Second Wave in India, A Threat to Global Economy

India is observing the second and most deadly wave of Covid-19, which is not only a threat to Indian Economy but also to the World Economy. India is struck between the surging cases and absolutely high death tolls, where other countries were surviving the fit of second wave, India was trying to revive its Economy. Though amidst this we neglected the health, which is deteriorating the Economy grievously.
The Economy was not even able to revive that another wave of lockdown and closure started. And this is nothing, but the result of sheer negligence of health protocol and safety measures for public at-large. The grand rallies and political issues lead to a very uncertain and dwindling economy, yet again.
India is the fifth largest Economy in the world and contributes a major share in the world economic growth. India’s growth rate downgraded to 10% in 2020, where as World’s growth rate saw a downfall of 4%. It was expected to rebound all of these down fall in 2021,but with the increasing cases ad crisis in India, it’s not expected for both world and India to come out of this year with the victory.
Isolation being another source for downfall in the world economy, as the borders are getting shut for India. But, looking at the size and major role India play in import/export, it is practically impossible for the complete closure. Preventing the new variant virus from entering the border of different countries, it is very important to impose travel restriction and strict quarantines. Now, this is the bad news for all the airlines, airports and business related to this.
India in this crisis, was producing the major 70% portion of the Vaccines, looking at the present scenario, it’s sure that either these orders have been called off or postponed. Also, India is presently very high on the scale of pharmacy products, as it’s on the 3rd position in World. Which gives a major setback to the world. And leaves just another dent on Indian Economy.
If for instance precautions are taken and people become cautious, maybe, major defect to the Economy decrease. Otherwise, another notable decrease in GDP will be seen.

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