And for a Friday into the second quarter of the FY (Financial Year), some thoughts….. some musings…..
First quarter April to June India’s GDP ( Gross Domestic Product ) shrunk by 23.9%, highest amongst major economies, understandably, as the country had gone into the severest lockdown in the World. In April and May, most URBAN Indians were locked indoors to enable the country prepare itself medically, socially and psychologically to face the impending march of the most infectious Pandemic. From projections of possible 10 million Indian deaths (from Indian origin foreign Specialists) with very limited testing capabilities then and virtually nil to inadequate PPE, we did prepare ourselves. India has come a long way into the second quarter – a million Tests a day, net exporter of PPE, Covid Medicines and the lowest CFR (Case Fatality Ratio) % death rates due to COVID-19. But our unfriendly, imperialistic neighbour China, apart from the Ladakh border Army provocations, is doing everything possible to spread disaster stories on the Indian Economy. Objective is to reduce India’s global credit rating to Junk status. The Chinese propaganda machinery is working overtime in Europe and elsewhere to paint India as a failing economy not worth investing in.
Undoubtedly Indians have risen to the challenge. Blessed by a record Agricultural production, UN Food and Agriculture Organisation (FAO) has complimented the country in not only meeting its own food demand, but catering the Global food supply chain during the height of the lockdown. In April – June, India exported Agri products including 14,000 crores worth of Rice and 1200 crores of Onions alone. Into the second quarter, number of other sectors have revived. Automobiles sales are picking up, two wheeler manufacturers are gearing up production and have planned 2 million units in October this year which will be the highest in the last 15 months. Almost all other manufacturing units have commenced production with capacity % ranging from 20 to 85%. Migrant labour is returning. The second quarter is seeing great improvement but challenges galore in hospitality, travel, construction, Tourism etc. etc.
Let’s not underestimate the crisis. This pandemic is an unprecedented catastrophe on a developing nation of 1.3 billion people endeavouring to grow out of poverty. As a Democracy, with some corrupt Babus, politicians and even more corrupt and unscrupulous businessmen, let us, the honest citizens resolve (inspite of the corruption and nepotism) to work together the endearing way, the cooperative way, the SEEGOS way.