The Crescendo No.1 for your entrepreneurial & eco News ENTREPRENEUR OF THE MONTH ELON MUSK S FOR SLOWDOWN REASONS BEHIND INDIA'S SLOWDOWN DIP IN BLACK GOLD PRICES CRUDE OIL WAR! HOT TAKE LOCKDOWN A MAJOR FAILURE ? Issue#1 | Vol.1 | april 2020
Inside YOUR GUIDE TO ISSUE NO.01 05 10 11 S for Entrepreneur of Entrepreneurial Slowdown the week times Amid novel Tesla , SpaceX Entrepreneurial Coronavirus founder Elon Musk and start-up news outbreak , economy from around the takes the back seat country and world in India and is headed towards a 13 slowdown which will take years back Business Opportunity 07 for students No to Vast opportunities Yes Bank while sitting at comfort of home in Private lender in business domain deep waters due to for students bad loans RBI interferes to save the money of depositors and help revive the banking sector o3 | The Crescendo
YOUR GUIDE TO ISSUE NO.01 15 17 20 Dip in Oil Hot Take Covid-19 Cost Prices Lockdown in india a This pandemic is Crude oil war major Faliure ? going make a between Russia and permanent dent onto Saudi Arabia is the economy of India affecting the global and countries around oil market and the world various emerging markets 22 Data Science in Business world Data is the new king. So, how to incorporate it in the business world o4 | The Crescendo
S for Slowdown -GAURAV LUHARIWALA The first problem is that Privatization must have a Above The government is simply goal. Privatization of Air The pictorial representation of not able to year after year India is understandable collect the taxes that it slowing economy. says it will collect . They rather believe that the because Air India is a problems are only cyclical not structural. perennial perpetual loss \"We are now facing maker .But why should we a serious structural privatize an oil company, a reason should be given. problem in FISC\" The second problem is the On the other hand, \"This year the government is simply not relationship with private government was able to year after year dis sector is completely 0.7 % of GDP short invest to the extent it damaged. The government wants to, so it is basically leaving a big hole in the seems to be in a controller on tax collection\" revenue side and then the government has to mode rather than being scramble to borrow or cut the expenditure in the instinctive liberal and that’s middle of a slowdown to make up for the short fall. why they have given \"Unless there is put They come up with Privatization as a cure for extraordinary powers to the investment and the problems which of income tax, excise put consumption, course is not. department, customs and each one of them has been this economy 05| The Crescendo issuing notices left and simply won’t right, survive.\"
Growth is a quantitative property whereas development is not and that’s why the government keeps fluttering around development- development narrative & when development becomes quantitative up to an extent, they change the goal post and come to ease of living narrative by distributing bulbs, gas cylinders or by giving subsidies on housing which is only delusional and thus, ease of living is nowhere equal to growth. The Country is still suffering the It does not require a x-ray machine to shortfalls of the monumental blunders know the state of economy, it’s visible that took place in Ache Din 1.0 ,be it to the naked eye. demonetization or be it the hurriedly implementation of flawed GST- of The Government must boost which the design was wrong, the rates consumption through a stimulus were wrong, the structure was wrong, given directly to public and of course, the Procedure was wrong and the such a stimulus should be combined unpreparedness, which have left the with reforms to boost business economy reeling even in the AcheDin morale, confidence and taking the 2.0. private sector along with it. They are living in denial. They simply do The government must simplify and not accept that the state of economy rationalize GST, kickstart rural Electricity is growing at a growth of consumption, revive agriculture and 0.8%, Manufacturing industry is tackle the lack of credit for capital growing at the rate of 0.98%, Mining @ creation. - 0.1%, Refining @ - 1.1%, Natural gas @ -5.3 %, Crude oil @ - 5.9%, What is left Prime minister Modi has a unique out ?!!,every major Industry that keeps electoral mandate to embark on bold an economy a robust economy is either moves to truly transform the near Zero or negative. economy and pull India out of the woods. 06| The Crescendo
NO TO Last month the Reserve Bank such as Phonepe, Flipkart, The finance minister alleges UPA’s of India made a shocking but Swiggy and Redbus role in it. Keeping the politics not so surprising depend on Yes bank as the aside, the truth is that the NPAs of announcement in which it sole partner for UPI the Bank rose drastically in these 5 took control of Yes Bank and transactions.In fact 35% of years from 50,000 crore to a placed moratorium on its the UPI transactions in whopping 2.4 Lakh crore operation and capped entire country happened withdrawals of depositors at through the Yes Bank. PMC IRBI even at later stage found out ₹ 50000/month. This is a has a deposit of 11, 000 that approximately there is 5x terrible news not only for the crore whereas Yes bank has more NPAs that the Bank revealed. depositors but also for the a 2 lakh crore deposit. SBI has taken a tough larger Indian financial sector entrepreneurial call by buying 49% and by implication the In 2004 Global Trust Bank of YES Bank shares, and now it can Indian economy. was similarly failing and the hold right issues, get other people In comparison to PMC Bank RBI got Oriental Bank of to come in. the crisis of Yes Bank is far commerce to step in and bigger as PMC is a take over that bank, now Corporation Bank Whereas after that it is pretty well YES bank is not just only a understood that asking Private bank but also the forcing perhaps/ fourth largest private bank of amalgamation feeling India. A lot of Companies private sector bank means depend on the huge private really pushing the losses to banks, in this case at least 20 the taxpayers, though not such companies done directly . 07| The Crescendo
The SBI may raise this money, (the FRDI bill had been proposed, because SBI has that clout and has but unfortunately because of certain the machinery and competence and rumours it was withdrawn),in it doesn’t carry any IOUs that Rana general all over the world we will Kapoor ( founder, and former find that the regulators try to hide managing director and CEO of YES the problem, which is exactly why bank) might have carried from its we need checks and balances, a delinquent borrowers, it can go after resolution authority which has the them and recover a lot more of that powers to look at the books of the money. banks. Just like in this case, we have seen in To depositors I’d like to suggest that past that the RBI has not been able when you are being offered a rate of to point out the trouble before it interest on deposits higher than goes too far, biggest examples being what everybody else is offering, Vijay Mallya, Nirav Modi, PMC, PNB PLEASE BE CAREFUL, watch like a bank, and now YES Bank. hawk and and yes, banks can get The problem should be nipped in the into difficulties like this one has, the bud, what we need to do is to insurance gives you a cap up to 5 change the legal framework, set up a lacs, but beyond that no to say that legal resolution Corporation depositors won’t be looked after but really beyond that, the present legal framework is very weak. 08| The Crescendo
Entrepreneur of the month ELON MUSK Engineer, Industrial Designer and Technology Entrepreneur.
Total Worth $31.8 billion As of March 2020 Having quite an interest for internet programs Elon founded Zip2, but walked out with $22million at the age of 28, when Compaq bought Zip2. Then he founded another company called X.com offering online financial services, which was later merged with Confinity, the company famous for its service PayPal. The modern world Iron Man is as ambitious for the betterment of the world as a philanthropist can be. In addition to the mentioned pursuits, he has also envisioned the high-speed transportation system Hyperloop, the vertical take-off supersonic electric jet known as Musk electric jet. He also aims to reduce pollution through efficient energy production and utilization. With an . estimated His ambitions go as high as Mars, as he aims to IQ of 155 reduce the possibility of human extinction by establishing a human colony on the red planet. In addition to being an asset to the world, he is popular among the present generation for being one with his followers on social media platforms, not to mention his popular love for memes. The qualities he possesses and the fact that a book based on his life “Elon Musk: Tesla, SpaceX, and the quest for a fantastic future” sold over 1.5 million copies are enough proof for the love he receives and deserves from the world. 10| The Crescendo
Entrepreneurial times By Shruti Gupta Top IITs, IIMs launch consortium to boost entrepreneurship Leading IITs and IIMs have come together to launch a consortium to boost Indian entrepreneurship ecosystem through high quality research in innovation, venturing and entrepreneurship, according to a joint press statement. The joint initiative has been named ‘Innovation- Venturing and Entrepreneurship in India Network . The network of institutions will average strengths of the partners and would work with other stakeholders such as incubators, government and investors to generate and disseminate knowledge, according to the statement released on Monday. Covid impact: Skill training IIIT-DELHI ANNOUNCES 2-YEAR MINOR PROGRAM IN centres told to remain shut ENTREPRENEURSHIP FOR BTECH STUDENTS. The skill development and This minor focuses on building the ability to entrepreneurship ministry propose, analyze and plan a venture through team- has issued an advisory to its base projects and understand the challenges, gaps affiliated institutes to and opportunities and plan effective solutions. remain closed as per Not solely focusing on the techno-based startups, governments’ directives a this program will help the engineering students to look beyond creating job opportunities in finance, mid the COVID-19 outbreak, potentially healthcare, marketing, product design, intellectual slowing down the pace of skills training in property and legal aspects, creativity and the country. It has taken a temporary innovation, competitive analysis, etc. This sabbatical and due to current lock down institution has tied up with leading investors and and shutting of hotspot cities it has taken venture capital firms including IAN, TIE Global and a serious hit. people will fear coming out NASSCOM, etc for their accelerator programme. leave coming to training centres This is a great step taken to broaden the mindset of students and help them transform their disruptive Tunnel that will sanitize your ideas into realization, develop entrepreneurial whole body in 5 seconds competency and home their business acumen. K B Devices along with MIIC Jaipur prepares a 6 foot long tunnel which will help the doctors of SMS jaipur to sanitize themselves in 5 seconds. It costs about 30 thousand but MNIT is giving it free of cost to the hospital for their safety of doctors. It consists of 10 nozzles which activates automatically when the doctor is 10 steps away. Its going to be installed at the entrance of SMS Hospital. 11| The Crescendo
XIAOMI Claims FULL RECOVERY Xiaomi claims that its market in China is already close to full recovery after the blow of Covid-19 that had caught the global economy off balance, the news promises better things to come for Chinese economy as one of its important market sector shows signs of recovery. 3DCrowd UK PLEDGES 3D INDIA'S RACE TO BUILD A LOW COST VENTILATOR TO PRINTING of NHS MASKS SURVIVE COVID-19 Around 1400 3D printer In an 8000 sq ft facility in Pune, a bunch of young owners have pledged to engineers are racing against time to develop a low employ their machines for cost ventilator to save thousands of patients if the production of NHS masks COVID-19 patients start overflowing the hospitals. amid coronavirus outbreak. These engineers from some of India's top engineering 3DCrowd uk has Gofundme colleges belong to a barely two year old startup crowd funding campaign to help cover up which makes water-less robots that clean solar the cost. A breath of relief as Coronavirus plants. India, by most estimates, only has 48,000 smashed UK economy with unprecedented ventilators. Nobody quite knows how many of these force, shrinking the economy even faster breathing assistance machines are working. But it is a than 2008-2009 financial fair assumption that all those available are being crisis used in intensive care units on existing patients with other diseases. Every one in six COVID-19 patients HOUSE PARTY HACKED? gets serious with breathing difficulties. The country sees its hospitals getting hobbled with patients as it Houseparty, epic games is already happening in most of the countries across video call app's shares the globe. Atleast two Indian companies are involved slashed as rumours of in the manufacture of ventilators costing it as high as the app being Hacked 1,50,000/- each mostly from imported components. spread online, many India has also ordered 10,000 ventilators from China, users started but that will meet just a fraction of the potential uninstalling the app. To control the demand. The invasive ventilator being developed by panic the company announced the engineers at Nocca Robotics will cost 50,000 $1 Million bounty to those who can rupees. Within five days of beginning work, a group of bring proof that app was hacked seven engineers at the start-up have three prototypes of a portable machine ready. After testing it on Covid-19: Govt eases artificial lungs, they plan to get the machine ready for permission to ramp use on patients by 7th April. up hand sanitizer production 12| The Crescendo The centre in close coordination with states is giving permission to distilleries and new manufacturers for production of hand sanitizers to meet its increasing demand.In order to maintain demand and supply balance, state government authorities including Excise Commissioners, Cane Commissioners, Drug Collectors as well as District Collectors have been advised to remove any bottlenecks in supply of ethanol or extra neutral alcohol used to manufacture hand sanitizers
Business Opportunities for Students BY SADHYA Starting small is a mammoth This implies that all activities, task. The smallest of steps regardless of whether they “Keep require acres over acres of end up being your central evolving, groundwork & experimentation. project afterwards or not, While evolving and developing have value. Your time as a keep your vision requires a certain student can be very well thinking, level of familiarity, and most utilized picking up new importantly, a vision, it can never projects and working on keep hurt to test different areas them. The present discussion pushing looking for one. aims to act as fuel for yourself. thought. When it comes to starting a Stay on top venture, the refinement of the E-learning and tutoring is an of it.” general skills – the ones that especially topical sphere at determine the success of any the moment. There is no activity – is extremely important. better way to adapt to the global lockdown other than making learning possible and efficient from a distance. The current structure of e- learning, though still in its primitive stages, offers a very strong advantage: autonomy. The skeleton of a virtual teaching venture can be anywhere on a scale of complexity – it can be the most basic model, i.e., bartering money for teaching someone something by communicating online, or it can be highly specific, like creating targeted courses for well-established online libraries like Coursera, Udemy, This flexibility allows for the effortless infusion of many skills to make a business in this area grow steadily. 13| The Crescendo
The more this market grows, the easier it Regardless, blogging and an online is to find a niche, that too, without presence can open up the avenues for the pledging allegiance to any one of them. further development of a tangible There has to be a price-tag on every business, like a product or service. The information available technical skills linked with blogging, such Continuing down the path of virtual as SEOs and online networking (social services, blogging is now a relatively media presence, guest-posting, etc.) are established money-making activity. very much relevant to all businesses in this Notice how I refrain from directly referring day and age. Any level of exposure to to it as a business. It is true AdSense is an added benefit. Hence, that blogging alone is not too much of a investing your time in creating a good blog marketable use of your time. might just give you a head-start later on. 14| The Crescendo
CRUDE OIL WAR By Adamya The recent tensions that have been developed among countries under Organization of Oil Exporting Countries (OPEC) have been sensationally named “The crude oil war” by the global media. Let us discuss the issue in a bit detail and study it’s effect worldwide. The countries involved behind this economic tussle are Russia and Saudi Arabia. The deficit in the crude oil market has been evident from some time now. It is the demand-supply deficit we are acknowledging here. This deficit has led to decline in oil prices in the last few years. This initiated some worry among OPECs and they met to resolve this issue. The countries came up with a proposal to decrease oil production and export in order to maintain the balance in the market. This proposal was declined by Russia and instead Russia further increased production and export. After three months, Saudi Arabia took to fighting this competition, the irrational way and in turn increased oil supply even more, decreasing prices from $50/barrel to $33/barrel almost instantly. 15| The Crescendo
This slump is very indeed very ill-timed This disagreement could not have hit at and will cause very serious a worse period. From the last few years, disturbances in the world market. The the economic slowdown is already very countries hit hardest by this avoidable evident and apart from that with the crisis are relatively smaller oil Covid-19 pandemic showing it’s ill producing countries like Oman, Iraq, effects at the peak and global lockdown Bahrain and Angola where this crisis is and curfew like situation the world has like to cause 4%-8% disturbances in seen a massive decline in the usage of GDP. The big players like Russia, Saudi fuel, which is honestly quite expected to Arabia, Kazakhstan, Azerbaijan and continue for months to come as well. It Qatar are less vulnerable with oil is now very expected that fuel prices export accounting for less than 3% of would reach as low as $20/barrel in GDP. quite recent future. Majority of the gulf producers were in the last 20 years with an exponential unable to balance their economic raise in demand with flourishing of budgets even at a price of $40/barrel. automobiles and their easy availability Thus, this situation of absolute to the masses. pandemonium globally, ought to hit these countries the hardest. The leaders of powerful countries should really assess the situations in a better This hubbub on one side is very way and try to contribute positively to dangerous to the oil exporting nations. development and the fight against this But pardon our insensibility when we chaos. The current conditions do not say that it is good news for the generate much hope either so we can importing nations including India. Fuel only hope for a solution in the near has always been a big part of future. expenditure of our economy especially 16| The Crescendo
LockDown A . \"This is a serious The tragic pictures of migrant families walking hundreds of concern because not kilometers to their villages in India are now there for all to see. only does the lockdown For them, the alternative was to either stay and starve, or keep people from going make the perilous trek back to their villages. As they are to work, it keeps them saying, the coronavirus may kill us, but if we stay without at home which is not food, hunger surely will. Is this a catastrophe that should have necessarily that pristine been anticipated, but was not? Why didn’t the government isolated place, but can see that this would happen? Particularly, as people thronged also be a slum where stations and depots, leaving for home even before the “janata people live together” curfew” on March 23? Do we conclude that the government and its officials – including the PM – completely forgot the \"The best-case scenario is poor while crafting the lockdown policy? eight weeks of disruption. Nobody knows what the .The long columns of migrants leaving cities and towns are worst is” visual confirmation of how the 21-day lock down has already failed. A large-scale migration of people during the lock down will only spread infections rapidly across the country. Meanwhile, food and other supplies are drying up as supply chains are slowly coming apart under pressure. Hot Yes, a successful lock down would have helped snap the chain of transmission and slowed down the spread of the novel coronavirus or SARS-Cov-2. This might have bought us some time. But, with no preparation for the lock down, no warning to the state chief ministers, no support to the poor—the bulk of India’s population—the lock down has failed. A good plan is as goodas its implementation. So, the question is: What do we do now? There are the obvious answers – provide immediate help to the migrant population so that they can go back home; provide them food and shelter on the way; appeal to others to stay back in the cities and towns. Simultaneously, make urgent arrangements to reach food, rations, fuel, water to the poor localities; open food kitchens with delivery facilities; arrange money transfers immediately to people’s Jan Dhan and MGNREGA accounts. Strengthen the supply chain, not only for food, but also for medical supplies; masks, personal protective gear required by hospital staff; and ventilators for those seriously ill. \"We have a simple message for all countries: test, test, test.” 17| The Crescendo
major failure !. This is what is scary about our current situation. We are fighting a fire with our eyes closed. In spite of knowing that a pandemic was in the offing, the Indian Council of Medical Research (ICMR) procured a very limited number of kits and had low testing capacity. After the fiasco of an inadequate number of test kits, we now hear bravado from the Ministry of Health and Family Welfare about stepping up our testing capacity. Yes, a number of test kits are being procured, and a number of companies are being licensed to manufacture and distribute tests. But, all of that is for the future. We have already lost precious time, having sat on our \"You cannot fight a hands for the last two-and-a-half months. Permitting private laboratories to test does not help in fire blindfolded” controlling the larger epidemic. At Rs 4,500 per test, no poor family can afford to get themselves tested. ICMR and the Ministry of Health are taking the usual route: floating “We cannot stop tenders, asking parties to quote etc. They also claim that they have procured tests this pandemic if afrroemnotht ethUeS C. DWCetceasntsotnhlaythfaoipleedthdaistatshtreosuesly we don’t know who is infected\" Take in the US. To know how the pandemic is progressing, we need to ramp up our testing by an order of magnitude. The fact that India has a low number of infections compared to many countries is meaningless unless we have tested a significant number of people. The low infections may simply be the consequence of the very low number of tests that we have conducted. The lock down is going to seriously affect the movement of equipment we will desperately need as the epidemic progresses to protect hospital staff and ensure that hospitals do not become centres of infection. The Ministry of Health and Family Welfare and ICMR have been very cagey with the results of random testing of those who were admitted to hospitals with serious respiratory distress or influenza-like illness. What did the results show? Was a significant percentage found infected with SARS-Cov-2? Without numbers, we have no way to know and tell. The other imponderable is whether the lock down stabilizes despite the initial mess the government has created. That will depend on the government’s ability – or will – to address the acute problems the poor are facing. Otherwise, the government’s credibility will erode, making it impossible for the state to impose its will on the people. And for the state to retain its credibility, it has to provide food, maintain all essential supplies, make the medical system, including hospitals, function. And as the DG, WHO says, test, test and more tests. 18| The Crescendo
Instead of bailing out capitalists, it is time the Modi government looks at the needs of the Indian people. The government has to forget about fiscal responsibility – read fiscal conservatism and keeping international finance capital happy. It has to commit far more than the miserly Rs 1.7 lakh crore (USD 23 billion) that finance minister Nirmala Sitharaman has committed. A large part of this is only window dressing: changing heads or clubbing existing expenditure under the new COVID-19 header. Just to get over the current crisis, we need at least three times more over the next three months. This is the acid test for the Modi government. Do they even have the poor in their radar? Or is their focus only the middle-class? \"Unfortunately, the virus—SARS-Covid-2, is quite egalitarian. It does not respect 19| The Crescendo class.\" disclaimer : this article was written on 5 arpri all the facts are according to that
The world is now a popularly known as big Data undoubtedly standing on data. Science In the doors of revelation as an business emerging sub-stream of Big data refers to the world Science and Tech aims to extremely large data sets make use of statistics and that may be analyzed statisticians or data analysts pie charts outside the computationally to reveal but also possess the creative secluded rooms of a patterns, trends and drive and the will to utilize business conference. With a associations, especially and analyze the data left promise of a revolutionary relating to the corporate undisturbed for long to solve change in the regular ways world, a section of data complex problems, and to of businesses Data Science which the traditional data search for such complex soothes the sector that has processing software could problems. been throbbing with never deal with. overload for considerable 20| The Crescendo years, the Data handling A concept to unify Statistics, sector. Data Analysis, machine learning and their related Data science is an inter- methods.The professionals disciplinary field that uses practicing data science are scientific methods,processes, known as Data Scientists, A algorithms and system to data Scientist is a part extract knowledge nd mathematician and part IT insights from a bunch of professional, who began structured and unstructured their careers as data,
With the emergence of large amount of the room for improvement that was at data as businesses progress, firms need first invisible without proper analysis of inclusion of data scientists to analyze the data present. For example, Airbnb and effectively store the data and use the uses data science to analyze the feedback results for steady growth in business and data provided by customers or the data to bring about a change in ways already that emerges involuntarily due to choices being used towards the best ways made by the customers for providing possible to implement the business premier services in return. model. Data science is proving itself to be the ultimate solution to decision making In addition to these services, data science problems in a firm. can also predict the success rate of current business strategies for smooth Moreover, Data science provides firms management of a firm. Predictive analysis in stock market is Data science is another ambitious merge another incentive of this rapidly growing of mathematics and computing field, as using the previous data technology that aims to make huge regarding the rise or fall in trading costs, developments in present corporate data science can safely make a bold methods, undoubtedly providing a better attempt at predicting the next move in utilization of big data which in turn the market. Sure enough there are promises an edge to the firms making specific professional analysts for this room for data science over the firms branch known as quantitative analysts, adhering to the traditional methods of the existence of such a profession has data analysis. existed even before the recent rise of data science or big data. 21| The Crescendo
COVID 19 COST The impulse of the corona Now let us consider case of There is a relief for India, pandemic has shaken the USA and Italy for a rough idea. population wise- As India’s world and created a ON CORONA population houses 6% of disturbance which has been Italy has already spent an senior citizens( above 60) this unseen for the last 60 years. It amount of $ 28 billion to fight number for USA and Italy are has hit each and every sector this corona epidemic. This is 16% and 23% respectively. of human development and 1.3% of their GDP. America has Medical growth and this is just for the spent $117 billion which is The medical equipment of time being. We have just seen 0.5% of their GDP. primary need is ventilators. the corona effects while the HEALTH EXPENDITURE On one hand, our country is time it is only spreading and Italy spends 9% of their GDP currently equipped with there is no certainty as of on healthcare. USA spends 40000 ventilators. The worst- now, that how much it is around 11% of their GDP on case scenario estimates a going to last and what scares health. India on the other need of 8 lakh ventilators us even more is it’s after hand has only a 3.7% of its across the nation. The effects and it’s cost which GDP allotted to health care average cost of a ventilator can only be speculated and these numbers are bound varies from Rs 5 lakh to Rs 8 currently. to go up lakh, so considering the better estimate of Rs 5 lakh. Let us discuss some of these Estimate-1 The amount required to fulfill predictions regarding the only the need of ventilators 'Covid cost’ on the global and This is a detailed estimate put amount to Rs 40,000 crores. Indian economy. Let us forward by Mr. Abheek Barua, Apart from this India has a discuss first some estimates Chief Economist HDFC bank. lot of undetected respiratory put forward for the cost of He divided his estimate into illness cases. All these factors fighting and sustaining different parts differentiating amount to a cost of nearly Rs against this corona epidemic them according to the sector 2 lakh crores(1% of our total for India or sect facing the cost. GDP). 22| The Crescendo
Adjustment cost It is the cost of ‘keeping people at home’ for the quarantine phase and empowering them to sustain through the lockdown. So, let us consider that the government distributes allowances to Jan Dhan account holders according to the MNREGA standards which are quite uniform and accepted. This cost alone would amount to a minimum threshold total of Rs 3 lakh crores. This is around 1.5 percent of India’s GDP. Considering a need to relax the existent bank policies and cutting off interest payments, sustaining Utility bills and relaxing GST dues. This is done to enable these industries to resume operations and hence increase job-creation. A cost of around 1%-1.5% of GDP. Adding up all these we have got a total amount nearly equal to 3.5%-4% of Indian GDP. Thus, amounting to a total sum of $100 billion- $114billion. Estimate-2 This estimate is by the Experts at The Hindu Business Line. In an article published on 25 march. This estimate is backed by the estimate provided by the British brokerage, Barclays. Barclays estimated a cost of $90 billion for the three-week lockdown. The cost of the lockdown imposed by the Indian Government added with some external factors which include the expected relaxations in deep rate cuts by the RBI and expected cuts through interest rates of about 1 per cent. Thus, the total estimated amount valued at $120 billion. Estimate-3 This estimate is provided by Acuite ratings which is one of the leading SEBI approved rating services accredited by the RBI. Acuite ratings provided an estimated cost of $4.64 billion per day which amounts to $98 billion over the time of three weeks. They predicted a contraction of growth rate by 5-6% for April - June. And a modest growth rate at best for Q2 of the financial year (July - September). AGDP growth rate of 2%-3% is our best bet for FY21 considering a revival in the later part of the year. 23| The Crescendo
This prediction is according to the trends The experts are now emphasizing analyzed by the World Economic Forum. enough on the need to spend more and According to the UN’s trade and more to fight this hindrance to shield us development agency the minimum cost from the disastrous after-effects. It is not of this catastrophe stand at $1 trillion. The a time to consider compromises but to fall in oil prices is only a temporary act because the after-effects would be cushion but is actually a situation of too much to handle for any country. Let unease and panic with harmful us consider the global GDP trend for the unwanted after-effects. The $1 trillion past 25 years. dollar mark is what the minimum cost is projected to be and considering a Covid-19 has already been penultimate in doomsday scenario, this mark would terms of hit on economy. The worst touch a $2 trillion mark. Due to this, the conditions were the financial crash of number of Americans applying for 2008-09 and we should keep in mind the unemployment benefits soared to a figures were so bad for the ‘08 crisis record 6.65 million last week, more than because the most developed nations twice the record set in the prior week. were the worst hit whereas this The 9.96 million combined claims of pandemic is in to affect the whole world. those two weeks is equivalent to the total Hence, we can only prepare ourselves for in the first 6 1/2 months of the 2007-2009 the worst. And the financial crisis was not recession. much felt in India particularly because of the precautionary measures taken by the then PM Dr. Manmohan Singh with FM Dr. Pranab Mukherjee. But in today’s time, there has been this hubbub and confusion because of the sudden hit. To conclude, we can definitely consider the corona pandemic as the biggest hit on the economy in the last 70 years and that the cost of this pandemic is not just limited to present times but will definitely be seen after coming over the epidemic, after stopping it. 24| The Crescendo
Riddle Me What is it that given one, you'll have either two or none? If eleven plus five equals four, what does nine plus seven equal? I am something people love or hate. I change peoples appearances and thoughts. If a person takes care of them self I will go up even higher. To some people I will fool them. To others I am a mystery. Some people might want to try and hide me but I will show. No matter how hard people try I will Never go down. What am I? send us your answers to [email protected] to win exciting prizes
Young Writer of the month A freshman pursing B.Tech in CSE branch. I'm ambitious and enthusiastic about programming languages and also with a mind inclined towards entrepreneurship. One thing that I have learnt in my ongoing journey is that we're all capable of doing anything, if we truly believe we can do it. Put your mind and heart into life and you're sure to taste the sweetness of success. GAURAV LUHARIWALA Our Team AAYUSHI JOSHI GAURAV LUHARIWALA MANDEEP SINGH SADHYA SINGH ADAMYA KAUSHIK GUNJAN SHEKHAWAT MOHIT JAISWAL SAKET SAI ADITYA SINGH HARDIK PANDYA ADITYA TULSIAN HEMANT PARETA NAVNEET SHAH SAMYAK JAIN AKSHITA AGRAWAL HEMANT CHAUDHARY NEELMANI SANATAN ANANT JAIN HIMANSHU LAL ANKITA TULSYAN ISHIKA BANSAL NEERAJ SHREYANSH ANURAG TRIVEDI KANIKA MITTAL ANUSHKA JOSHI KARTIKEYA TIWARI NIKHIL RAVISHANKAR SHRUTI GUPTA KARVY MOHNOT ARPAN JAIN NILAY MOHOD SHUBH SINGHAL ARYAN SRIVASTAVA KEERTHI KSHITIJ VIJAYVERGIYA PRATIKSHA GUPTA SHUSHANTH BHUVAN GUPTA DEEPAK GUPTA LEENA CHAUDHARY PREETI SHWETA RAJPUT MANASWITA SHEKHAR RAJDEEP SRAVANI KOWTHA CHATTOPADHYAY SRISHA GUPTA RESHAM CHAWRA SRIVIDYA RIYA NATH TAPAN GOYAL ROLLIN FERNANDES VANDITA GOYAL
look inside for IMPACT OF CORONA Editorial Team VIRUS NAVNEET SHAH COVID 19 SANATAN COST ANUSHKA JOSHI YES BANK CRISIS ARYAN SRIVASTAVA EXPLAINED ADAMYA KAUSHIK NO TO YES SADHYA SINGH BANK SHRUTI GUPTA SITTING IDLE AT GAURAV LUHARIWALA HOME ? BUSINESS OPPORTUNITIES FOR STUDENTS A N I N I T I A T I V E CONTACT US ON [email protected]
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