of covid-19 starting from 2020, not only in India but all over the world.
Unlike India, which through its thorough management was able to gain stability soon, there were countries that suffered and some are still suffering a real hard time.
India saw the rise of commodity goods and those being common and daily used products of consumers agitated them although highly, even for a small period of time of their rise, we cannot even imagine the situation of people who did face the acute shortage on a daily basis and were rendered to starve.
ECONOMIC CRISIS IN SRI LANKA -
Talking about the economic crisis, the first name that comes to mind is Sri Lanka, Isn’t it?
After all, it saw one of the worst crises in history. No food for people, no important commodities, in fact, nothing of peoples’ needs also was available; wants were way beyond.
In such a situation people’s agitation was top-notch and what were the consequences the world knows well. The Prime minister was forced to resign for his incapability to handle the crisis and allegedly being suspected to be involved in corruption in the people’s treasury.
CHINA’S CRISIS -
Not only Sri-Lanka is a simple example, but China also, being the first nation to state the presence of coronavirus in the country was seen to be the last as well in fighting against it, and its economy was drained treating people and regaining economy is the least of things they have in their schedule as of now, to get control on the virus and stabilize the condition being the first priority as of now.
CRISIS DUE TO THE RUSSIA-UKRAINE WAR -
Amidst all these, we saw Russia being cleverly tried on taking the situation towards its feet and started to attack Ukraine. The little hope that remained of a quicker recovery of the economy was also lost.
And of course, we know the very first effect that takes place when a world war starts-decline in the economy all over the world.
We being a democratic country did show our support by boycotting the Russian imported goods, majorly the oil supply was cut which hit our economy badly, the government was forced to increase the oil rates.
The same trend was seen all over the world, rate hikes in oil were common.
INDIA TOWARDS ECONOMY -
Our India being one of the greatest democracies the world has ever seen was able to fight through the situation intelligently and came out with flying colors. At least, we didn’t render ourselves in an economic crisis but ended with some price hikes.
- Meanwhile, we did make sure the economy of the youth should be back soon and so the implementation of MNREGA saw as a primarily focused area in the rural.
- All over the country, the government tried its best to create various job opportunities and even during covid-19 the safety measures were taken properly and exams were created, our work did slow down for some time but didn’t quit.
- Various industries sharply arouse meanwhile, mainly steel industries in the west, food and textile industries saw a 1.24Cr of investment in Jammu, with that increased the opportunity of food engineers.
- India also signed a 2+2 mechanism with the USA to improve the bilateral relationship, owing to greater integration of defense security and intelligence apparatus.
- India being in the ‘QUAD’, along with the USA, Japan, and Australia made strategies for further future recovery.
- India among the first 13 to join the US’s Indo-Pac eco bloc plan, aims to counter China’s growing influence in the region with integrated, resilient, and clean economies.
Still, with all the hurdles we are affirmative enough that India will soon grow as the greatest of the economy as well that the world will look upon as an example.