"An Economic Loss in the Gap Between Monetary Functions and Covid-19"
An information of economic life of society and Preferable tracks to mitigate the impacts of covid-19 among public.
Wider concern among the politicians, officials and people is about coronavirus (covid-19) and its impacts to healthy body towards death and also doctrine as precautions to prevent the diseases that do not be spread around. To destroy the overcome of diseases as a major part of both central and state governments brings out enormous steps such as awareness on the features of covid-19, forecasting importance on isolation and precautions, maintaining lockdown for due days, supplying basic necessities, providing approperiate medical facilities ect. Although, the power of virus is not became zero improvement due to several flaws in stepping up programmes.
Lockdown days creates temporary economic loss which can lead to permanent economic fall down in future. According to 2012 report, in India around more than half 51.4 percent around 206 million people were self employed owning businesses as small, medium and large scales now faces shortfall in investment and profit that differs based on the size of businesses which boosts our economic condition. And also, there are 195 million wage earners meets a great tragedy in economic condition of their every lifestyle including salaried people. According to the action of 144 lockdown, there are three catagorized people ( self employed, salaried and eager earners) troubling to survive every day life due to several reasons such as, the situation is in month's end, absence of permanent saving habits, repayable loans with interest received from banks, local money lenders and other organisations. Especially, it is huge burden for wage earners.
Absence of Monetary Functions
According to the Economist J.M.Keynes demand for money among public has been classified as three major purposes such as, 1. Transactionary, 2. Precautionary and 3. Speculative demand for money. Among the three motives, transactionary demand for money is a regular habits of wage earners and they are not affordable with remaining two motives of demand for. Salaried people are most affordable with transactionary and Precautionary demand for money and very less number of self employed people are entirely affordable with three motives of demand for money. So, the developing economy of a country has three catagorized people for strengthening the economic level. Where there is less contribution of public to economic development, there will be a permanent shortfall in all developing phases. As we know that the wage earners are not too interested with monetary functions due to they prefers liquidity money. For salaried and self employed, due to their temporary future plans they were strictly adopted with monetary functions. Thereby, three weeks continuous lockdown without income, salaried and self employed workers are withdrawn maximum amount to overcome future unexpected expenses. The continuous cash withdrawals shall be affected the monetary functions such as, further deposits, saving habits, money lending, loans etc. And the wage earners are seeking others help to overcome the same. A developing country India should not lose the wealth of a nation (people) by starvation instead of covid-19. Every state in India has announced such financial supports to balance the health of people especially, the state government of Tamilnadu recently announced that Rs. 3,780 crores have been allocated for covid-19 remedying works. Apart from that, some more suggestions given below for the persuasion of both central and state governments.
Availability of Resources
Due to seriousness of covid-19, central and state governments must start up some more advantages for the welfare of people. As of 2018, Across 29 states and 9 union territories, among the 640 districts and 5,924 sub-districts, India has 7,935 towns and 649,481 villages. Indian has more than 479 medical schools with admission of 67,218 students in a year. Medical Council of India (MCI) provided an information that there are total of 10,22,859 MBBS have been registered and there were total of 7.6 lac AYUSH registered graduates by 2017 . As per Indian Nursing Council (INC) records, there are around 30.4 lakh nursing personnel registered in the country as on December 31, 2018. Thereby, according to the statistical report india has a sufficient medical resources to stop the widespread disease covid-19.
Government must take harden steps to enlarge the provision of hospitality for the remedy of covid-19 and also improve the economic level of individuals.
1. As per the availability of human resources, government can develop the hospitality to all over the country.
2. Government must be take action in blocking the entrance of subway to main ways.
3. India has 7,935 towns and 649,481 villages. Each towns and villages must be blocked well and supervised by Government officials including respective officers and teachers etc.
4. Indian has 10,22,859 MBBS and 7.6 lac AYUSH doctors and also 30.4 lakh nurses. Government can utilize teachers with government officials along with all public and private doctors and nurses to serve for the people.
5. According to WHO 1:1000, government should send doctors and nurses for each towns and villages because we have sufficient resources.
6. The sent doctors and nurses along with needed officials and teachers must keep up temporary camp in the village or town.
7. Thus, let the village or town become under the control of government officials for minimum days.
8. Announcement must be given to respective village or town to maintain check up for every healthy movements in the body.
9. The doctors and nurses teachers along with respective officials will be temporary representatives only for the minimum lockdown days.
10. Adequate information must be given about people from abroad to respective doctors and nurses for futher health conditions.
11. Government must seek to reduce the due day of lockdown which makes worse in economic level of public.
12. Government should be empower the economic condition of people by providing affordable financial support to each family.
13. Officials need to find out the people who economically suffers to survive for lockdown days.
14. Government must take care about monetary functions which associate with self employed, salaried people and wage earners.
15. Government must mind about banking sector in three motives of demand for money which helps to determine the efficient function of banks.
16. Apart from that government should be insist people to increase the interest on savings.
17. An announcement of 1.5 crore worthy of economic packages for the remedy of covid-19 recently declared by the Honourable Finance Minister Nirmala Sitharaman is not covered the economic suffers of all over the country. Hence, government must seek to provide benefits to low and middle class people because, action 144 lockdown affects middle class people also due to huge economic burden.
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