Social distancing is the new world order. As of now, it is the only effective intervention against the COVID-19 pandemic. Its more stringent version, lockdown, however, comes with severe side effects like loss of jobs and decelerated economic growth. But the Narendra Modi government has made its approach clear and taken the tough path, as it extended the all-India lockdown from April 14 to May 3.
Even in its initial response, the government had rightly put lives ahead of the economy. The first phase of the lockdown slowed the spread of virus, buying time for the local authorities to ramp up medical infrastructure, set up isolation facilities and ensure supply of medical equipment. It is likely to continue in some hotspot districts even after May 3.
It comes, however, at a debilitating cost to the economy, impacting livelihoods, social security, and jobs. “If it is extended to end May, the additional cost will be 9 per cent of the GDP,” said Arvind Virmani, former chief economic adviser to the government. Economists say the current crisis is far worse than the one in 2008-09. The 2008 slowdown had its origin in one country and it created ripples across the world. But COVID-19 is leaving behind destruction simultaneously across the globe. All economies are in recession, and there might not be a solution in the near term.
Bu hikaye THE WEEK dergisinin April 26, 2020 sayısından alınmıştır.
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Bu hikaye THE WEEK dergisinin April 26, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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