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Effect of Pandemic on Indian Economy

Dr. DYUTI DATTA GUPTA CORONAVIRUS disease (COVID-19) is an infectious disease which has spread worldwide with its great severity. In late 2019, when almost everybody was in a festive mood, the “move” of this micro virus occurred. Although primarily treated casually, it started showing its vulnerability within a few days, resulting in an outbreak of the pandemic worldwide. During this era, some words like Lockdown, social distancing, sanitization, musk took place in our daily life like never before. This outbreak brought the nation's social and economic life to a standstill. A choice between the health of the people and the health of the economy is a hard one to make and lockdown and social distancing were the only cost effective tools found and taken by the Government to prevent the spread of Covid-19. Ensuring mankind to its life, all the resources have been diverted to meet the never experienced crisis before, putting the livelihood in great danger. As the virus has its multi sectoral impact, the crisis has been transformed into an economic and Labour market shock, impacting not only supply (production of goods and services) but also demand (consumption and investment). Unemployment rose, salaries have been cut-off; more than 45% of households across the nation have reported an income drop as compared to the previous year. Aviation and tourism, agriculture, education, logistics, automobiles, healthcare, IT, media and recreation, Bank, real estate in every sector, economic stress has started and grew rapidly. COVID IMPACT ON INDIAN STOCK MARKET It’s true that sometimes events occur that nobody could ever predict and their extent creates havoc in human activities and life. Ever since COVID-19 strike, markets plunge into fear as uncertainty prevails. During lockdown, the stock market reflected its influence upon investors, domestic and international alike and came crashing down along with the upsurge of the pandemic. Companies having scaled back layoffs have multiplied and employee consumption have been affected resulting in a total negligible growth during this time. Tourism entertainment and hospitality like sectors have been impacted adversely and stocks of such companies have dropped more than 40%. During the last week of March, 2020, when lockdown began, stock markets in India posted their worst losses like never before. SENSEX fell around 4000 points (13.15%) and NSE NIFTY fell around 1150 points (12.98%). Payment deferrals, subdued loan growth, rising cases of bad loans and sluggish business conditions have impaired the growth rate and the health of the economic activity. Retardation in demand supply chain, GDP growth, cut in capital expenditure and discretionary expenses has been observed during lockdown which has led to falling in marketing spends, household incomes and reduced market cost. As a result of that, only FMCG companies like Nestle India, Bharati Airtel have seen their stock surging whereas rest, saw a steep decline. The most prominent sector among the losers was the Banking Sector. During lockdown, the NIFTY bank index lost more than 40% of their market value where one third of the banking stocks related to the index plummeted more than 50%. Few large scale and most of the medium scale businesses became standstill. Most importantly, as people are not able to move out from their houses or do so only if it is required due to the fear of getting infected, the propensity to hoard more cash has increased the ATM withdrawal which has worn the present deposits as well as put a halt to new deposit growths. The asset erosion in the form of decline in quality of receivables and demand as well as time deposits coupled with the burden of liability created the asset liability mismatch and all these factors have driven the banking sector in a consistently fore fronted lose value. Exports and Imports India's exports in April 2020 fell by -36.65% year-on-years while imports in April 2020 fell by -47.36% as compared to April 2019 (1). Fig: 1: India’s Exports fell across numerous sectors in April 2020 compared to last year (1). Impact on GDP growth rate The World Bank report said that the pandemic has "magnified pre-existing risks to India's economic outlook". Economic survey 2019-2020 had provided advance estimates for growth in real GDP in Table 1 as compared to the growth rates in 2017-2019. In each and every sector, there is a significant decrease describing the severity of pandemic (2). Table: 2: GDP predictions for FY21 post announcement of economic Package (May 2020) (3) Crypto Currency Crypto currency is a digital asset meant to be used as digital money. Bitcoin is the most popular crypto currency currently used and they have transformed the way by which all global markets' networks are virtually connected with each other. Like any other industry, the crypto currency market has been affected by the pandemic but its effects were not entirely negative, Covid -19 has already driven more people to seek financial shelter in traditional hard assets such as Gold and crypto currencies like bitcoin. The trading volume of crypto currencies in India has increased by 400 percent during the nationwide lockdown. The Boom in crypto trading and bitcoin liquidity has also increased when Supreme Court has lifted its ban earlier in 2020 and several new players and investors have entered in this crypto trading market during the last few months because it is an attractive option for investment as they do not have any direct correlation between them and traditional investments. During pandemic, digital money and Fin-tech apps have seen massive usage growth resulting in catching the pace of overall technical progress very rapidly. As central banks cut interest rates to near zero, or even into negative territory, more savers have turned to the world of “decentralized finance” (or Deify) interest-earning platforms, a number of which have been started by Indian entrepreneurs. The value in DeFi platforms has more than doubled to over $855 Mn, and these platforms offer significantly greater interest rates (6% annual savings rates or more) on crypto currency deposits compared to what is available with traditional fiat bank deposits. There are a number of non-currency uses of block-chain technology that may also receive a significant push in the wake of Covid-19. E-health passports and digital identity, food supply chain tracking, and electronic voting are just some of the broader uses of block-chain technology that are being proposed to help with the Covid-19 response and to mitigate the effects of future pandemics. Crypto currencies have other benefits also during Pandemic. It has reduced the cost of payment delivery, facilitated payment to individuals lacking access to bank accounts or low-cost cheque-cashing services. supported some of those most in need who lack a physical mailing address, or to those who have relocated recently (e.g. students), encouraging digital forms of payment that may help to reduce the rate of virus transmission as compared to debit card and cheque use. Moreover, the receipt and use of digital payments can be more easily tracked to ensure individuals have received financial support and solve the significant “lost cheque” problem. So, it is definite that Covid-19 pandemic has already hastened our transition to a more efficient and transparent block-chain-powered financial infrastructure. To control the spread of COVID-19, all economic activities were shut down which is unique in terms of a supply shock, a demand shock and a market shock. While policy and reforms should be allocated by the Government adequately to retrieve the economy, the industry, civil societies and communities have an equal role in maintaining the equilibrium. The norms of social distancing, avoiding or cancelling gathering and use of masks and sanitizers should be the way of life till we are able to eradicate the virus. Covid-19 pandemic has a clear message for Indian Economy to adopt sustainable developmental models which are based on self-reliance, inclusive frameworks and are environmentally friendly. References: "INDIA'S FOREIGN TRADE: April 2020". Ministry of Commerce & Industry. 15 May 2020. Retrieved 15 June 2020. Monika Chaudhary, P. R. Sodani, Shankar Das. Effect of COVID-19 on Economy in India: Some Reflections for Policy and Programme, Journal of Health Management 22(2) 169–180, 2020. "A Bigger Hit on the Economy?". The Economic Times (ET Graphics). 21 May 2020. p. 1. Retrieved 21 May 2020.

Effect of Pandemic on Hospitality

The hospitality industry in India was set to grow at 16.1% and reach up to ₹2,796 thousand crores in 2022 but with the onset of a pandemic, the contribution through this industry shrunk by 65% for the financial year 2021. The anticipation is such that it may require 2-3 years I.e., up till 2023 to reach the growth of pre-covid levels. Contrary to the present situation, this industry is known to have generated 12.75% employment in the country for the year 2018-19. The effect it had upon the workers and employers associated with this industry According to Times Of India, there have been over 80% job losses of people working for the hotel industry while the remaining ones are working on 50% pay cut inclusive of people at the executive level with the likes of general managers, senior executives. Situations of pay cuts, leave without pay have been more prevalent for foreign brand hotels as compared to domestic chains. While some hotel chains with a good brand name have already started pulling some out of the box tricks of their own, anything that will help keep the customers attracted and business going. In special regard to the situation when so many people are still apprehensive of eating out, lodging and renting out rooms and risking their safety. New Delhi’s five star Taj Palace Hotel has offered rooms to be booked for just at Rs 4,000. Luxury hotels like Shangri- la and JW Marriott offering similar competition by allowing booking at roughly Rs 5,000. In some states of the US like that of Tampa, Florida hotel chains like Hilton, Marriott offer their best-assured cleaning services, even with best offers with discounts extended till early 2021. A day’s offer to just book a room for 7-8 hours where one can come and work from the hotel room added with the best services of a gym, swimming pool, a restaurant which is normally available for customers with an extended stay. Hotel owners have also come to accept that more than huge luxury hotels people are opting more towards renting out an entire house or small domestic inns which normally would attract fewer people. Added with the fact that more people are travelling domestically and that the focus isn’t upon attracting many foreign tourists till situations become workable. Steps required from the Government and reforms required within the industries’ management The Government is requested to help waive off the interest of loans taken by hotels from March till September 2020. Providence of more soft loans with low interest to be offered to the hotels through the Government. Instead of entirely reaching out to demands of customers, the hotels should also focus upon limiting the crowd as much it's possible like opening up certain rooms on limited floors. With moments of understanding how the country needs its revival of GDP and in the hospitality industry too, it requires that “Vocal For Local” becomes the main target to be achieved. To understand how employment should be generated from amongst the countrymen and the local population.

Effect of Pandemic on Homemakers

Effect Of Pandemic On The Life Of Homemakers The world came to a standstill after the Covid -19 pandemic inflicted havoc across the globe. During the lockdown, everyone understood that being a homemaker isn't a cakewalk. It is indeed a challenging full-time job, working 24 hours incessantly. There are no shifts, no weekends, no bonuses, no leaves. Whether it is a public holiday, a birthday, or a pandemic like Covid-19, homemaker does never-ending work. Acknowledging their work, helping them in these excruciating times can be a small thank you from our side. Although women have been stereotypically associated with cooking meals for the family, washing clothes. In this century, they aren't stipulated to the walls of the house anymore. It is our patriarchal society that takes these sacrifices for granted. They are shouldering responsibilities with men in every field. Many of them have balanced their career and household responsibilities with acumen. While everybody talked about the pandemic and how it affected various sectors viz. Tourism, Hospitality, Automobile; homemakers remained untalked of. Lockdown had a profound impact on every generation. Be it children, millennials, men, women, senior citizens. Initially, the euphoria was seen everywhere since families were together and everyone enjoyed being together and watching Ramayana, beating thalis, ringing bells. After a while, everyone seemed burdened and seemed to get on each other's nerves. This was accompanied by insomnia, anxiety, loss of appetite. With the upliftment of lockdown, offices were opened, but children were still at home. In this situation, feelings of impatience and stress are inevitable. The GOI imposed a nationwide lockdown on 24 March 2020; it was initially for 21 days, extending until 30 May. The pandemic brought alongside several difficulties: Confined to homes for a full day, everyone felt pandemic fatigue, irritation, and exhaustion. Because of the dread disease, people were sceptical about keeping housemaids. This soared the workloads of the women. Few housewives who didn't know how to drive could not go out to buy groceries and veggies. They had to order either online or ask their husband to buy them. Women missed all that negotiation and bargaining during the lockdown. Female teachers who had to take online classes, prepare their children for their studies found it challenging to adapt to online learning. Even if they try to focus, the unstable internet was a problem, and classes were overshadowed. Cases of domestic violence also shot up during the lockdown. Since the couples who chose to live in solitude had to live together throughout the day, for weeks. Although the norm of work from home seemed to be relaxing. Some housewives felt that this practice has hurled an extra load upon them. Single parents have been affected in several ways. They had to look after the children and manage their jobs at the same time. Full-time housewives had an extra workload for children and spouses. They had an additional task of keeping the children engaged in activities after the online classes. Testimonies(Common in a majority of homemakers) Only homemade food items were being consumed, homemade remedies like turmeric milk, kadha, vitaminC rich diet. Washing and sun-drying the veggies, using sanitisers, disinfectant, washing hands regularly. Mounting extra stocks of ration at home to obviate contacting vegetable and grocery seller. Routine checkups were interrupted. People with chronic illness couldn't go to hospitals. Not using public transport for months, not attending family functions. Conclusion: Mental health- stressed a bit initially, locked up in the house created tension and fatigue. Overall experience-Stressed at the beginning but slowly it became acceptable, and now they are fine. Ways to cope with stress and anxiety are listed below: Yoga, Pranayam, exercises, and other rejuvenating activities should be included in the routine to relax the mind and body. Drink warm water, take a hot shower, soak the body in sunlight. Take giloy, tulsi, ginger, and other herbs along with proper sleep. It will boost immunity. Household chores should be assigned to children, which will keep them busy too, and one will get a helping hand. This is the time to congregate and do things together. Try to indulge in talks, group chats, gossips. It seems futile but will let you vent your stress and worries up to a great extent. The pandemic has led us to acknowledge the role of women in our lives. They not only do the heavy lifting in the kitchen; they are the depository of knowledge about nutritious eating in bad or good times.

Micro Tales #30

Riya Arya When I helped someone Helping people is the best thing we can ever do. I was going somewhere in the rikshaw and An old lady sat beside me. We reached our destination and the driver asked us to pay the amount. As I gave my part of the fee, I got to know that the lady had lost her purse. She was already very tired and became more upset as the rickshaw drive kept on asking her to give money as soon as possible. So I paid the rickshaw driver on her behalf. It felt great helping the old lady, And I asked her to get more money from me incase if she needs When I stood against crime Eve teasing and bullying are something a lot of women face at least once in their life. It is an extremely abhorrent act. I was in the school when I found some boys badly teasing a girl. I found this utterly disgusting, especially because the girl used to cry as it had happened almost everyday. One day, I decided to take a stand and warned them angrily not to do it again. As I was the class monitor, I also complained against them. After that day, they never bothered my classmate again. When I supported someone Failure is something we are all afraid of. One time my friend failed a subject at school and became really pessimistic and lost hope towards everything. I supported her and made her realise how important it is to be positive. She somehow found hope and applied again for the same, this time passing with great scores. She realised that "There's always a hope”. When I feed someone I was in 6th grade when one of my friends, whose mother was a widow, had no lunch for a few days because her mother was really ill and they could not afford to have food from outside. Those days I regularly shared my lunch with her and it made me really glad to see her so happy. I had decided from then that I would try to feed as many people as I could. Therefore on every birthday and new year, I feed needy people outside the temple.

Effect of Pandemic on Real Estate

Effects of Pandemic on Real Estate The coronavirus pandemic has little question about changing the working within the world economy. Right from aviation and tourism to retail and land, all industries are impacted in various ways. The main sectors affected in India are MSMEs, tourism and hospitality, aviation, automobile, and land. Before the pandemic situation, the important estate industry was adjusting to varied structural changes and other reforms introduced by the govt. Combined with the COVID-19 pandemic, it's been impacted further. it had been projected that the contribution of the important estate industry is about to rise to 13% of the GDP by the year 2025. However, within the current scenario, any projection of growth within the contribution to the GDP won't hold true anymore. Impact on real estate Small and enormous, the industry has witnessed a slowdown in the progress of projects under construction and delays in buyer decisions to get properties. A couple of the challenges faced by the industry are the migration of workers, credit crunch, and disruptions within the supply chain for building materials. A survey by Knight Frank India has shown that 42% of the respondents feel that subsequent 6 months will see no new supply being added to office estate which the rise in rental housing value is additionally not expected any time soon. In terms of demand for commercial land, businesses are postponing leasing decisions due to the ‘work from home’ norm that has become prevalent now and should continue for the subsequent few months. Retail land has also seen a fall due to the decrease in global demand from consumers and hence, an interruption on expansion activities by brands. In light of those circumstances, the govt has announced a high tax benefit and found a relief fund to the tune of 25000 crores for projects that are on pause and lower interest rates on home loans to incentivize people to form purchases. How buyers & developers get affected. Potential buyers who were considering initiating the buying process or were within the midst of it are postponing their purchases until after the lockdown due to the stoppage of site visits and therefore the uncertainty around job security. This is often despite the fact that the government has taken measures to enhance purchases like lower home equity credit rates and a greater tax rebate. The sentiment within the market is sort of low currently and is probably going to enhance only within the medium to future. so as to continue property search safely during this period, buyers can start shortlisting them online on land portals, make use of the Augmented Reality (AR) and computer game (VR) tours of properties offered by builders and use the portal for RERA in their state to see the state of clearances. A survey by 99acres has also revealed that around 60% of buyers would like to undertake virtual tours to finalize their purchase and 60% of them were getting to purchase homes within a year. With the difficulty of unsold stock and delays in procuring the building materials for projects, the development process and sales together have come to a halt, affecting the revenue of the industry. Considering that the industry was already reeling from the impact of the structural reforms and credit crunch, the lockdown thanks to the pandemic put the market at an extra disadvantage. Firstly, many land developers are already taking precautions while showcasing their flats like temperature screening and checking travel history. Additionally, virtual interactive tours of projects are introduced to offer prospective buyers an experiential feel of the location. It's important for developers to stay updated with the latest developments in projects, suit RERA, and answer public queries online to make sure transparency. Road Ahead The next few months, unfortunately, look bleak for the industry due to the demand slump, poor market sentiment, and disruptions within the supply chain. Though the government has introduced relief measures that are bound to be beneficial unless the market sentiment picks up and therefore the pandemic subsides, it's just like the situation isn't getting to change an excessive amount of. Hopefully, the industry should be ready to find ways to seem beyond the pandemic and decide to recover accordingly.

Micro Tales #29

Riti Shalini Tiru Life is more meaningful if you live not only for yourself, but if you help others. Nevertheless, people sometimes forget about others and selfishly pursue only their own interests, while helping poor people is one of the best things everyone can do. Poor people are an integral part of our society and everyone should not turn a blind eye towards them, but think over what they can do in order to help. Since I was a child, my mother and teachers at school have always tried to encourage me to help poor people by giving them old toys and clothes which I would not use anymore. I was also told that it was nice to give poor people food when possible. If everyone tried to do at least one small thing from his or her side in order to help poor people, there would be much less inequality in the world. I would like to share my personal experience. I am a member of a Rotaract Club, a club that focuses on social work amongst other things. So when I did my first event, which was the food donation drive, I donated for the first time and it felt really amazing. Their happy faces and blessings made me smile. Since my childhood, whenever I used to see a poor child or an elderly person begging for money or sleeping curled up on roads I would promise to myself that when I was older and would have the means, I would help those people in whatever way I could. That drive was the day when I finally began that mission. The notion of charity being something that we should take pride in is foriegn in my family, I have always been told that it is one of our responsibilities to help these people. Moreover, I would recommend everyone to participate in such work or activities because I believe that helping poor people is one of the best gifts a person can give others.

Micro Tales #28

Nishil Gandhi I remember, it was the month of March in the year 2010. It was hot, as it usually is in this time of the year in Mumbai, but it was hotter than usual. A woman and a very young child, around the age of 7, were selling balloons and the child suddenly fainted right there on the road. I was standing near them and I instinctually went there to help them. I firstly called a family doctor, who was not very far from the current location. Meanwhile, we gave her Glucose water which would help greatly with the rehydration. The doctor arrived in approximately 20 minutes, treated the child, and suggested the cause of the incident was hunger. To help them, I gave the mother around Rs.2000 and offered to pay the doctor’s consultation fees. She was speechless for a while and later she just replied with a heartfelt “शुक्रिया बेटा” (thank you, child), saying those words with tears in her eyes. That memory is utterly priceless and unforgettable.

Effect of Pandemic on Health Sector

THE EFFECT OF PANDEMIC ON THE HEALTH WORKERS With the January 2020 declaration by the World Health Organisation of the outbreak disease called COVID 19, the entire world came to a halt and ultimately a worldwide pandemic was declared. By March 2020, the entire world came to a shutdown, with everyone more or less, safe inside their homes, there was the force of doctors, nurses, midwives and the entire hospitality sector giving their best to save the affected patients. The horror was that no one knew what it was, how it actually started, what would be the effective medication for it and with countries pointing and blaming each other, pointing fingers at China for keeping mum about the threat that was going on. The doctors and nurses worldwide had to wave their families goodbye, of them who had newborn babies at homes, the ones who were newly married, ones who had ailing parents and family members. The fear crippling with the uncertainty because a majority of them were on a battlefield with an invisible enemy, the fear that most of them would not even return to their homes. The doctors and nurses who with a brave heart gave out their lives. THE EFFECT OF LACK OF EDUCATION ABOUT CORONA With the lack of understanding and actual information about the virus and how does it spread, what are its effects. A large number of people went along with varied misconceptions, due to which a large number of cases about violence and attack upon the healthcare workers were reported. On 8th of April, 2020 two trainee doctors in New Delhi were allegedly assaulted by a neighbour who accused them of spreading the disease. A group of health workers in Indore were trying to contact trace a person when they met with a group of 100 people pelted stones upon them. According to reports of Economist, at least 21 health care workers were assaulted in Mexico, in the Philippines, a nurse was attacked by men who poured bleach on his face. May 2020, an armed attack on a hospital maternity ward in Kabul, Afghanistan killed 24 civilians and 2 infants. These are only some of the cases that were reported while there are thousands more all over countries which could be unreported or dismissed. THE PSYCHOLOGICAL AND EMOTIONAL IMPACT ON THE DOCTORS AND NURSES Apart from the fact that the doctors and nurses were working without any shift relief with Protective Gear attached to their faces and with the difficulty of breathing with huge face masks wound around the nasal and facial area. Some even went to the length of cutting their hair off, scalded their skin cause of the face mask worn for longer duration. While some government hospitals even failed to provide their staff with PPE ( personal protective equipments) risking both the lives of the patients and the Health care staffs. As a result, thousands of health care workers contracted the disease or some form of acute respiratory syndrome called Coronavirus 2 (SARS-CoV-2). Ana Delgado who works as a Nurse Midwife and Clinical Professor at San Francisco, California. Talks about her experience of working in isolation ward and moreover on inequity and moral injury she faced during her work. She talked about the patients who lived in their paycheck and with jobs getting lost, a lot of them were desperate and helpless, some were even undocumented. She could feel the helplessness and injustice about the health care system, which slowly turned into self blame for not able to fulfill the omit meant of protecting the wellness and welfare of people. John Berk who works as Pulmonary Critical Care Physician and Associate Professor in Boston. He recalled how in the early days of the outbreak of Corona, the hospital had a policy that only the infected patients and the doctors,nurses who are treating the patients will wear a mask. This in turn, created heightened anxiety and fear among the ones working in the hospital. Roxy Johnson is an Emergency Room Nurse in Dallas, Texas. She herself was running with a low grade fever in late march and had to self isolate. It was a battle for her to stay away from her family and work. In early April, when she joined back work she took a hotel to stay instead of choosing to go back home with the fear of contracting the virus to her family members along with a dad who had an underlying disease. The fact that I order to overcome her fears and pressure, she started drinking after work which apparently is another risk taking activity during COVID. But that was the only resort to save her from insanity, fear, trauma. WHAT MEASURES COULD BE ADOPTED TO MINIMISE THE PRESSURE OF THE HEALTH CARE STAFF Firstly, a lot of misconception and misinformation created hurdles for the ones working in the health industry. The need for the right information is vital for the public to not hurl abuses, attack and assault at the ones who are working to save lives. Without them,the world cannot sustain at this hour especially. To allow them with coping strategies such as sufficient rest, healthy food, providing them with necessary vitamins by the government. The attacks upon the healthcare workers must be condemned and worked through the providence of good protection through police marshalls. Delhi government adopted this method and Marshalls were posted at large central hospitals in accident and emergency departments. The Indian government has issued an ordinance that makes violence against healthcare workers a non -bailable offence and punishable upto 7 years imprisonment. Starting of May 15th the doctors of AIIMS started their self defence classes from black belt champoins in martial arts and taekwondo. Staff from Lok Nayak Hospital and Lady Hardinge Medical College also went similar training from Delhi Police personnel. Understanding the situation that we may as individuals went through a lot of trauma and fear of the unknown but the same could be said about the health workers too and how vital it becomes to protect and understand their work when they are fighting to save the world in their own battlefield. A fight against the unknown, of its own kind.

Micro Tales #27

Bishnu Debnath With this opportunity, I would like to share one incident when I helped a needy person during December 2020. At the time, I was travelling with my friends in Kolkata by train. When we stopped at the station, a very thin, tall person came. He was very weak and looked as if he had not eaten anything since a long while, possibly many days. When we looked at him, he started crying and begged for money. He said that he was a migrant worker and did not have the money to travel back to his house. He was unable to find any work and hence had no money for meals or for a shelter. He used to live under the flyover in the scorching heat of summers. He truly looked like he was very needy at the moment and no one was willing to support him. We had some biscuits in our bag. We gave it to him and donated some money to him so that he could afford going back to his village and get help. After receiving all this, his eyes were filled with tears and he thanked us a lot. He said that there are very few people in this world who are ready to help the needy so selflessly. He gave us blessings and went away. I felt really proud and happiness spread in me. Indian migrant workers during the COVID-19 pandemic have faced multiple hardships. It is our duty to help them however we can.

Micro Tales #26

A chance to make it better Abhinav P Nair We do not get just one but numerous chances to help someone everyday. The difference is how often we consider those opportunities. With this opportunity, I would like to share about one instance where I tried to make someone’s life better. Two years back, we witnessed one of the deadliest floods to hit the state of Kerala . A lot of people became homeless as a result of destruction from the flood. It was amazing to witness how the whole country came together to help the people affected by the floods. At this point of time, we, the younger kids of our society decided to come together to collect clothes, supplies and everything needed to make the donation. We also got to know about a group of people accepting this donation and delivering the donated material to the deserved people. We spoke to the apartment’s association and they instantly accepted. In another two hours, the news was circulated in all the Whatsapp groups. By the end of the day we had numerous people donating. Some of them donated money which was sent to the relief fund. Even the people from the neighbouring societies donated. In two days, we collected quite a lot of clothes, money and food for the people who had suffered. We called the group who were delivering these supplies to Kerala and this is how we helped the people of Kerala. I truly hope it would have made the life of at least a small group better.

Effects of Pandemic on Entrepreneurship

By Sumoti Mahato In the face of the worldwide COVID -19 pandemic, entrepreneurs need to face a replacement reality, that is not an enormous sanitary and health crisis affecting millions, or maybe billions, of people across the world. This is also provoking an unprecedented downturn within the global economy. The new generation is starting more businesses, now it’s a time where old concepts and ideas for business are being taken by a new generation of entrepreneurs, as they are already outperforming. Many platforms and competitions are coming to showcase their talent. With growing entrepreneurs in the country, the government of India has stepped in to provide assistance through many platforms such as “ Startup India, Standup India'' The campaign's not only a golden opportunity but also helps the country to overcome the situation and to lead a better life with new ideation and concepts. In order to be self-dependent, we have to resolve the problem ourselves. Covid -19 has fostered a wave of innovation, both positive and negative within the world of entrepreneurship. Researchers and entrepreneurship dedicated their lives to create a future for the country. Along with the considerable risks that entrepreneurs take, designing new techniques to adapt to a post-pandemic world is essential for ending the sudden outbreak happening in the business market. While Covid has drastically affected the younger generation, it has also shocked the global economy. Before covid, there were millions of Indians youngsters who wanted to be risk-takers. But as many businesses that took a hit due to Covid broke their dream, now many of them are moving to government sectors. According to the resources, Uber has lost $2.9 billion and let go of over 3000 employees since the start of Covid. Several large corporates and smaller companies have also faced a similar issue. While entrepreneurs are optimistic and resilient, the pandemic required them to shift their business approach. This makes it a big challenge to stand alone in this crowd. Ultimately, young entrepreneurs today have been faced with a new reality that will shape them into resiliency. COVID -19 pandemic is about to over, survival has to become the imperative focus for startups. Many new businesses face a big issue for cash management. A few vaccines have been approved but it will still be a long while before they can reach the general young public. It is inevitable to have the fundamental question: how does a startup survive during this period? It’s become a big challenge for existing start-ups but is also a concern when it comes to creation of the new ones. Youth are acting with the future mind, but in the current atmosphere where budgets are tight, and layoffs are likely, long -term strategies are needed to deal with this economic turbulence. During this COVID-19 crisis, start-ups have played a critical role in the economy. Some innovative young minds have reacted fast and flexibly to the pandemic, and are critical in helping many countries towards fully-digital work, education, as well as medical goods and services. As there is an urgent need for start-up, systemic change is needed to help new generations of young entrepreneurs succeed in the innovative economy. The time to act is now. The answer lies in identifying the simplest fit people to start out and grow businesses. Government, businesses, and civil society need to work together to know more about the policies and kinds of support that best enable the start-up and growth of youth-led enterprises. It can also be positive to some young minds. It will be an opportunity to some in pandemic many ideas and innovation are much needed. Young generations find their way, rather to a job in an IT firm and spend the whole day. It’s time to come forward, accept the challenges, and help the nation to become self-dependent. Due to a densely populated young generation, India has the third-largest start-up ecosystem in the world. The expectations are high as in the current situation, many young individuals are embarking on different new ideas. The pandemic, however, disrupted financial markets and left the world teetering on the edge of an economic downturn. These short -term challenges can be turned into long term opportunities for a start-up. After all, the Indian start-up ecosystem has been speedy in adapting itself to the dynamic business environment.

Micro Tales #25

Happiness in Dhakis Ayan Mullick I remember it vividly. It was October 2013 and I was only 12 years old then. We are Bengali so our biggest festival is Durgapuja, the duration of which is 6 days. So alike every year, there were Dhakis - traditional drummers who play Dhak in Hindu festivals - in each and every puja pandal. So 6 days after immersion of Durga pratima in rivers, every year a Dhaki or two would come to our home and the neighbouring ones from the nearest puja pandal. I hadn’t known why so until that year when I saw that my mother was giving him some money and my old clothes. It was then that I realized that they came to our homes because they weren’t as fortunate as us and needed help. So, from the next year onwards, whenever they came to our place, I would always offer them some money and old clothes and even though it wasn’t much, they always were happy after receiving it. Even in 2019, when I was old enough to buy from my allowance, I thought of helping those Dhakis by providing each one of them with a shirt that wasn’t an old one but one that I had bought recently from the store. Seeing them grateful and smiling really brought me pride and happiness. And so, I think everyone should help their help by surprising them with these gifts of generosity, especially during festivals - the time of the year that everyone deserves to be happy.

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