The recent virus outbreak covid-19 shows that infectious disease spreads easily among people and could threaten nation’s economic stability.
- Previous infections such as influenza, H1N1 and swine flu had caused similar economic impacts worldwide.
- The coronavirus pandemic has highlighted the capitalist dysfunction which is considered to be partly based on the priority give to PROFIT rather than PEOPLE’S NEED.
- Pharmaceutical companies would have started developing the vaccine for coronavirus a long time ago if the society had not been capitalist.
Due to the fear raised by the rapid spread of covid-19 virus, the lockdown was implemented suddenly. Even the manufacturing of essential goods business sectors has slowed down their process. The supply chain of products has been disrupted, the national and international business is facing loss till date. The cash flow in the market is poor, slowing down the revenue growth in the economy. Millions of workers have lost their jobs as industries have shutdown.
I want to share about one incident happened during the lockdown. One of my relative uncle planned to open a boutique in the month of January, 2020. He invested around 7 lakhs and his plan was quite successful as he expected. In the month of May, he was infected by covid-19 and was admitted in the hospital. He was doing good though he had no improvement in breathing issues and suddenly one day we got a call saying that your uncle is in a severe condition. It was in the mid of may. Even after being hospitalized, the virus that got into him played to the hilt. We ran to the hospital and he was in the ICU and luckily he was able to overcome the situation after two to three days. The important thing is that the hospital bill given with a report addressed that the whole amount to be paid is 8,00,000(AROUND 8 LAKH). My father told me this and I was like why do they ask so much money? I was so shocked.
Think about my uncle’s family. They were clueless as what to do next. Then, they sold their boutique and borrowed some MORE money to pay back the bill. After this, his family’s situation was not the same that I saw when I met them, a few months before. They suffered a lot to get back to their normal life(LIFE WITHOUT DEBTS). My uncle lost his interest in having his own boutique as there is no more way to spend that much money again. But, anyway, that boutique is one thing that saved his life. That’s a bitter truth.
Like my uncle’s business many business firms were closed around the world. Some well known sectors examples are
- TOURISM INDUSTRY is one that has been crippled by the covid-19 virus. With flights, trains and bus services coming to a grinding halt. It will take a lot of time to revive these sectors.
- Even NON-PROFITS and NON GOVERNMENT organizations which rely heavily on funding from donors for their operations will find it difficult to survive.
- The lockdown witnessed a steep decline in the Income and Purchasing power of individuals. It will be tough for non profit organizations with shoestring budgets to flourish.
I feel that those who were in the bottom most rung of every business industry have suffered the most. They earn less, their savings are limited and their jobs are purely linked to demand. Hope this situation change and let the change lead the way for better tomorrow.
This blog is authored by Padmavathy- Enviro Club