Economic Fallout of COVID-19 and State Policy Response for Labour Force Protection

2021 ◽  
pp. 40-52
Author(s):  
Rakesh Kumar
Keyword(s):  
State Policy ◽  
Global Economy ◽  
Small And Medium Enterprises ◽  
Labour Force ◽  
Policy Response ◽  
Industrial Workers ◽  
Economic Activities ◽  
Indian Government ◽  
Indian Economy ◽  
The Government

The outbreak of coronavirus disease (COVID-19) has posed multi-faceted socio-economic threats globally and nationally. India is believed to be among the worst affected countries for imposing longer and extensive lockdown. The Indian economy is projected contract significantly due to nationwide longer lockdown. The closing of all sorts of economic activities created livelihood challenges for industrial workers. This chapter highlights the potential challenges and state policy response for protection of the lives and livelihood of the labour force. Indian government undertakes many measures on the fiscal and monetary part to minimize the health and economic fallout of labour force. Due to robust policy response, Indian economy is projected to report an economic growth rate of 11% in 2021 amid the rebound of global economy and easing of lockdown restrictions. The government has announced a number reforms for agriculture and industrial sectors, especially for micro, small, and medium enterprises (MSMEs) for larger absorption of labour force through increasing the output base.

scholarly journals COVID-19 Pandemic and Micro, Small and Medium Enterprises (MSMEs): Policy Response for Revival

2020 ◽  
Vol 47 (3) ◽  
pp. 213-228
Author(s):  
Minaketan Behera ◽  
Sanghamitra Mishra ◽  
Niharika Mohapatra ◽  
Alok Ranjan Behera
Keyword(s):  
Small And Medium Enterprises ◽  
Economic Activities ◽  
Fiscal Stimulus ◽  
Indian Economy ◽  
Long Run ◽  
Market Linkage ◽  
The Government ◽  
Medium Enterprises ◽  
High Degree ◽  
The Relationship

The outburst of COVID-19 has not only distressed the economic and social activities of Indian economy but also the world economy as a whole. Out of different economic activities, the micro, small and medium Enterprises (MSMEs) affected a lot. This article attempts to measure the contribution of MSMEs towards Indian economy and also attempts to find out the challenges and problems in pre- and during COVID period. We have used different descriptive statistics to measure the impacts of MSMEs and also use of correlation and co-integration to measure the relationship among the variables such as number of MSMEs, investment amount, employment and output. This pandemic is an exceptional shock for MSMEs. It is evident that there is a high degree of significant positive correlation among the variables. Johansen’s co-integration analysis resulted in the rejection of the null hypothesis signifying the existence of long-run co-integrating relationship. Given the extensive COVID-19 chaos, the government needs to establish an ongoing monitoring system and declare urgent relief steps to improve the MSMEs sector’s confidence. E-market linkage for MSMEs should be promoted, and fiscal stimulus should increase for this sector. The Government of India should take various measures to improve Indian MSMEs and achieve the vision of Self-reliant India.

scholarly journals Gst impact on the e-commerce sector: an overview

2017 ◽  
Vol 7 (2) ◽  
pp. 245-249
Author(s):  
VIJAYA KUMAR K ◽  
JABIMOL C. MAITHEEN
Keyword(s):  
Value Added ◽  
Retail Sector ◽  
Tax Rates ◽  
Value Added Tax ◽  
Indian Government ◽  
Tax Base ◽  
Indian Economy ◽  
A Value ◽  
The Government ◽  
Retail Entrepreneurs

The success of the e-commerce sector is largely dependent on the increasingnumber of retail entrepreneurs, who fall in the unorganized retail sector category. Thegovernment has included such players in the ambit of GST with an intention of broadeningthe tax base and has introduced specific provisions for the e-commerce companies. This isone of the major taxation reforms in Indian taxation system.GST is to set to integrate all stateeconomies and increase the overall growth of the country.GST will create unified market andboost the Indian economy. The Goods and Service Tax (GST) is a value added tax to beimplemented in India.. There are 3 kinds of taxes under GST: 1) SGST 2) CGST 3) IGST.The GST tax rates are divided into 5 categories which are 0%, 5%, 12%, 18%, 20%.Implementation of GST is one of the best decision taken by the Indian Government. Thesuccess of the e-commerce sector is largely dependent on the increasing number of retailentrepreneurs, who fall in the unorganized retail sector category. The government hasintroduced such players in the ambit of GST with the intension of broadening the tax baseand has introduced specific provisions for the e-commerce companies. This paper focuses onthe concept of GST and their impact on E-Commerce

scholarly journals Economic impacts of craftsman statue on community based tourism development

2017 ◽  
Vol 1 (3) ◽  
pp. 59-73
Author(s):  
A.A. Gde Putra Pemayun ◽  
A.A. Istri Agung Maheswari
Keyword(s):  
Economic System ◽  
Small And Medium Enterprises ◽  
Tourism Development ◽  
Poverty Line ◽  
Market Failures ◽  
Economic Activities ◽  
Human Needs ◽  
Gary Becker ◽  
The Government ◽  
Medium Enterprises

This study examines the "Economic Impact of Craftsmen Statue on Community Base Tourism Development in Tohpati village Klungkung Bali". The core concept of economic problems is the imbalance between unlimited human needs and the means of satisfying the needs of a limited number. Economics should not be emphasized through the point, but it should be emphasized as an approach to explain human behavior (Gary Becker). The economic system is a means used to regulate all economic activities in society whether done by the government or private in order to achieve prosperity and prosperity together. The Economic system can be divided into three namely: a First capitalist economic system that is all economic activity submitted to the market. Second, the communist economic system is all things governed by the government. The third is a mixed economic system that is a combination of the two economic systems above (capitalist and communist). Indonesia should adopt a mixed economic system because firstly, Indonesia is an emerging country, where market failures often occur due to uneven information or accessibility to transportation and communication facilities. The second is that there are still many Indonesian people are below the poverty line. Thirdly most Indonesians have businesses that are still classified into small and medium enterprises that still can not compete perfectly with a bigger business.

scholarly journals CONVERTING CONVENTIONAL BANKS TO SHARIA BANKS IN ACEH: AN EFFORT TO MAINTAIN A STABLE ECONOMY IN THE COVID-19 OUTBREAK

2021 ◽  
Vol 10 (1) ◽  
pp. 24
Author(s):  
Iskandar Budiman
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Human Life ◽  
Growth Conditions ◽  
Islamic Banking ◽  
Economic Downturn ◽  
Economic Activities ◽  
Sharia Law ◽  
The Government ◽  
Conventional Banks

Based on Aceh Qanun (sharia law) No.11 of 2018 concerning Islamic Financial Institutions, it is required to carry out financial activities based on sharia principles. The decline of the global economy during the Covid-19 outbreak did not dampen the Aceh Government, which declared itself a special province practicing sharia values. Apart from aiming to make a purely Sharia-based region, the conversion of conventional banks to sharia banks is also to stabilize the economy. This study aims to analyze (1) the growth conditions of Islamic banking in Indonesia, (2) the legalization of the Aceh Government Qanun in determining financial institutions operating in Aceh, and (3) the resilience of Islamic banking in facing the global economic downturn during the Covid-19 pandemic. The analysis method used is literature and regulation review. The conclusion that the decentralization system implemented by the Indonesian Government in Islamic banking has not been able to maximize the growth of Islamic banking in Indonesia. Aceh Province, the only province in Indonesia that implements Sharia Law through special autonomy, has its own economic system. The Aceh government issued a Qanun, which obliged economic activities based on sharia principles. Based on Qanun No. 11 of 2018, the operation of Banks in Aceh must be in accord with Sharia. Therefore, entering 2020, the Islamic economy has been running almost perfectly in Aceh by changing conventional banking operations into Islamic banking. Furthermore, Islamic banking in Indonesia can still maintain stable growth when the Indonesian economy slides sharply in the second quarter of 2020 to minus 5.32 percent. This fact proves that increasing the growth of Islamic banking is an important thing to do. The Government should be serious and more consistent in maintaining economic stability and achieving the purposes (maqashid) of Sharia in human life.========================================================================================================ABSTRAK – Konversi Bank Konvensional Menjadi Bank Syariah di Aceh: Upaya Menjaga Stabilitas Perekonomian dalam Wabah Covid-19. Qanun (undang-undang syariat (Islam)) Aceh No 11 Tahun 2018 tentang Lembaga Keuangan Syariah, secara tegas telah mewajibkan lembaga keuangan yang beroperasi di Aceh untuk melaksanakan kegiatannya berdasarkan prinsip syariah. Penurunan ekonomi global di masa pandemi covid-19 tidak menyurutkan langkah Pemerintah Aceh dalam mengimplementasikan kebijakan mensyariahkan seluruh lembaga dan institusi yang berada di Aceh. Walaupun berada di dalam sebuah negara yang tidak menganut paham syariah, Provinsi Aceh telah menyatakan dirinya sebagai sebuah wilayah berkedaulatan syariah Islam. Selain bertujuan untuk menjadikan wilayah yang murni berbasis syariah Islam, konversi bank konvesional menjadi syariah juga bertujuan untuk menstabilkan perekonomian. Penelitian ini bertujuan untuk menganalisis (1) kondisi pertumbuhan perbankan syariah di Indonesia, (2) legalisasi Qanun Pemerintah Aceh dalam menentukan lembaga keuangan yang beroperasi di Aceh, dan (3) ketahanan  perbankan syariah dalam menghadapi penurunan perekonomian global di masa pandemi Covid-19. Studi ini menggunakan metode kajian literatur dan analisis regulasi yang menghasilkan kesimpulan yaitu sistem desentralisasi yang dilakukan Pemerintah Indonesia pada perbankan syariah belum dapat memaksimalkan pertumbuhan perbankan syariah di Indonesia. Provinsi Aceh sebagai satu-satunya provinsi di Indonesia yang menjalankan Syariat Islam melalui otonomi khusus mempunyai sistem perekonomian tersendiri. Pemerintah Aceh mengeluarkan qanun yang mewajibkan seluruh kegiatan perekonomian harus berlandaskan prinsip syariah. Berdasarkan Qanun No. 11 Tahun 2018, setiap perbankan yang beroperasi di Aceh haruslah berbentuk syariah. Oleh sebab itu memasuki tahun 2020, perekonomian Islam hampir sempurna telah berjalan di Aceh salah satunya dengan berubahnya operasional perbankan konvensional menjadi perbankan syariah di Provinsi Aceh. Selanjutnya, Perbankan syariah di Indonesia masih mampu menjaga kestabilan pertumbuhannya di saat perekonomian Indonesia meluncur tajam di kuartal II 2020 hingga minus 5,32 persen. Hal ini membuktikan bahwa meningkatkan pertumbuhan perbankan syariah merupakan hal yang penting dilaksanakan, memerlukan keseriusan dan konsistensi terus menerus dari pemerintah demi menjaga kestabilan ekonomi makro dan akan tercapai maqashid syariah pada semua lini kehidupan.

Implications of COVID–19 Outbreak on the Construction and Property Development Sector in the South-East Nigeria

2021 ◽  
pp. 1-9
Author(s):  
Uche Felix Ikechukwu ◽  
Chinwe Ngozi Odimegwu
Keyword(s):  
Labour Force ◽  
Correlation Method ◽  
Face Mask ◽  
Survey Method ◽  
Eastern Region ◽  
The South ◽  
Economic Activities ◽  
Property Development ◽  
Social Distancing ◽  
The Government

Pandemic like Covid-19 usually affects the productivity of man, let alone when there is a consequent total lock-down effect in the society. Construction and property development sector among others therefore is bound to suffer enormously since it involves the services of variety of labour force. The study therefore explores the implication and consequences of the Covid-19 outbreak on the construction and property development sector in the south eastern region of Nigeria. Data were collected electronically using field survey method of research design from the sampled respondents of building professionals in the area. Tau-b correlation method was adopted in the statistical analyses to determine the most commonly observed Covid-19 measures, most common vulnerable factors leading to spread and contraction of the pandemic in the study. Findings reveal that majority of the establishment in the area shutdown their operations according to the directive of the government; while about the three quarter of these establishments who were in active operations are observed as public owned corporations or projects. It is also discovered that hand washing, wearing of face mask and social distancing were mostly complied with. On the other hand, economic hardship, inflation, and difficulty in accessibility to fund noticeably affect the flow and progress of work projects. Despite the considerable compliance with the preventive measures, there is no significant relationship between conformity to social distancing and shut-down policy, and the volume of construction works in progress during the shut-down in the study area. In conclusion therefore, it is recommended that shut-down of economic activities should not be total but, in part and alternate form among the various sections of the economic activities within the society. Attention to the operations of the private construction and property development projects like in the and the public structure is also recommended for a more holistic arrangement, towards cushioning the effect of similar economic crisis occasioned by any pandemic like Covid-19 in general.

scholarly journals Social Media Marketing: Gateway to Success for Homepreneurs

2020 ◽  
Vol 9 (4S) ◽  
pp. 66-70
Keyword(s):  
Economic Growth ◽  
Social Media ◽  
Small Business ◽  
Small And Medium Enterprises ◽  
Online Marketing ◽  
Indian Government ◽  
Government Data ◽  
The Government ◽  
The Individual ◽  
Medium Enterprises

As stated by the International Labour Organization (ILO), unemployment rate in India was at 3.5% in 2018 and 18.9 million people were jobless. The government of India constantly motivates its citizens to become entrepreneurs and create employment opportunities for others by launching programs like start up India, mudra bank, fund of funds and many others. As per the Indian government data, Micro, Small and Medium Enterprises (MSME) contribute nearly 8 percent of the country's GDP which reflects they play a significant role in the country's GDP. Each year, thousands of determined entrepreneurs start new businesses however only handful of them survives and plenty of small business are gone by the end of four years of their establishment. The major reason behind business failures are lack of experience, insufficient capital and poor location. Entrepreneurship is so dynamic in nature that it gives plausible solution for all potential entrepreneurs out there. One of the solutions for budding entrepreneurs is becoming a homepreneur. Homepreneurs are business entrepreneurs operating from their home. They are managing their business operations from home. It is a splendid opportunity for those who want to start something new without investing huge capital and taking bigger risks. The question arises is how do they attract their target audience without investing larger amount and time to meet them. One of the answers to this question is social media. Social media are interactive websites and applications that are designed to allow people to share content quickly, effectively and real time. Social media channels and online marketplaces have made it simple for homepreneurs to reach new audience, deliver products and receive payments. Platforms like Face book, Instagram, Watsapp, YouTube, Twitter, Google Ad, Mobikwik and various other applications are useful for marketing. Almost every individual is connected on one of above mentioned platforms. Social media has changed the face of marketing and completely taken communication, advertising and online marketing to the next level. The researcher will use phenomenology as the method of research. This research paper will explain the concept of homepreneurs; will put a light on various social media platforms for homepreneurs; will talk about their advantages and highlight its working. It will also share many examples of homepreneurs actively participating on these platforms and achieving success. This will definitely help the group who want to start a small business to understand the framework of homepreneurship and functional for those who want to expand their business operation online. As said by late prime minister Atal Bihari Vajpayee “Empowering the individual means empowering the nation. And empowerment is best served through rapid economic growth with rapid social change”. Entrepreneurship is pivotal for individual empowerment, economic growth and sustainable development.

scholarly journals State ownership and firm performance: A performance evaluation of disinvested public sector enterprises

2021 ◽  
Vol 25 (6) ◽  
pp. 29-39
Author(s):  
I. Chhabra ◽  
S. Gupta ◽  
V. K. Gupta
Keyword(s):  
Public Sector ◽  
Negative Relationship ◽  
State Ownership ◽  
The Other ◽  
Rank Test ◽  
Small Scale ◽  
Economic Activities ◽  
Indian Government ◽  
Administrative Functions ◽  
The Government

The Indian government devised a flexible method to modify the performance of public sector firms through disinvestment in the 1990s to boost commercial strength and bridge the budget deficit. The disinvestment policy intends to reduce the government’s involvement in the country’s economic activities to encourage the private sector. The research aims to empirically examine the financial and operating performance of thirty-two Central public sector enterprises (CPSEs) in India. Further, the paper intends to study the other firm factors that influence the performance parameters. The Wilcoxon signed-rank test and random panel regression model are the methods employed to analyze the data statistically. The results show that the profitability of disinvestment has not brought significantly much improvement post-privatization in PSEs. In contrast, the productivity of employees has improved. Dividend payout ratio and no. of employees have shown improvement after five years of disinvestment, and leverage has insignificantly declined. In addition, state ownership shows a significant negative relationship with the performance variables. It implies that higher the equity shareholding of the government (state ownership) in the CPSEs, would negatively hamper the performance of firms. On the other hand, GDP and firm size are positively affecting the profitability and productivity of employees. The study concludes that the government is required to bring down the equity shareholdings in CPSEs, directing more efforts towards strategic disinvestment. Government should choose strategic disinvestment rather than partial and small-scale disinvestment because neither will offer good results. The decline in leverage shows the availability of cheaper sources of finance. Furthermore, it has been suggested that government interference in operational and administrative functions should be given the least priority.

scholarly journals An Analysis of Economic Issues during First and Second Wave of COVID-19 Pandemic in India: A Literature Survey

2021 ◽  
Author(s):  
Manuranjan Gogoi ◽  
Pranjal Protim Buragohain ◽  
Purabi Gogoi ◽  
Atanu Hazarika
Keyword(s):  
Global Economy ◽  
Literature Survey ◽  
Analytical Models ◽  
Policy Recommendations ◽  
Economic Issues ◽  
Indian Economy ◽  
Research Questions ◽  
The Government ◽  
Second Wave ◽  
Method Approach

Background-The outbreak of COVID-19 pandemic has affected the global economy from its starting. Indian economy is also affected by the pandemic and experienced a lot of economic damages. India has become the global hotspot of COVID-19 during the second wave of the pandemic and recorded the second-highest position in terms of positivity rate after China. The present study attempts to analyze the economic issues that emerged in the first and second waves of the pandemic in India. Method/Approach-There is no econometric tools or analytical models used in the present study. This study attempts to evaluate the two research questions which are formed on the basis of some previous studies by various organizations and researchers. The research questions are as follow, First, what are the sectors those are primarily affected at the time of the first COVID-19 outbreak? Second, which economic issues and impacts emerged in the second wave of the pandemic? Results/ Findings-From the study, it is found that the second wave of COVID-19 is not much affected by the Indian economy. At this time, no nationwide lockdown was announced by the Government. But so, it was much severe in the time of the first wave of COVID-19. Many sectors were affected by the pandemic like agriculture, MSMEs, Tourism, etc., and these resulted in substantial unemployment problems in the economy. The study is trying to analyze these problems and concluding it with a few policy recommendations for the economy of India.

scholarly journals ECONOMIC CRISIS IN INDIA 2020: MEASURES TO V- SHAPED RECOVERY

2020 ◽  
pp. 45-54
Author(s):  
Duragesh Pujari
Keyword(s):  
Economic Crisis ◽  
Economic Activities ◽  
Indian Economy ◽  
Policy Suggestions ◽  
Key Sectors ◽  
Fiscal Balance ◽  
The Government ◽  
To Come ◽  
Sustained Recovery ◽  
The Impact

COVID-19 pandemic has not only infected and killed millions of millions people, but it has also negatively impacted the economy with varying degrees across the globe and in India as the economic activities were completely stopped during the lockdown period. Covid19 pandemic creates economic crisis in India FY2020. The paper attempts to examine the impact of COVID-19 on different key sectors of the Indian economy and offer policy suggestions to push the Indian economy on V-shaped recovery. The study has been found that Negative performance in industrial production, lower performance in PMI, increasing in unemployment, declining in the inflation due to lack of demand, decrease in forex reserves, decrease in private consumption, decrease in exports and increase in imports, increasing fiscal balance these all factors are creates a economic crisis in our country Fy2020. Therefore, the country should boost the all factors which are already hit by lockdown due COVID-19 pandemic. If country properly boosted all factors, leads to better performance in post COVID-19. Country needs to boost the MSMEs and domestic entrepreneurs, industrialist, farmers providing better incentives for increasing economic growth of nation. The government should be concerned about protecting the health of Indian Economy and should spend what is needed. The study conclude that Quick and sustained recovery measure (V-shaped recovery measures) are required to come out from present economic crisis which result of covid19 in India and creation of awareness about COVID-19 pandemic should be continuing. KEY WORDS: Covid19, Growth, PMI, Export and Import, Inflation, Fiscal Balance.

scholarly journals A Contemporary on Indian Government Initiatives and Challenges of Warehouse Industry

2019 ◽  
Vol 8 (2S6) ◽  
pp. 741-744 ◽  
Keyword(s):  
Initial Period ◽  
Point Of View ◽  
Current Status ◽  
Indian Government ◽  
Distribution Management ◽  
Indian Economy ◽  
Global Logistics ◽  
The Government ◽  
Logistics Performance Index ◽  
The Impact

Over the last six decades, Indian Logistics Sector has evolved a tremendous growth towards Indian economy ranges from the distribution management to integrated logistics management to supply chain management to e- logistics. According to the Economic Survey 2018 report stated that the Indian logistics Sector is likely to touch USD 215 billion in 2020. According to Logistics Performance Index 2018, India slipped at 44th position from 35th position in 2016 out of 154 countries. This is due to the implementation of GST on July 1, 2017. Since many sectors in India are unorganized and fragmented sector. The impact of GST has been affected Indian economy during the initial period. But in coming years, there will be a tremendous growth and recently, the Government of India during union budget 2019 is now planned and focuses on 5trillion economy by 2024. Warehouse Sector is an integral part of the logistics sector and Indian Warehouse Market was ranked as fifth largest market in the Global Logistics Market. In this paper, we try to highlight the current scenario of warehouse market sector and also we try to deliver the current status of investment and infrastructure facilities in warehouse market in India. From a practical point of view, this paper points out the major challenges faced in warehouse sector market in India during recent years.

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