India is on the verge of economic ruin

India is facing an unprecedented prospect economic disaster that arose as a result of the COVID-19 pandemic, writes the business publication Quartz.

This time the damage is much more serious than the fact that the global financial crisis of 2008 once caused the Indian financial sector, but did not stop production. At that time, the economy of the South Asian state was much better suited to overcome the crisis, since in previous years it had grown rapidly.

Although quarantine, the article notes, may have been necessary to limit the spread of coronavirus, it will not completely solve the problem. The blockade only gives the government some respite for the production and distribution of more kits for testing, increasing the supply of ventilators and safety equipment for medical workers. Without these measures, quarantine alone will only delay the problem.

Meanwhile, the general population will feel the impact of the crisis, and many citizens will immediately lose their livelihoods. In the absence of government intervention, poverty growth will accelerate. Many small entrepreneurs go broke.

Against this background, the response of the Modi government looks harsh and inadequate. Restrictions on mobility and economic activity should be introduced, but adjusted for the living and working conditions of most Indians, as well as taking into account the economic damage that will eventually be done

- notes Quartz.
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  1. Offline (Alexander) April 3 2020 09: 39
    India cannot be on the brink of ruin - there is nothing to ruin. It has been a beggar all its life - if in Russia GDP per capita PPP is 28 and at a nominal value of 797, then in India it is 11 and 289, respectively. Even in Ukraine - 5 777 and 1626 9!
    Che write something nonsense !?
    1. Sergey Tokarev Offline Sergey Tokarev
      Sergey Tokarev (Sergey Tokarev) April 3 2020 10: 20
      India may stop supplying drugs to the United States. The USA does not produce its antibiotics.
      1. Offline (Alexander) April 3 2020 10: 25
        I would not categorically write that the United States does not produce drugs ... And in Russia, Indian drugs are FULL! Like China, the precursor specialist. Violation of trade due to isolation will affect everyone. It is difficult to predict what exactly will be in short supply.
  2. Zolotse Offline Zolotse
    Zolotse (Irina) April 3 2020 10: 10
    In recent years, Indians have also begun to get hooked on loans very actively, the population's debt load has grown to the delight of bankers. A consumer boom, like ours in the late 90s and early 2000s, cheerfully fanned appetites. And the locals, people who were not scared, still did not understand the danger of loans. They have already gone bankrupt before the coronavirus. And now it's scary to imagine. Although we, in Russia, have not gone far. What will happen here after the "vacation" and the depreciation of the ruble is scary to imagine. Better to write about India ...
    1. Sergey Tokarev Offline Sergey Tokarev
      Sergey Tokarev (Sergey Tokarev) April 3 2020 10: 22
      No loans now except chimpanzees in Africa. In Pakistan it will be many times worse than in India.