will the government take right initiatives

If the government's claims and media reports are to be believed, then the second wave of corona is also about to end. Questions are being asked as to when the markets will open, how many will open? When will we be able to go out and roam in the open and when will life be normal or the same? It is too early, to the businessmen, to the common people and also to the governments, when there are sure signs of avert this and how fast the lockdown should be removed and the economy should be put on track. This is also necessary, because more than a year has passed. People do not have work, do not earn. While reducing expenses, not only the poor, but the families of the middle class have also come in such a situation that now they have to calculate the pie. Many people are in the grip of the Bengali. Jobs are lost or salaries are not being received. The same is true of small businessmen as well as those doing small jobs.

In such a situation, think of those families, whose earning member died due to corona and now the rest not only have to face this misery, but also have to make arrangements for livelihood. It is difficult to calculate each family, but the Center for Monitoring Indian Economy (CMIE) says that since the Corona crisis started, there has been a huge decline in the number of employed people in the country and there is no sign of improvement. are. Just before Corona, a total of 40.35 crore people had employment in the country. The best situation since then came in December and January, when the count returned to 40 crores, but now the count is at 39 crores. Of these, there are about 7.3 million or 7.4 crore people, who have pucca or raw jobs. That is, those who get tied salary every month. Before Corona, the number of such people was about 8.5 crore. It would be helpful to see another figure to go deeper into the problem. CMIE in its survey asked the people that how is their earnings today compared to a year ago? Only three per cent people said their income was better than last year. 55 percent of the people clearly said that their income has decreased compared to a year ago, and the rest said that their income has neither increased nor decreased. This means that if you add inflation to the account, then the earnings of 97 percent of the people of the country have decreased instead of increasing in a year. This is a very dangerous situation, and with this the question arises that how to get out of this condition? When the lockdown was imposed for the first time last year, everything stopped in a jiffy, but later everything seemed to be coming back equally fast. This time many experts have said that the second round of lockdown will not have as much impact on the economy as it was the first time. But the truth is something else. Veteran investment bank Barclays has calculated that each week of lockdown in the month of May is causing India a loss of $ 8 billion, i.e. about Rs 58 thousand crore. Barclays has also reduced India's GDP growth forecast again and according to it, the pace of growth of the country's GDP in 2021-22 will be only 9.2 percent. Its economists Rahul Bajoria and Shreya Sodhani say that although the second wave of Corona is now on the upswing, the economic loss caused by it is quite large. The lockdowns imposed to prevent the disease were very stringent, and on the other hand the pace of vaccination is slow.

 In the medium term, the progress of the country can be at risk due to the slow progress of vaccines. Especially in that case, if the country has to face the third wave of Corona. Barclays says that in such a bad condition, the country's economy could suffer a loss of $ 42.6 billion. In such a situation, the pace of growth of India's GDP may fall further to only 7.7 percent in this financial year. It is a matter of great concern that at this stage there is no such thing happening at any level, which can cause the economic crisis to come out of it. Some companies have shown generosity and announced to give salary of one year or more to their employees suffering from Corona. The Tata group has even decided to continue with the salaries, company houses and medical facilities to the families of such people till their full employment. But the condition of most companies is that they are operating at two-thirds of the capacity. As such, they themselves are not in a position to infuse fresh money or push the economy. Unless there is a new demand in the market, there is no point in doing so for them. Now only one hope remains. That is the government. The government had announced a huge relief package last year. However, the extent to which the actual relief was there is still a dispute. But this time nothing seems to be happening from the side of the government. But it is clear that if the government does not take any big step at this time, then this trouble can take a very dangerous turn.

The CII President has also said that the government should now distribute money directly to the poor by printing notes on a large scale and give relief to all those businesses which have been severely hit by this epidemic, and where employment has been badly affected. He says that the time has come when the government will have to work to get the economy out of trouble by supporting it. If it is not done now, then when?