How a country like India with 130+ crore population will fight and Come out of the economic crisis caused by CORONAVIRUS lockdown??
India is a land of beliefs and culture. It is a country that welcomes everyone without any prior thought of discrimination. With a huge diversity of cultures, the country holds a huge population of more than 1.3 billion. The nation holds land of 2.4% of the globe and shelters a population of 16% of the total world inhibits. UNFPA (United Nations Fund of Population Activities) claimed that every year the world’s population increases to about 78 crores and one-fifth of its growth is contributed by our nation.
The Wealth of Nations by Adam Smith quotes a line that “The annual labor of every nation is the fund which originally supplies it with all the necessaries and conveniences of life.” But the question arises how much practicality does it holds?
Due to the factor of limited resources in an economy, the economic growth is harmed by the population growth, said Malthus. Economic development is pulled back by over-population.
Economic development hampered by overpopulation- in general
The rural area holds most of the population in a developing country like India and the occupation mainly exercised and preferred is agriculture. The land-man equilibrium is disturbed by population growth. The land available is rigid unlike the population hence this further leads to unemployment, later reducing the per capita productivity. The unfavorable growth of unproductivity reduces the propensity to save and invest. Resulting in no improvement in technology and land. In the end, the consequences be like- insufficient food for feeding the rapidly increasing population.
- PER CAPITA INCOME:
Overpopulation proves to be unfavorable for growth in per capita income as firstly, the land has to go through the pressure of increased population followed by increases prices of the consumption good as there is no increase in supplies because of lack of the co-operant factor. In the end, all this further leads to a decline in the accumulation of capital because expenses raise with a rise in the number of family members.
- NATURAL RESOURCES:
The natural resources tend to be over-consumed with a county’s growing population. The rise in population simultaneously doesn’t give a rise in the country’s natural resources, they stay limited with the limited land available as the population is inversely proportionate to the land available per person. Hence a country like India which is majorly dependent on agriculture has to dig its root into poverty.
The employment opportunities are limited as they don’t increase with the rapid increase in population. India serves a restricted amount of employment opportunities which proves to be insufficient for even the deserving literate section of aspirers. It is not possible to expand jobs with no presence of complementary resources.
Hence the liability of the country increases with the rise of population than the favorable increase in assets of the country. If the general situation of the country was this backward then the worry begins when this huge population is at a proper hold in the wake of coronavirus pandemic. The sufferings were already not less by the unprivileged section of the country and now when the entire country is already going through an economic crisis where every business sector has been compelled to pull its shutter down, coping up would be a really difficult task.
Hard to handle an economic crisis with overpopulation- coronavirus
The era of coronavirus has subsequently changed a lot in people’s life. People never bothered about the worst conditions migrant laborers were going through. The lockdown threw a limelight on the struggle and fear they possess of indefinite jobs and livelihood. The clear vision was opted by the citizens when thousands and thousands of migrant workers came on to the street demanding their survival. The pandemic showed a clear picture of the country’s huge poverty possession. Every sector of the economy has faced a shaken ground in this while.
- PRIMARY SECTOR:
This sector generally includes agricultural activities. The corona-era demands for social distancing. And as mentioned earlier India cannot serve sufficient land to its population, hence most of the people engaged in this sector are landless farmers who work on others’ land. But now they cannot continue doing so because of the restrictions created by the situation which forced the government to take such steps. This would leave them jobless and push them to the dark end.
- SECONDARY SECTOR:
This sector is responsible for the manufacturing of raw goods produced by the primary sector into finished goods. The pandemic holds the capability of disrupting the demand behavior as well as the supply and performance ability of the companies under this section. This might result in a heavy economic loss, leaving the companies in despair of job deduction. Hence the increase in unemployment will increase and the already huge no. of unemployment will get to the next level.
- TERTIARY SECTOR:
This sector is also known as the service-providing sector, which has enjoyed urbanization to the fullest. Most of the aspirers to work in this industry will be going through a lot low because of this pandemic. Major employment is provided by this sector and the sector includes hospitality industries which are the worst hit at this time. And the huge population aspiring to work or already working will be pushed on a steep edge.
We all are aware of the rising inflation in the nation’s market and when it comes to climbing the crisis with a population of more than 130 crores, it seems difficult.
The world was not prepared for this sudden spread of the deadly virus. The economic crisis which came along displeased the entire nation. The country where usually a set of the population sleeps hungry will now face an even depressing turn where the poor has gone poorer and the unemployment will touch the seventh sky. With reduced resources and increased stomachs, the future scenario does look horrifying.