The world got crippled as the virus attacked not just economy but it claimed human lives too.
The virus wreaked havoc the US which is considered to be the largest economy in the world. As all nations are fighting this, they should lay a road map for the post-pandemic scenario to be in the race as it is an essential foresight. Once this ends, the countries are going to participate in a sprinted marathon.
Meanwhile in Asia, as we delve into the past, China’s GDP was 2.3% in the eighties and that’s the start of the manufacturing revolution in the country. From then there’s no looking back, it drove to the second-largest economy in the world which led to the increase in demand for wages of myriad workers across the nation. Also, the current virus outbreak made the nations to solely depend on China for many products as demand suddenly got a spike(as China is the largest manufacturer of medical kits and drugs), which is a bitter experience form West’s point of view. So they are looking for backup and cheap manufacturing countries. Henceforth growing countries like India, Mexico, Vietnam might play a pivotal role.
Recently Japan raised $2billion to draw back its firms from China due to SARS hit and the former imposition of more taxes on China by Trump made iPhone shift its manufacturing units to India. Looks countries like India are on positive note post turmoil. Currently, India is doing fabulous at servicing Retail, Banking, and IT sectors. Is India ready to handle the manufacturing units with the current infrastructure? If so is it going to join the top three economic club down the 20-year lane? Only the time will speak on the hindsight. The Government of India needs to calibrate and ponder over the other side of the coin for post pandemic crisis as it is a major thing to work on. If this is not looked into then the country will be hit with another crisis that is economy crisis
By Vineel Nekkanti