Ayanangsha Maitra
The COVID19 pandemic has ceased the stability of the world. Vehicles are garaged. Tens of thousands aircraft grounded and airlines’ operations suspended and most markets shuttered down. Beaches, restaurants and hotels give deserted look and governments’ offices are being run on minimum strength.
India, one of the fastest burgeoning global economies, is enduring the virus outbreak too. The Indian stock market is also among the worst hit . On March 25, Prime Minister Narendera Modi imposed a nation-wide lock-down that triggered the biggest forced migration in India since 1947 partition yet its economy won’t be on track quickly at all. The daunting challenges before the nation of 1.38 billion are to prevent community spread of the virus, feed the poor and economically week citizens and utilizing her feeble healthcare infrastructure in best possible way.
Modi has opened an emergency relief fund and appealed corporates, compatriots, philanthropists and organizations to contribute. Business barons like Mukesh Ambani and Anand Mahindra have stepped up to lessen his headache. As the pandemic hit India, corporates started making their contributions as the country’s law wants them to spend 2 percent of their net profit on social work.
From the richest business tycoons to first generation entrepreneurs, all are extending their supports in different ways to get through the pandemic. Anand Mahindra of auto bellwether Mahindra Group has offered his facility to producing ventilators apart monetary assistance; Reliance Industries Limited’s Ambani ₹510 crore apart a 100-bed treatment centre and Tata Group ₹1,500 crore for personal protective equipment, respiratory systems, testing kits and other medical purposes. Maruti Suzuki India Ltd, which has auto manufacturing in their gene, is now producing thousands of ventilators and millions of facemasks. E-retail tycoon Vijay Shekhar Sharma owned Paytm has pumped ₹500 crore into relief fund, where e-retail giant Flipkart along its stakeholder Walmart has contributed ₹46 crore. Acclaimed philanthropist Azim Premji led Azim Premji Foundation has set aside ₹1,000 crore, apart his firm Wipro’s ₹125 crore
Indian subsidiaries of the MNCs, including BMW Group, Suzuki, Cannon and video-exchanging social media platform TikTok are helping health workers by providing N-95 masks and protective equipment worth millions of dollars. Apart financial support, automobile bellwether Hyundai Motor India has handed over COVID-19 Advanced imported Diagnostic Testing Kits worth ₹ 4 Crore to Indian Council of Medical Research. Speaking on this, SS Kim, MD & CEO of Hyundai Motor India Ltd. stated, “In line with our Global Vision – ‘Progress for Humanity’, Hyundai is committed to undertake all efforts that will help India overcome this crisis.”
As of April 24, India’s coronavirus cases had crossed 23,500 with 727 deaths. The count is on a constant rise. . The Finance Ministry has allocated $ 23 billion to fight the virus outbreak but it’s not enough. The pandemic is yet another blow to Modi’s dream of doubling the size of the country’s economy to $5 trillion by 2024, albeit International Monetary Fund (IMF) has praised India’s efforts. The virus outbreak will cause millions suffer in poverty due to the economic slowdown. The south Asia’s biggest economy, India will contract to 1.9 per cent in 2020 from 4.2 percent a year ago, according to the International Monetary Fund’s latest projection. The per capita income remains relatively low, and income disparities are widening in the state.
