The idiom to blow each step is old, but the real time has come to use it. The country and the world have not seen such a big crisis in our memory. So far it is being compared only to the second world war. But even a slight omission, it may prove to be a bigger tragedy than that. Even more worrying is that this fear is engulfing the entire economy and its prospects. The country’s well-known venture capitalist and trend reader Haresh Chawla made an in-depth assessment of its dangers, and came to the conclusion that if the corona virus could not be decisively controlled in the next two-three weeks, we would be financially At the front there will be a very big movement going on.
This will be the most serious, most dangerous economic crisis of independent India. This problem will then take a macabre form, which is considered as a black swan in the financial market. One that has never been seen, heard or thought. According to him, the biggest problem is that no one knows what to do to deal with such a crisis. On the economic front, what we are calling as panic or disarray, it will not be less than any earthquake. There is going to be a terrible decline in consumption around the world, and the effect it will have will badly damage the entire economy.
In such a situation, we will feel that as much as necessary, spend as much and keep the rest, provided that there is a condition of saving and the job remains. However, the Prime Minister has also urged high earners and businessmen to take care of those working for themselves, not to cut their salaries. But the crisis here is something else. The solution is not so easy. Reduction in expenditure is going to have a direct meaning, very difficult for many businessmen. Haresh Chawla says that the rate of growth in our economy for the last ten years has been largely due to about five crore families. These are the families, whose future was looking golden and who were not behind in spending all their debts and taking loans to fulfill their hobbies. The problem now is that a large number of Indians earning in this entire period were saving less and spending more. Was encouraged, That is why it was going on. The fear of Corona has now turned into apprehension.
The biggest impact of this will be on the countless small traders who were giving real help to these spending people. Who are these people? These are the people who had no other work, who had nothing to lose, so they started some work by applying a small amount of money that they had. Most are in the service industry. And each such person also employs more than one person. Millions of people are at work. They are not visible, they are not accounted, but they used to earn and also spend. They have also suffered many setbacks in the last two-three years. Demonetisation, GST, NBFC scam due to shortage of money, business slowdown with fear of recession. And now they face an even more terrible threat.
Recently, a viewer of YouTube, Shafiq Ansari asked- ‘About 18 percent of the people of our country struggle daily for two days’ bread. What will happen if these people do not leave the house? If they escape from Corona, starvation will kill them. ‘ The second question was posed by Manish Kumar, who is working with the food delivery app – ‘Right now there is no work, so what to do? No one is coming forward to answer this. These are just two samples. It may be that you are feeling big in panic right now, but the crisis of Corona is not postponed, then such questions are going to be raised all around you. Whose work will not work, where will they give salary to others? In countries like America, Canada and New Zealand, the government also has money and the population is less, so the government there is preparing to put money directly into the pocket of the people. This path is also being suggested in India, But where will the money come from? C Rangarajan, a former governor of the Reserve Bank and associated with the Economic Advisory Council, says the Indian government cannot give money to everyone. Impossible. The government has also set up a task force to explain how to deal with it and how to provide relief to whom.
Keep all this aside, so you also have to decide what to do with your money at this time? Keep in the bank, buy gold or if the market has fallen, buy the stock. Greed is also coming and the market is showing a bounce in between. But here it is to step bluntly. Popular financial planner Gaurav Mashruwala’s advice is to remember Cash is King or the biggest Rupaiya and keep cash with you according to your necessary expenses. This is useful in bad times. The second advice is by Radhika Gupta, the CEO of the company that runs Edelweiss Mutual Fund. They also say that you should have cash, cash or a place where you can get out immediately, this is most important. If left after that, then think of investing further.
This is not the time to unnecessarily show courage. Thinking the market is down, don’t put all your savings together. Those who can invest money for a very long time, they should also invest only at the difference of week to ten days. Remember, when the economy is in crisis, then people who invest money in the market make a lot of profit in the long run. But caution is always necessary.