Holistic Approach towards Society during COVID-19 Pandemic

Abstract

COVID-19 brought social and economic life to a standstill. In this paper, the focus is on the covid impact on some sectors, such as aviation, tourism, retail, capital markets, MSMEs, oil and environment. National and international mobility was restricted, and the income generated by travel and tourism, which contributes 9.2% of the GDP, will take a major toll on the GDP growth rate. Aviation income decreased by USD 1.56 billion. Oil had plummeted to an 18-year low of $ 22 per barrel in March 2020 and Foreign Portfolio Investors (FPIs) withdrawn large amounts from India, approx USD 571.4 million. While lower oil prices affected the current account deficit, reverse capital flows. The Indian currency was continuously depreciating. MSMEs underwent a severe cash crunch. The crisis witnessed a horrifying mass exodus of such a floating population of migrants on foot, amidst countrywide lockdown. Their worries primarily were loss of a job, daily ration, and absence of a social security net. India must rethink on her development paradigm and make it more inclusive. COVID 19 had also provided some unique opportunities to India. There was an opportunity to participate in global supply chains, multinationals were losing trust in China.

 The covid pandemic has originated a global reduction in economic activity and although this is the major reason for concern, the slopping down of human activity appears to have a positive impact on the environment. Commercial and effluents have reduced, and measurable data supports the clearing of pollutants in the atmosphere, soil and water.