To strive for economic revival amidst COVID-19

Shomin Haokip *

The world has been witnessing a great transformation since the outbreak of the corona virus. Two of the most prominent change that we experienced because of the pandemic is the impact on environment and economy. The two changes here contrasted with each other,for one has positive effect and the other, negative.

The first and most drastic change is the positive impact on environment. It has restored the faith that together we still can revive the sorry state of the environment, even though much harm has already been done.

This has been the only positivity that glimmers while the world witness loss of precious lives everyday. Better air quality index, clean river and blue skies were the only developments that brings smile since the outbreak of the virus.

On the other hand, this pandemic has painted a terrible picture on the economy, which is really saddening and worrisome. Apart from the cure, economic revival amidst the virus is the biggest challenge posed by the pandemic. Every nation is leaving no stone unturned to eliminate the virus expeditiously, but not at the cost of theireconomy.

Therefore, every efforts must be made to ensure economic crisis doesn’t happen, which is as important as saving lives. India has completed more than two months of national lockdown, and we are now in the first phase of unlock 1.0.

Economic activities across the country, except for essential activities, is functioning in a staggered manner and yet to resume in full swing. The emergence of COVID-19 positive cases vary from place to place.

In some states, the emergence is really slow and active cases are few in number, where as it is spiralling almost beyond control in some states.

Nevertheless, since the virus is here to stay, it's a high time we focus equally on containment of the virus and resumption of all economic activities, keeping in view the far reaching consequences the economic crisis can bring.

Resumption of economic activities, however, does not mean health advisories should not be adhered to and neglected.

Reallocation of thousands of migrant workers across the country to the irrespective states should instigate the competent authority to focus more on our economy, because geographical reallocation will render them jobless, which is a bad economic sign.

This economic issue, amidst the pandemic, should be dealt with serious concerns to ensure we compensate for the loss incurred towards the economy so far.

Hon'ble Prime Minister's statement "let's be vocal for local" should be our mantra to economic reforms. We should first try to boost the local economy with whatever resources is locally available.

The role of job creation through entrepreneurship is tremendous. Each state should promote policies that encourage the growth of small businesses.

We should inspire the youths, especially the unemployed youths to become job creators, rather than job seekers through start-ups, small scale businesses, self help groups, etc and make them self-reliant and confident. This will make a big impact on the economy as small businesses plays an important role in the economy.

However, in order to accomplish this, small business ventures should first be made attractive and easy to implement by introducing business-friendly laws.

Some of the pre requisites to attract the unemployed youths are; ease-of-doing business, a good law and order situation, good governance and peaceful co existence among various communities. The government has a critical role to play in fostering and promoting entrepreneurships, start-ups, small businesses, etc.

Every right thinking citizen should consider containment of the virus and revival of the economy as the irresponsibility and obligation.

The goal can only be accomplished through a coordinated and collective effort.