Before we know about the economic scenario of our country now and after the lockdown period, we should have some knowledge about Economics. So, first of all, here I want to explain about it, in a very simple language so that even a general person can understand it.
The study of the economic condition of the people is related to the study of their needs and the measures taken to fulfil these needs, having limited resources. Further, the economic condition of the people of the country depends upon the income of the people and the government. In this way, I think the income of a people depends upon how and the ways he or she, help in fulfilling the needs of the people and the country.
The needs of the people and the country can be met through various products and services. The economy of a country depends upon, the process of all kind of products and services and their distribution and the way to control over them. But nowadays exports imports also play a vital role in the economy of a country.
Difference financial agencies measure the economic strength of a country, in terms of GDP. GDP of a country defined in term of money. It is the sum of the value of products and services of all people, business, and government, within a particular period. Generally it is of a financial year. It also can be defined as the sum total of all the expenditure of all the consumer, government, investment by all business. and net export of the country of a financial year. GDP growth can be measure by % change from its previous year's GDP.
Some of the rating agencies predict the growth of our GDP as follows. it is very low to their previous prediction.
Agencies GDP Of India GDP of India
2019-20 2020-21
Moody 2.5%
Fitch 1.8%
As we know during the lockdown period, no government has dared to closed food, Agriculture medicines, sanitizer related business and their products as these are the basic need of peoples. From this it is proved business-related basic needs never zero rather it can grow fast after the lockdown period.
The existing of coronavirus also affect the businesses. If the virus exists for a long time then the country's economy will be very dough and uncertainty. But nowadays the science and technology is so advance that we should assume the vaccine will be invented within 6 to 8 month. Then as the expert predicts the growth of our economy will be either shown in"V" shape or "U" shape graph.
In this condition, the future of the business related to food, medicines, and medical equipment, sanitizations and agriculture will be recovered very fast. As an effect of covid19 conscious people does not want to go market very often for their daily needs as a result the online B to B and B to C business takeup soon.
The income of people will certainly decrease due to lack of employment which leads to a decrease in their living standard. As a result, business related to the product and services related to entertainment, luxury need some less or more time to recover. I think YouTuber and Television channel will have to face difficulties in finding sponsored and advertiser. If found, then their revenue derived from them will be very low. Still they exist, because the price for the customer of these two platforms is very low.
In this present economic scenario, as we know the crude oil price decrease nearly zero dollars per barrel in the global market. Before the lockdown period, petroleum product has a very high demand but nowadays it unable to provides our basic needs. So the business related to petroleum product has got very low or even zero revenue in some cases.
Even clothes, cosmetics products will also be luxury products for many of the poor. Even middle-class people also not think of travelling for tourism for both, fear of covid19 and lack of money.
But we should think for a better tomorrow. This is time to learn to improve our business.
Further, we should be prepared to fight against all obstacle that may come in our life.
At last, I request you all to subscribe to my blog post so that you will get notification regarding my upcoming knowledge enhancer blog post.
Thank you
The study of the economic condition of the people is related to the study of their needs and the measures taken to fulfil these needs, having limited resources. Further, the economic condition of the people of the country depends upon the income of the people and the government. In this way, I think the income of a people depends upon how and the ways he or she, help in fulfilling the needs of the people and the country.
The needs of the people and the country can be met through various products and services. The economy of a country depends upon, the process of all kind of products and services and their distribution and the way to control over them. But nowadays exports imports also play a vital role in the economy of a country.
Difference financial agencies measure the economic strength of a country, in terms of GDP. GDP of a country defined in term of money. It is the sum of the value of products and services of all people, business, and government, within a particular period. Generally it is of a financial year. It also can be defined as the sum total of all the expenditure of all the consumer, government, investment by all business. and net export of the country of a financial year. GDP growth can be measure by % change from its previous year's GDP.
Some of the rating agencies predict the growth of our GDP as follows. it is very low to their previous prediction.
Agencies GDP Of India GDP of India
2019-20 2020-21
Moody 2.5%
Fitch 1.8%
As we know during the lockdown period, no government has dared to closed food, Agriculture medicines, sanitizer related business and their products as these are the basic need of peoples. From this it is proved business-related basic needs never zero rather it can grow fast after the lockdown period.
The existing of coronavirus also affect the businesses. If the virus exists for a long time then the country's economy will be very dough and uncertainty. But nowadays the science and technology is so advance that we should assume the vaccine will be invented within 6 to 8 month. Then as the expert predicts the growth of our economy will be either shown in"V" shape or "U" shape graph.
In this condition, the future of the business related to food, medicines, and medical equipment, sanitizations and agriculture will be recovered very fast. As an effect of covid19 conscious people does not want to go market very often for their daily needs as a result the online B to B and B to C business takeup soon.
The income of people will certainly decrease due to lack of employment which leads to a decrease in their living standard. As a result, business related to the product and services related to entertainment, luxury need some less or more time to recover. I think YouTuber and Television channel will have to face difficulties in finding sponsored and advertiser. If found, then their revenue derived from them will be very low. Still they exist, because the price for the customer of these two platforms is very low.
In this present economic scenario, as we know the crude oil price decrease nearly zero dollars per barrel in the global market. Before the lockdown period, petroleum product has a very high demand but nowadays it unable to provides our basic needs. So the business related to petroleum product has got very low or even zero revenue in some cases.
Even clothes, cosmetics products will also be luxury products for many of the poor. Even middle-class people also not think of travelling for tourism for both, fear of covid19 and lack of money.
But we should think for a better tomorrow. This is time to learn to improve our business.
Further, we should be prepared to fight against all obstacle that may come in our life.
At last, I request you all to subscribe to my blog post so that you will get notification regarding my upcoming knowledge enhancer blog post.
Thank you
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