Crises are never new to our world. For many centuries, we have been facing different crises arising due to natural (like diseases, drought, flood, tsunami etc.) or man-made calamities (like war, wrong economic decisions etc.). Though there are different causes of crises, the outcome would be a huge loss to the economy and to an individual.We have come across epidemics like Plague, Malaria, Small Pox, H1N1, Ebola, Nippa etc., for which we paid thousands of lives as price.
We are facing such a situation again in which the magnitude is so large. Aren’t we prepared yet to face such pandemics? Have we underestimated the pandemic? To answer these questions we have to understand that not only the medical field is developing but also the diseases are growing stronger thereby challenging the technological development made by the human community.
All developed and developing countries are equally hit by the pandemic which proves the earlier statement. Irrespective of economic conditions, all countries are facing and would be facing severe financial problems after the pandemic. The whole industrial sector has stagnated across borders which has reduced the productivity and increased the unemployment.
This would be even more critical when considering developing countries. For instance, we can take the example of India where the evidence of decreasing GDP and increasing unemployment was seen even before the pandemic. Now COVID-19 has increased the chance of worsening the situation further.
There is a probability that India would go into recession because the export and import are already hit and productivity has come down. This might lead to a fall in investment in future thereby reducing the aggregate output of the country leading to further reduction of employment. This reduction in employment would reflect in the income of individuals and would further reduce the investment. This will go as a cycle thereby leading to depression.According to Asian Development Bank (ADB), the COVID-19 outbreak could cost the Indian economy between $387 million and $29.9 billion in personal consumption losses.
But is this the only concern we should look into? Or is there anything positive that had happened due to this pandemic?To answer these questions, we have to come out of mainstream ideology.
Due to the lockdown throughout the world, the industrial belts have stopped working, the use of petrol and diesel, the carbon content in the air has come down and so on. Even the air, water and noise pollution has reduced because of this lockdown.
How is COVID-19 is good to Environment?
Many governments took steps to save the natural resources by spending some thousands and millions in reviving and safeguarding their natural resources. This lockdown has proved that nature has the capacity to revive itself without human interventions.
For instance, the NDA government in India invested crores of money in the scheme ‘Namami Ganga’ which was introduced on 10th July, 2014 with an aim of cleaning The Ganges river. Its been more than 5 years and still no improvement was found in the process of cleaning.
Within a span of 3 months, the river started reviving itself and now the quality of water has increased such that it can be used as a portable drinking water. It is necessary to use the available resources optimally. But depleting or deteriorating the resources completely would definitely lead to negative results.
There should always be an environment-friendly factor in every policy measure taken by the governments which would ensure zero or less interventions of humans to environment. This would help in reducing the cost of reviving the environment and provide more funds to boost the economic growth in the country.