With India reporting a new high of 2 lakh fresh corona virus positive cases for the first time last week with the last few days continuing to see the country posting higher and higher numbers, healthcare infrastructure in various states seem to be facing a larger problem reportedly from the rapid infection of Covid-19 with new variants.
With the arrival of the second wave of corona virus infections in India, there is a risk for the financial balance of the country due to the imposition of virus management measures that will in turn curb economic activity and could eventually dampen market and consumer sentiment.
India has registered more than one lakh daily covid cases consecutively for the last seven days till Monday, causing the rise of the active Covid cases to cross 1 million. Many states like Maharashtra, Delhi, Chhattisgarh, Punjab and Haryana, have imposed night curfews, partial lockdowns and reduction in working hours to limit spread of the virus.
Observing this sudden surge in covid cases and the imposition of lockdowns in various places, Ramneek Sidhu observes that this can have a greater negative impact on the economy and businesses in the country even bigger than the way it did last time. He says, “Economy was slowly recovering in different aspects, as the country saw the sudden decline in covid patients and went back to their daily lives. With improving demand conditions, investment enhancing measures by the government, most of the businesses were able to rise out of the losses they had faced during the first phase of the pandemic. But the recent jump in infections and its impact on economic activity needs to be watched carefully.”
This second phase has almost come as a shock to most of the businessmen ranging from small to large scale. With the added burden of night curfews, time limits and various other regulations, there is a probability of businesses hitting the ground again, with financial losses. Sidhu adds, “This observation should be taken seriously and active measures should be taken soon to brace themselves against another economic downfall.”
Ramneek Sidhu is a 26 year old digital marketing consultant who started his own company, “The digital kings” in the year 2016 in UAE, as a first step towards his dream of creating a name within the business community on a long term basis. With the Covid-19 second phase around the corner, Sidhu is vigilant about the effect of the economic downfall and has taken adequate measures for financial security.