The BBA(FS) Department organised a guest lecture on “The impact of COVID-19 on the Indian Economy” on 15th October 2020. The lecture was delivered by Mr. Ameya Kamat, a financial analyst by profession who is also a founder & CEO at Altera Advisory Private Limited. He has worked in the financial sector for over 15 years.
Mr. Kamat started the lecture by giving an introduction to the Indian Economy wherein he discussed in brief about the history of our economy & our current economic position. He emphasized the fact that though our nominal GDP and GDP at PPP are high, our 139th rank in terms of per capita income portrays a very dull picture & this problem is making the process of economic revival a bit difficult for us.
He elaborated on the actual impact of COVID-19 wherein he said that over the years our growth rate has been in the bracket of 5-6% annually but it has plunged drastically to -23% due to the COVID-19 pandemic. He then highlighted a number of challenges to recovery such as weak demand, ballooning unemployment, lack of fiscal stimulus, rising inflation rates and so on.
He concluded by saying that in order to bring about economic stability, it is important to tackle the problems faced by people employed in the informal sector, as the sector constitutes 80-90% of the working population. Only then will we have high chances of reversal and be able to bounce back to normal.
The discussion was then followed by a question and answer session, wherein students put forth their doubts and also shared their views on the topic. It was an extremely enriching, informative and an interactive session where students acquired enormous knowledge on this topic. This lecture would certainly help them understand the economic situation amidst the current pandemic that seems to have no finish line as of today.
