COVID-19 situation not only affected people’s health and mind But to their economic conditions too. Everyone is worried about the economy as it is the backbone of the Nation. How the Prime Minister’s and Nation is dealing with it, and what’s the situation? Continue reading to know everything.
Prime minister Narendra Modi and US’s leader “Donald Trump” shakes hand over the ongoing corona situation to cope up with the worsening condition: the title of fastest-growing Covid-19 epidemic anywhere. Indian Prime Minister “Narendra Modi” has 4.2 million corona cases within his country, is though less than the “Donald Trump’s” United States Condition. But during the few last weeks, a tremendous increase of 20% in the coronavirus cases, made the situation of India under stress as it made India on top in terms of velocity with 1.4 million.
When this year began, our developing country India showed positive growth in the economic terms with at least 5%. Still, due to the non-predictable sudden pandemic, the growth is shaken and is heading in the reverse direction, that is a matter of concern. Like, other countries around the globe, our country India is also facing adverse economic conditions. It has terrible Bank situations. The Indian Economy is dysfunctional with the Bad Loans over the Bank.
One book by former Reserve Bank of India Governor Urjit Patel titled Overdraft, Patel wrote. “Until then, for the most part, the finance minister and I were on the same page, with frequent conversations on enhancing the landmark legislation’s operational efficiency.” India is facing a terrible economic situation as it also holds the world’s second-highest population. And to maintain and streamline the pandemic situation with such a large community is quite a tough job.
Raghuram Rajan exited in September 2016 from RBI and is replaced by “Urjit Patel.” He also tried to uplift the Economy and did a lot of work in the same field, but he even lasted for two years and later on replaced by “Shaktikanta Das,” who quickly took actions to release the burden from loan owners. He worked for the benefit of lenders and projected many policies to uplift them. Lenders were given the time duration of 30 days so that they can examine the lawless and criminal accounts. More to it, lenders were given 180 days to revise reconstruction plans.
Soon after the sudden departure of “Urijit Patel,” his “Viral Acharya” also took an exit from the RBI. But his new forthcoming book is on the way and is all set to highlights the country’s economic condition and the reasons behind its fall out and who more or less need to be blamed. Gavekal Research warns of a “debt time bomb.” The RBI reckons the Non- performing loan ratio will rise to 12.5% by March 2021—or 14.7% if there is “very severe stress.” This scenario now seems less of a risk than a certainty.
So, far considering the all over the situation of the RBI, One can say our Economy is far far away from the perfect “V-shaped growth,” which is sad news for all of us. All that we can hope is to follow “India” “U – shape” economic growth amid this coronavirus pandemic.