Wednesday, 29 April 2020
Covid19 | Indian Economy | Finance & Lifestyle
Information overload also known as infobesity, infoxication, information anxiety, and information explosion is the difficulty in understanding an issue and effectively making decisions when one has too much information about that issue.
In today’s era of technological advancement and amidst the Coronavirus issue in place we are facing this issue of excessive quantity of daily information and if you are an Indian Citizen “God bless you”.
You have a couple of more topics to discuss and think on. This infoxication is doing nothing but increasing our anxiety and blood pressure levels.
As we see everyone around us is talking about only one hot topic i.e the Covid19 and coming up with their assumptions and analysis on it. I want to take you through my take on the Covid19 and the current scenario.
I believe all of us are now aware of what coronavirus is, how much contagious it is, its symptoms, mortality rate, lockdown and social distancing norms.
The threat posed by the pandemic will end only if we human develops immunity against the novel coronavirus. This immunity can either be acquired as a natural function of our body for which the virus will have to infect a large chunk of the global population, or be induced with the help of worldwide vaccination programs.
The first alternative can have deadly consequences. And therefore the second option is the best and preferable Also now as there is hope that vaccine will be developed but do we really know how many months it will cost. A few articles say by September end we will have the outcomes and then a few says it will take 15-18 months time for the development but surely the worldwide vaccination program will demand alot of time and cumulative efforts.
||||Indian Economy |||
In any financial crisis asset prices see a steep decline in value, stock market crash, businesses and consumers are unable to pay their debts, and financial institutions experience liquidity shortages. Financial crises may be limited to banks or a region or an economy or economies worldwide.
As experts say we are out and about to experience a financial crisis as bad as the Financial crisis of 2007-08 or worse but certainly not bad as the Great Depression. It is certain that India will also face one.
Manufacturing, construction, transport, entertainment and textile are few of the industries which are suffering a lot due to the ongoing pandemic. The only solution to the problem awaiting ahead is having a full-proof plan as to how one can tackle and try streamlining activities and look forward to China as to how they are trying to bring their economy on track.
But well did you came across articles and theories on how china has itself produced coronavirus and should be held accountable for doing so.
Let me give you a reality check, A new research has found that SARS-CoV-2, the new coronavirus that causes COVID-19, is the result of the natural process of evolution rather than a product of laboratory engineering and is not man made.
Now as Indians if we are living in the bubble that if we boycott Chinese products we will enjoy huge benefits out of it is also one myth. India is one of the biggest importers of Chinese goods.
Several Indian sectors will be affected if Chinese goods are boycotted, costing thousands of jobs. India on other hand will need to extensively reduce its trade deficit and improve its manufacturing sector in manifolds before even considering boycotting Chinese products.
But you see there is still some hope if India comes out with better plans it can certainly substitute Chinese products to an extent. As informed and awaken citizens and country we must try to look for Opportunities in all the situations.
Now that the World Economy is about to suffer from drastic economic slowdown some even fear recession every individual is hit by the fear of facing downfall in terms of their financial condition. Events like losing one’s job, salary cuts, lack of liquidity, or a sudden medical emergency, can be a nightmare for anyone.
Such miserable events require people to make a detailed analysis of how to make major changes in one’s lifestyle and how to cope-up with the situation.
Ideally, the best way to handle a layoff is to get a new job beforehand itself. But considering the ongoing situation, it is not possible. Often we hear from the financial experts that it is in our favor to keep 3 to 6 months worth of salary as an emergency fund which people generally fail to maintain is need of the hour.
One also needs to curtail down on their expense budget as much as possible and save more also it is recommended to pay off debts aggressively. These are a certain measures which can be undertaken by middle-class people, I am quite not sure where about 30% of the people of the country are living below the poverty lines what comes to their hand. The daily wage workers the laborers are surely going through their life’s toughest times.
Where the government is trying their level best to provide financial aid to the people is it really enough. In situations like such common public can play and are rather playing their part in helping out the ones drastically suffered.
|||CHANGE IN LIFESTYLE |||
The only way out here we see is social distancing once the lockdown is lifted. social distancing is here to stay for much more than a few weeks and months and become a part of our lifestyles it is perhaps going to change our lifestyle in a few ways forever.
More and more people will work from home and students will prefer online classes over the face to face ones, watching more of Netflix than regular cinema movies and working out at home instead of the gym will continue for a long run. As humans we got to adapt to the changing environment compulsorily the fast we adopt the fast we fit in and get comfortable.
Like we see the world has already witnessed changes many times in the past and it is likely to change again. As we go through this pandemic all of us will have to adapt to a new way of living, working and socializing.
As humans possessing the quality of Empathy towards others makes life more meaningful and liveable. Only by helping out others together, we can come out of this challenging situation and certainly we will. Let’s Pray and try out our level best to flatten the curve and eventually wipe corona out of our lives.
Written by – Shumaila Muzaffar Khan.
BAF, MCom, CA- IPCC.
#Covid19 #Staysafe #StayHome
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