The Corona Crisis poses a threat to 100 million jobs within the country. This has been revealed in the official report. Along with this, it has also been said to focus more on the industry than on agriculture to deal with the economic crisis that followed the Covid-19 Pandemic. This report was placed before the Standing Committee of the Rajya Sabha by the government after the two-day review meeting that ended on Tuesday.
Amid the Covid pandemic, there is a deep economic crisis in the country and reports are speculating of a steep fall in country’s GDP. However, this is for the first time that any government report has accepted a historical job crisisin the country. It also assumes that there is a general perception that GDP growth may fall by five to ten percent this year. The report has also expressed apprehension that China has accumulated large inventories and is willing to subsidize exports. This can cause great harm to India.
A detailed presentation was made on all these things by the Ministry of Industry in front of the Standing Committee on Economy and Commerce on ways to overcome the economic slowdown post pandemic. According to sources, the report of the Standing Committee told about the progress of the country’s economic situation from the year 1600 till now and how India’s share of the world GDP was 24 percent in 1600.
According to sources, in the meeting of the Standing Committee of the Rajya Sabha, the Rajya Sabha MP of the Aam Aadmi Party (AAP) said on the crisis of jobs in the country that the data being shown right now, the ground conditions can be worse than that. He also said that on one hand the China crisis on the lock-down, due to this, many small and medium-scale businesses have been hit on two sides.