The outbreak of the Covid-19 pandemic has brought immense pain to billions of people living around almost every corner of the world and India is no exception. Although the aggressive steps of the government to ensure that the virus does not spread exponentially have proved to be successful to a large extent, the lockdown has almost melted down the Indian economy.
The shutting down of the industries across different sectors has left millions of daily wagers without jobs in miserable conditions. However, the state, as well as the Central governments, have made several policies such as free ration distribution and transferring direct cash subsidies to the underprivileged has helped several people.
Even before when the deadly virus entered the nation, India was already witnessing the slowing economy. The spread of the virus and the lockdown came like a big blow to the already struggling economy. To be specific, two major sectors — MSME and real estate are the ones that are affected the most.
MSME generates a huge chunk of the Indian economy and the enterprises in normal conditions also face a cash crunch. Real Estate, on the other hand, one of the largest employers in the nation was already going through a testing time. Since the Indian property bubble got burst and the series of reforms by the Modi government has resulted in worsening of the situation.
Amidst the pandemic, this is the right time when India can reform two of its important sectors. As soon as the economy gains momentum, the government must introduce new policies, removing the hindrances that these two sectors faced before the lockdown was announced. Having said that, the government will have to ensure the new policies do not get harsh on the already struggling sectors.
Let us all stand together in the fight against the deadly virus for a better and brighter tomorrow.