Estimated cost due to COVID-19 on economy in India 2020
The coronavirus (COVID-19) had been at the center of the loss of lives and livelihood on a massive scale. In India, the economy alongside the population also requires nursing back to health. The estimated cost of a full lockdown was a whopping 26 billion U.S. dollars. Most of the loss was forecast to occur in the June quarter.
Setback on the economy
The lockdown came at a time when the economy was already struggling. Trade across sectors was estimated to be impacted. This directly affected the procurement of essential items including testing equipment. Besides the import and export business, yet another major revenue generator that received a blow was the tourism industry. India’s predominantly unorganized retail market was yet another casualty with the lockdown increasing the pressure on the online retail segment to rise to the occasion. However, companies offering digital payment services such as Paytm and Google Pay appeared to have somewhat benefited from the situation.
Public healthcare in India
While the impact on the economy was one thing, lives were at risk, putting healthcare at the forefront. Access to proper healthcare services was a major concern within India irrespective of the pandemic. As of 2018, public health expenditure was valued at nearly 1.6 trillion Indian rupees. Government health facilities were the more affordable option for a majority of the population. Availability of beds in government hospitals was proportionally higher across urban regions as opposed to rural areas. The government had increased and allocated several government and private testing laboratories to combat the virus.
Setback on the economy
The lockdown came at a time when the economy was already struggling. Trade across sectors was estimated to be impacted. This directly affected the procurement of essential items including testing equipment. Besides the import and export business, yet another major revenue generator that received a blow was the tourism industry. India’s predominantly unorganized retail market was yet another casualty with the lockdown increasing the pressure on the online retail segment to rise to the occasion. However, companies offering digital payment services such as Paytm and Google Pay appeared to have somewhat benefited from the situation.
Public healthcare in India
While the impact on the economy was one thing, lives were at risk, putting healthcare at the forefront. Access to proper healthcare services was a major concern within India irrespective of the pandemic. As of 2018, public health expenditure was valued at nearly 1.6 trillion Indian rupees. Government health facilities were the more affordable option for a majority of the population. Availability of beds in government hospitals was proportionally higher across urban regions as opposed to rural areas. The government had increased and allocated several government and private testing laboratories to combat the virus.
