Due to the coronavirus crisis, with 1.3 billion people in lockdown, the Indian economy is grappling with a recession. India is apparently facing the greatest emergency since Independence. How can we step up again? What should be done to restart the ascent of our economy graph? This AVCOE blog sheds light on the possible measures that could be taken by us to accelerate our economy once again.
The pandemic has resulted in an unimaginable loss to human lives as well as the global economy. Back home, our economy is shattered and is expectedly losing over Rs. 32,0000 crores every day during the lockdown.
Our revival is a mountainous task and may take many years to reboot. Here are some commendable steps that we can take to reboot our economy post-COVID-19:
1) Pay the right amount of taxes from time-to-time
The payment of tax is beneficial on multiple levels including the development of the nation, infrastructure, upliftment of society, and even for welfare activities for the nation. Post- COVID-19, every citizen should make it a point to pay taxes from time-to-time for the betterment of our nation and to revive our economy again.
2) Install solar panels or use less electricity
Extensive use of fossil fuel energy sources may create an abundance of jobs in the short term, but it’s a contribution to global warming creates an existential threat to our economy and population’s well being in the decades to come. Post- COVID-19 era, we should consider installing solar panels and consume less electricity for the betterment of our nation.
3) Consider walking/cycling whenever you can
66% of our imports are for oil. We can consider reducing the imports of oil by cycling or walking to your destination. Lesser imports reduce the Current Account Deficit (CAD) which improves India’s credit ratings. Better credit ratings help boost FDIs from other countries.
4) Create job opportunities
64% of India’s population will be in the working-age by 2021. Offer job opportunities if you can to reduce the unemployment percentage in India.
5) Go Swadeshi
Consider purchasing Indian made products and investing in Indian brands to encourage their growth in the Indian market and lead to our economy’s growth.
Regardless of the above measures to boost the economy, our first priority is to find a way to defeat the coronavirus and emerge victorious as a nation together.
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