The COVID-19 pandemic brought many challenges to the Indian economy. Due to the perpetual lockdown caused by the virus, the Indian economy shrunk by 7.3 percent in the April-June quarter of this fiscal year of 2021. This was the worst contraction ever witnessed since the Indian finance ministry had commenced compiling Gross Domestic Product (GDP) statistics quarterly in 1996. All this resulted from losing jobs, shutting shops, restaurants, factories, educational spaces, etc. Tracing the data for 2020, approximately 10 million Indian migrant workers returned to their native homeland after the strict imposition of the nationwide shutdown. The central government tried its level best to offer aid to these workers using several schemes. However, it failed to serve assistance to a lot of proletarians.
According to a report by the Times of India, "As shops, eateries, factories, transport services, business establishments were shuttered, the lockdown had a devastating impact on slowing down the economy. The global epidemic has worst hit the informal sectors of the economy. India's GDP contraction during April-June could be above 8 percent if the informal sectors are considered."
Ray of hope
A ray of hope was witnessed by the end of 2021 when virus cases dwindled, and the country started to open up for economic purposes. By this time, over 7.5 lakh labourers were safely sent home and were offered essential assistance like healthcare, shelter, and safe travels. Etc. However, joblessness still shattered a lot of dreams. Nevertheless, two years have passed, and most workers have found ways to survive. They have forcibly entered industries they were never part of. Camera experts are experimenting in the hotel industry, construction workers are perhaps working for Ola or Uber, and domestic helpers are finding their way out in saloons. Today, our surviving skills are stronger. However, there are miles to go before these proletarians sleep peacefully.
Urgent requirements
In such times, India needs analytical experts who can understand the vast features of the country’s economy, which currently looks staggered and scattered. It surely needs economic experts who can dwell deeper into the financial intricacies and offer everyone equal opportunities. India needs individuals who can pave its way to lead an egalitarian society. The Bachelor of Science (BSc Research) degree in Economics - an undergraduate program offered by the Department of Economics at Shiv Nadar University, Delhi - NCR , will help Indian youth reach these goals. Under the course, students are mindfully trained to understand core aspects of the economy. Some of the subjects in BSc Economics are as follows:
● Statistics
● Game theory
● International Economics
● Principles of Macroeconomics
● Principles of Microeconomics
● Intermediate Microeconomics Probability
Theoretical knowledge is not the only way out to produce economic experts. Students also need free space and an environment to think and function independently. This will also help them in making future decisions for the country and for themselves. And for this, Shiv Nadar University, Delhi - NCR has its Economics Society, a student body that comprises young learners from all branches who have a knack for Economics. The organization facilitates, supports, and carries out events on crucial economic-related issues/matters. It also offers young economists debate and discussion sessions, seminars, conferences, workshops, competitions, and documentaries to make them comprehend the complex discipline. How? By simply using a holistic approach.
Also, there are innumerable job opportunities for BSc Economics students. They could explore industries like:
● Non-profits
● Banking and finance
● Accounting
● Entrepreneurship
● Government agencies
● Public Policy and governance
● Business administration
All of these industries can be explored after pursuing BSc in Economics at Shiv Nadar University, Delhi - NCR . Over the years, students at Shiv Nadar University, Delhi - NCR have been recruited by the leading corporate houses such as:
● CBRE
● Dell
● Axis Bank
● Bank of America
● Deloitte
● Nagarro
● Trivitron
● McKinsey
The bright light at the end of the tunnel awaits Indians
Over the last two years, the Indian economy's sporadic contraction has affected the entire financial ecosystem. Some reports claim that the Indian economy is heading for a full-year contraction. However, we found light during the darkest hours. We somehow managed to bounce back. Today, we have jobs, but we do not have skilled labor. Today, we have technology but not great technicians. Today, we have decent economic policies; however, not strategic and mindful policymakers. Perhaps, this is the need of the hour. The right policymakers will make an India that is prepared for the worst: COVID or No COVID!
