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Economic Consequences of COVID-19

It has just been four months into 2020 and our minds are already gripped with fear, uncertainty, and panic. Coronavirus Pandemic abbreviated as COVID-19 has claimed lives, torn down economies, compelled governments across the world to take extraordinary measures, and jeopardized the revenue inflow for almost every industry. A financial catastrophe, ten times that of the 2008 Lehman crisis coupled with a health emergency has hit normalcy in every corner of the globe. With lockdowns halting manufacturing operations and corporates embracing work from home, economic activities have almost come to a standstill. The International Monetary Fund(IMF) MD Kristalina Georgieva claims that the outlook for 2020 is already negative. IMF has also claimed that this is the biggest economic slump since the Great Depression. For the first time ever since 1929, the stock markets plummeted by 32% in just 18 days! Investors have removed $83 billion since the beginning of the crisis. Wall Street, Eu
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Government's Relief Measures to combat COVID-19

36 hours into the 21-day lockdown and the Finance Minister, Nirmala Sitharaman has already announced a string of welfare measures at a Press Conference today at 1pm. This relief package is solely aimed towards the downtrodden in the country. Mrs. Sitharaman was very clear that this package is worth 1.7 Lakh crore rupees under the Prime Minister Gareeb Kalyan Scheme which is introduced to take care of the poor during the lockdown. She highlighted that the measures would be announced in two forms- firstly cash transfers and secondly as food security. Direct Benefit Measures: A much-appreciated measure announced was the introduction of an insurance cover for all the doctors and front-liners who are risking their lives and treating the patients during this pandemic. The amount announced was a whopping 50 lakh rupees per person.  Food Related Measures: Under Prime Minister Gareeb Kalyan Scheme roughly about 80 crore people will be entitled to get 5kg of rice/wheat given to the
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Corporate Tax cut 2019

 20th September of 2019 can be marked as a historic day of 2019. This was the day when the finance minister- Mrs.Nirmala Sitharaman announced a corporate tax rate cut by huge numbers for both domestic and multinational firms. The biggest repercussion of this was seen on the stock exchange where the both the indices-nifty and Sensex had witnessed the highest rise in a decade. The highlights of the 20th September announcement include the government slashing down the corporate income tax from 25% to 15% for domestic firms incorporated on or post 1stOctober and those which are likely to commence their production on or before 31st March, 2023. The minimum alternate tax (MAT) was also axed from 18.5% to 15%. The finance minister also went ahead to announce that the enhanced surcharge will not be applicable on securities and derivatives. The tax cut poured in both appreciation and criticisms for the Modi Government. At the press conference, the finance minister had informed that this move
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Revival of the Economy

It all began in January 2018 when the Infrastructure, Leasing and Financial Services (IL&FS) crisis broke out in the news. Several market veterans and economists were worried whether history was about to repeat itself like the 2008 Lehman crisis. With the company defaulting its payment obligations repeatedly which sparked panic among investors, received a downgrade by credit rating agencies and is a catastrophe which inflicted its wounds on the macroeconomic structure of India. Gradually, with the job crisis mounting and the unemployment rate hitting a 45 year high. Concerns were brewing about a possible economic breakdown. Many attributed this to the rollout of GST in 2017 which did pose the companies and MSME with some teething challenges. However, the nail in the coffin was when automobile sales declined drastically. Many economists and companies believed that this is the tip of the iceberg since the automobile sector is considered to be one of the biggest parameters whic
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Knowing the next you

When my neighbor, Suma Aunty asked me whether I would like to participate in an event organized by Connect Quotient, I fell for it completely. I have always enjoyed being a part of something new and exciting, however, when she told me it was mainly for kids between the age group of 9-16, I was a little disappointed and a little apprehensive since I would not be able to contribute much and my sister did not enjoy such kind of events. As the days rolled by, the event date drew closer and I must say it has to be one of the most unique and mind-boggling events I have ever seen as well as been a part of. On 20th April 2019, Connect Quotient organized this event at Royal Orchid, Vashi. When I entered the hall and when I started to know everybody, I realized that parents and children had come from different corners of Mumbai, and the event was definitely well received. The crux of the event was- Knowing the next you. The occasion kickstarted with Ice-breakers which was an initiative made
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We MUST stop our obsession with the dollar

Over the past 4 years as a teenager I have often been subjected to questions and suggestions of living the 'American dream' by many loved ones and I simply have one answer which is a NO. I really admire the diverse climatic conditions of autumn, spring, winter, summer and those man-made edifices such as the iconic Statue of Liberty, Brooklyn Bridge, Warner Brother Studios or the casinos in Las Vegas. The razzmatazz that the U.S offers has always fascinated me, but it unfortunately fails to recognize bonding and relationships which most of the Indians cherish and embrace and what I personally love about my country. This entire topic brewed in my mind when I read Sudha Murthy's 'Dollar Bahu'. It strikes the right notes of how the dollar initially rips apart human ties and how finally ethics and relations guide the mother-in-law on the right path. Almost every single Indian mother wants her child to go overseas and live a plush and cozy life. But what they fail to u
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There is a wisdom of the head and a wisdom of the heart

Many years back my father had encountered an onerous question from his colleague. He asked him if his child and his parents were admitted in a hospital, then whom would he go to meet first- his parents or his child? After thinking for a while my father replied that whichever situation is graver he will attend to that. However, his colleague asserted that it would definitely be his child due to the emotional attachment and bonding which they share as compared to his parents. This proves to be a classic example for wisdom of the heart. The heart always yearns for love, affection and sympathy. Wisdom of the heart is completely emotional or intuitive in nature. You do what you believe is right or what your inner feeling is telling you. You don’t care to analyze its pros and cons logically before performing the task. Time immemorial we have come across renowned people who had taken choices based on their heart and it led to bloopers. One such specimen is of the love that blossomed bet
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