IMPACT OF COVID-19 ON SMALL BUSINESS IN INDIAN ECONOMY
Impact of Covid-19, the virus which has shattered each and every individual on a wide level whether it be economical, financial or mental. The virus which lead not only to an epidemic starting from China but traveling to many parts of the country leading to pandemic. From the last 3 decades the worldwide medical structure have grown so well but still till today we haven’t found the solution or the end of this corona virus. Every medical practitioner is trying to find out the solution of this virus and cure it.
In a country like India which is having a population of around 139 Crore, where a large portion of people lives in slum areas, do not have good sanitization facilities , don’t have a proper source of income have to life with such unpredictable conditions.
For decreasing the speed of infection arising from corona virus there were some huge steps taken by the government of India in the form of applying Lockdown in the whole country for more than 2 months and then introducing some really good schemes’ from the general public of India.
The lockdown in the country has mainly affected small business industry of the country. Small business can be defined in India as the business which need low capital investment and less workforce. They are mostly related with the general necessities of the peoples like groceries stores, trades people, medical stores and small manufacturing units etc.
Table of Contents
Impact of Covid-19 on the small business and industrial sector
COVID-19 has made a positive as well as negative impact on the small business man of the country, there are various factors while deals in this regard, both the views are elaborated as under:
First let us discuss on the positive aspect, the government schemes launched by the government of India has played a vital role in meeting with some positively in this negative environment filled with the covid-19 virus. Some Schemes introduced are as follows:
- Atmnirbhar Bharat Yogna
- New Education Policy 2020
- Labour Codes
- One Nation One Ration Card
Moreover, the main positive thing which happened with the small business section of India was the stoppage of import from CHINA. This lead the small business to grow and immerge in a different way because our country was dependent on many things being imported from China.
During the period of lockdown when there was insufficient supply of medical amenities such as the PPE Kits, masks, sanitizers etc, Small business industries came forward and lead the command and supplying such amenities in such crucial time. This increases the scope of the small business industries.
Impact on growth of the Indian economy
Secondly let us discuss the negative aspects of impact occurred on the small business. Though the government of India has made many tries but still the economy has faced some problems. The GDP of the country fall down to a hue level which in turn effect the growth of the Indian economy.
In the small business industrial sector besides general amenities the demand for other things went down. As the public was not in a position to demand other things other than general essentials. Because most of the people lost their jobs during the pandemic.
Above all, though the many schemes were launched by the government of India during the time of Covid-19 but they are either not implemented yet or if they are implemented it will take a lot of time to impact the people or will benefit them.
CONCLUSION
Covid-19 has not only affected the small business but also each and every section of the society, not only in a particular country but globally. This is the time of utmost care and attention. So that we are not infected by the corona virus prevailing in the country. Because most powerful countries cannot even denied the complication faced by them during the corona virus waves. India is facing the 2nd wave these days and hearing about how immense and devastating the 3rd wave can be.
So to avoid the bad conditions one should follow the Covid protocols laid down by the government. Avoid public gatherings, Get out of the house only if urgently needed. Everything will be sorted as the time passes but this the hard time which our country, try to help those who are in need. Many are doing try it once from your hand. And always remember:
“दो गज की दूरी और मास्क है जरूरी”
Impact of COVID-19 on the Goods and Services Tax (GST)
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