After a long war with the novel coronavirus, India is pacing numerous strategies to revive the sputtering economy. The government announced a wise process of unlocking the country with steady steps while saving the lives and livelihoods of citizens. The 3-month long quarantine has granted clean air and a transparent environment but vandalized the economy unannounced. The country patiently works India’s steady economy recover.
Unlocking of the country was a severe necessity to uplift the economy due to unemployment, loss of lives, worsening health conditions, travel restrictions, and many more. India’s economy fell at unprecedented rates and the recovery will empower hope and aspirations for people to resume work and look for new opportunities.
Different Types of Economic Recovery
But amidst such a downfall how will the economy overcome the obstacles lying ahead as the pandemic shows no signs of closure. Economy recoveries can be of Z-shaped, U-shaped, V-shaped, L-shaped, J-shaped, swoosh, and inverted square root recoveries. Experts are still studying and working on the economic rebound of India. Let us understand these different economic recoveries.
U Shaped Recovery
The rapid downfall of the Indian economy can see a U shaped recovery according to experts. During a U shaped recovery, the damaged economy continues for a specific or certain period. Post that economy shoots up as work started in full-force and reaches accordingly as before the lockdown.
After a horrific decline in the economy, V-shaped recovery displays a sharp rise in the economic measures and equalizes to the stage before recession or downfall. The most optimistic recovery is bound to be V-shaped.
W Shaped Recovery
The shape of the economic chart manifests sharp rises and declines in the process of recovery. A W resembles to alternate hike and downfall with additional economic issues. The second destruction of the economy is a serious threat but recovers back instantly.
L shaped Recovery
The worst-case scenario witnesses an L shaped recovery. COVID-19 pandemic caused permanent adversities to the developing economy. After the 2008 recession, India took nearly six years to normalize and the same is expected to happen in the wake of the pandemic lockdown. The loss of jobs and moving of workforce to different places has loosened the grip towards its growth.
In an L shaped recovery, the recession continues for a long time and cannot precisely predict the revival of the economy. However, India should get ready for a long-lasting recession in the coming years.
What will India’s recovery look like?
However, India’s economy recover expects to see L or U shaped, post the pandemic darkness. With border tensions with several countries at the same time, India is facing a historic difficult hour. People are working hard to keep their businesses and jobs afloat but the situation has taken a topsy turvy turn.
How will the Aatmanirbhar concept play a role in the recovery?
Well, the concept was warmly welcomed by all industries of the country. The extreme sale of goods from other countries has punctured the living of many middle and lower class citizens. PM Narendra Modi captivated the minds of people to work rigorously for a self-reliant country. Companies, firms, and startups are now exploring their creativity to find Indian resources.
The Aatmanirbhar package of 20 lakh crores qualifies to empower the citizens of the country. The package equalizes 10 percent of the nation’s GDP (Gross Domestic Product) of India. The remarkable decision received applauds countrywide. Furthermore, the package is divided into 15 subdivisions to ensure the growth of all the sectors. FM Nirmala Sitharaman ensured the growth of MSME’s, real estate, taxpayers, middle class, and extend financial aid to other sectors as well.
The dire need to create job opportunities for people from all walks of life is the demand of the post-pandemic situation. Unlocking 1.0 has allowed some businesses to work while others are still at a halt. Our country is co-dependent culture and hence, without the restart of all the sectors, the complete functioning of the country is not possible.
Citizens await future unlock strategies. The country pledges for a better future and overcome the pandemic hit soon with an outstanding recover of India’s economy.
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