COVID-19 outbreak  big blow to economy, recession has begun  

 COVID-19 outbreak  big blow to economy, recession has begun  


Afaq Bhat

Srinagar, Apr 6: The decision of the Union Cabinet to slash the salaries of Central Ministers and Members of Parliament by 30 percent for the coming year seems to be an indication that country’s leadership has foreseen the expected downturn in economy due to the outbreak of COVID-19.
An analyst while talking to Precious Kashmir said, “The COVID-19 has broken the back of the economies across the world. This deadly virus has brought down the all the countries on their knees. The recession has begun and it will take a long time for the world to come out of it.”
He said, “The top leaders opting for salary cut is an indication that the salaries of the government employees may also be slashed in coming days. Four states, Maharashtra, Rajasthan, Telangana and Odisha have already announced the salary cut for their employees. If the lockdown continues there is every possibility about other States and Union Territories following the suit.”
An observer said, “It looks like that we are heading towards financial emergency. It seems that private sector will be the worst hit if the Coronavirus spreads. We are heading towards a full blown economic crisis.”
He said, “The COVID-19 besides claiming precious human lives has brought all the activities on the planet earth to a grinding halt. At present situation looks gloomy. Containing this virus is turning out to be a Herculean task.”
“The prevailing uncertainty has made one thing clear that no power is superpower except the Almighty. Entire human race is looking towards each other and is trying to find a solution. Except staying at home there seems to be no way out, entire human race has been confined within the four walls,” the observer added.
Another analyst said, “The coming days are going to be tough. We have to remain prepared for salary cuts and job losses. Even if the human beings are able to contain this virus they will find it very difficult to put their economy back on the track. The time to spend lavishly seems to have ended.”
He said, “The life after COVID-19 is going to be completely different. Experts have predicted that India will witness the COVID-19 peak by the end of this month and in the first week of May. Everyone is keeping fingers crossed. All are hoping that somehow we succeed in containing the COVID-19 spread. Time only will tell how this deadly virus will behave in coming days. More than anything saving lives at this point of time is a priority.”