As the 2nd wave of the corona has hit the country Pm Narendra Modi who opted for a strict lockdown when the covid first took place in the country is now opting for a different approach as he urges states to not shut their businesses in these desperate times which is not the case when the 1st wave happened, he states that the economy is also a big factor to consider in these times of covid so to maintain stable economic growth and to avoid a drastic financial failure.
PM Modi Speech 20 April 2021
We need to keep the businesses working in the respective states as it can be a really big issue for the financial situation of the country, he has stated that he request the state governments to avoid lockdown if possible and try to have containment zones in order to keep the functioning of the businesses on a role to avoid any major financial crisis in the country.
The problem is that we are the 2nd worst when it comes to the corona cases that are happening on daily basis in countries, we are just behind the USA as we have a jaw-dropping 200,000 cases of infections on a daily basis considering that there are many cases that don’t even get reported, also the medical sector is facing huge issues as there is an unavailability of beds, of oxygen and many of the procurement for the most part which is a huge issue as the cases are increasing rapidly and not even having sufficient material to counter is going to make the situation worse and worse as time keeps on passing by.
Now the financial aspect of it is that the stock index which is the nation’s benchmark is at its since January touched the end and also rupees has been the worst currency in Asia for this month as India has become the epicenter of the worst breakdown in the world which is a huge concern for the country as the financial situation seems to be pretty unstable and to counter the situation the state and the ruling government need to come up with many plans to counter the situation which is already pretty worse.
The central bank has also stated that they expect the economy to start expanding with a rate of 10.5% in the coming April after seeing a contraction with a rate of 7.7% for the past 12 months.
PM also stated that the government is coordinating with the state governments to provide them with the supplies and all the drugs that are required to fight the pandemic and we hope that solutions are being developed to get the situation stable both medically and financially.