Coronavirus has created turbulence and tumult in the entire world. A wave of dismay and uncertainty hovers over the world today. A black cloud has surrounded the world and nobody knows how last will it long.
The world economy is almost on the brink of destruction. People are locked up in their homes, poor are dying due to poverty and hunger, hospitals are full of ill patients, cremation grounds are running out of space, families losing their dear ones, companies and business foresee destruction, school and college goers are clueless as to when their studies can resume, restaurants, cafes, cinema halls and malls are waiting for the old-gold days.
Who can we hold responsible for all this?
Without any doubt, China.
The World Economy will face the worst recession since 1930. The economic downturn will be greater than 2008-2009 global financial crisis.
However China has just not sent troubles and tensions but some opportunities as well. At present Indian government is in communication with 1000 chinese companies who wants to set up their manufacturing base in India. Arvind Panagariya, an economist has said that it is possible that multinational companies will shift their operations from China in the wake of the Covid-19 epidemic, which India should take up and create long-term jobs in the formal sector.
Also, Road Transport and Highway Minister Nitin Gadkari in a video conference with students said that the world is looking at China with hatred in the Corona crisis. India should focus on attracting foreign investment by turning it into an economic opportunity. Gadkari gave the example of Japan and said that we should think the same and we will also pay attention to it. Japan has announced an economic package for its companies which are doing business with China so that they can work with the Japanese government.
Clearance and other facilities will be expedited to boost foreign investment
Gadkari said that clearance and other facilities will be expedited to boost foreign investment. All departments and the RBI, including the Finance Ministry, are formulating policies to win the post-Corona economic battle. This will fullfil Prime Minister Narendra Modi’s dream of making the country a $ 5 trillion economy. Gadkari said that during this time we can also build 100 lakh crore infrastructure.
Gadkari was asked if India can take any action if it is proved that China deliberately hid information related to Corona? To this, the Union Minister replied that this is a sensitive matter related to the Ministry of External Affairs and the Prime Minister, so it would not be right to comment.
Global economy in danger due to China’s attitude: US
US Secretary of State Mike Pompeo said last week that China hid information related to coronavirus posing challenges for the world economy including the US. China’s ruling Communist Party will have to pay for it. Countries around the world, including the US, are under pressure on China.