As we are all aware, the effects of the global coronavirus (COVID-19) pandemic, also known as the Chinese virus or the Wuhan virus, are deadly and unpleasant. We are currently going through a really terrible moment as a nation, and even though we weren't prepared for it or had time to prepare for anything, we are still battling.
Anyway, let's now discuss some benefits
We must accept that this is a worldwide crisis and that we are constantly receiving bad news, whether it comes from TV news, print media, or digital outlets. Let's refrain from discussing what will go wrong or be the worst now that our media and several experts have already said it. Let's now investigate what beneficial effects are on the horizon and what we can do to help as responsible citizens or as a partner in a nation's development.
Opportunities for India: Every circumstance has positives and negatives. Let me also focus on the advantages since we all are aware of the disadvantages. As I've already stated, this is a global crisis tied to both macroeconomic and international political factors, as will be discussed later.
1. The globe now appears to be unified against China and its dominating power after the pandemic spread, which might lead to the start of a trade war as soon as the crisis is over. 2. Some nations are openly protesting against China, such as "President Trump has already referred to it as a Chinese virus and Wuhan virus openly," Italy is requesting compensation for war damage, the G-7 nations, and some are filing lawsuits against Beijing in various courts, the ICJ, etc. and demanding a significant settlement. President Trump dubbed WHO a "China Centric Organization," accused it of being responsible for the killing, and halted financing.
3. The Western nations and their allies are looking into this as a Chinese conspiracy on a global scale, which could result in a boycott of Chinese goods shortly and present the biggest market opportunity for Indian goods globally. 4. Up to this point, the USA and EU have been the most negatively impacted, and as a result, they plan to relocate from China to South Asian countries like India, Vietnam, Bangladesh, and Thailand. This might open up new opportunities for the region as a global hub for investment and manufacturing. Many other nations, including Australia and other South American nations, will likely follow suit as the crisis develops.
5. Japan is the first nation to advise its companies operating in China to move their production bases to the country's southeast or to nearby nations, and it announced a US$2.2 billion financial restructuring package to do so. 6. Samsung and Sony are ceasing production of smartphones in China, which will immediately present a business opportunity for India.
7. Other key firms, like Apple, Google, and Microsoft, are eager to move manufacturing out of China and are likely to re-establish a production and marketing base within the largest market, such as India and the South Asian continent. In addition to addressing these global issues, the Indian government has also taken steps to assist the economy, including allocating 1.7 lakh crore ($23 billion) to the unorganized sector, particularly for daily wage workers, farmers, labourers, and low-income households. The RBI has already imposed a three-month moratorium on EMI payments, and the government will soon announce a separate package specifically for the SME sector.
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