Impact on the economy when nation shutdown!

Business loan

Apply for business loan online: The outbreak of corona virus is first and foremost a human tragedy, affecting hundreds of thousands of people. Its impact on the global economy is also increasing. India is in quarantine. The other word for quarantine is a lockdown. India has been shut for almost 21 days. Apply for business loan online All businesses except a few important services have come to stop. Lockdown means you cannot go on the streets unless you have some important emergencies. That means every business is going to be affected badly, a mainly small businessman.

The economic effects of the current epidemic will be different from the previous ones, including SARS, avian influenza, and MERS, which cause direct harm to livestock areas, leading to food shortages and food prices in the affected areas. No major food shortage has been reported so far due to COVID-19.

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Why is there a need to lockdown?

The situation is pandemic. It is highly contagious. If you touch or handshake an infected person, then for sure you can also get infected. So, to stop the spreading we need to lock down and shut down everything.

But, few services cannot be shut down like medical stores, hospitals, bank services, grocery stores. Apart from them, all government offices, educational institutes, private offices, malls, shops, etc. will be closed due to lockdown. Because of lockdown, small business is effecting badly. After the lockdown, they are going to need a small business loan. Apply for small business loan from the rokdabazaar site.

Harsh Mariwala says, “We are not seeing the light at the end of the tunnel.” by referring the impact of the corona virus that disrupting our economy. The corona virus is already hurting the global economy. Experts estimate India’s GDP growth, this year fiscal decline to as low as 4.5 %.

One of the country’s largest steel producers, Jindal states the impact on economy or business has already been marginal, and we are not sure about the effect going forward. Many business leaders fear it could be a long hard summer for businesses whether big or small. No one can predict how much negative impacts will we are going to face in the future.

However, the epidemic is having an economic impact. It is staggering in global stock markets and economic activity has slowed dramatically in places where many people are ill and movements are prohibited to prevent further spread of the virus. Signs of a continuing economic downturn are most visible in China, but due to widespread containment measures, including travel restrictions, restrictions on bars, restaurants, and other gathering venues, and additional limitations on services. The possibility of a global economic recession is increasing.

Indian relief package

In other countries, their governments have been planned revival packages to benefit the people who suffer more due to Covid-19. Meanwhile, some states have kicked into action like Kerala just announced a package of loans, free ration, social security, and employment programs.

Indian government promises Rs. 1.7 lakh crores in relief for the nation’s people to overcome the pandemic condition.

In 1.7 lakh crores, the government will provide food and cash to most of the 1.3 billion populations.

1) “The government is working so that those affected directly, particularly the poor, the migrant workers, the women, and the disadvantaged of society will have been reached out to with tangible help and assistance,” Finance Minister Nirmala Sitharaman said in a press.

2) Under the proposal, the finance minister says 800 million people would receive 5kg of wheat, rice for free for the next three months and one kg of pulses per person of their regional preference will be given.  She said further, “We do not want anyone to be hungry.” Free cooking gas will be provided to the poor for three months.

3) The finance minister hailed what she called “front line warriors,” the doctors, medical sanitary workers, nurses, and paramedics who are fighting the corona virus at great risk to themselves.

These healthcare workers were promised three months’ worth of payments for medical insurance of up to a total of 5 million rupees.

So, you definitely will be going to need a loan to get back to your business. Apply for business loan online with the help of Rokdabazaar.

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