Economic and Financial Travails of our Planet caused by Covid-19

Coronavirus climate change image

In a world when Covid-19 has brought humanity to its knees and exposed the haughty posturing of many nation-states the lesson of its interconnectedness are still not being learnt. Despite some positive developments that give hope, there is much that should weigh heavily on the conscience of the human race.  Impending systemic collapse, the crash of global economy and widespread suffering. For, those who believe that there are spiritual forces operating beyond what gives rise to secular and pragmatic ideals, it is clear that eschatology and messianic hope are two sides of the same coin as depicted in the sacred scriptures of all religions.

The current global health crisis is but one such challenge, the ultimate severity of whose cost, both to lives and livelihoods, is yet unknown.’ It has caused massive downslide, estimated to be more than US$ 12 trillion already since the start of the global health pandemic. The daily loss during the lockdown period to the Indian economy last year was reported to be reported to be ₹ 32,000 crores (US$ 455 million approximately). Furthermore it was calculated that India would require a sum of ₹ 70 lakh crores (US$ 1 trillion approximately) to revive its economy.  The overall economic impact of Covid-19 in India has been largely disruptive. Its growth in the fourth quarter of FY 2020 went down to 3.1% according to the Ministry of Statistics. The official data of total economic stimulus provided by the Central Government up until 31 October 2020 is  ₹ 29.87 lakh crore (US$ 420 billion).

The Gross Domestic Product has contracted at -24%. As hopes were building up to restore employment of those who had lost their jobs last year most unexpectedly the 2nd surge that hit the country from April onwards has produced new setback. It has caused a near collapse of public health infrastructure and likely to impact the broader supply chains of goods and services. While the Government has announced payment of dearness allowance (DA) as per 7th Pay Commission, this will benefit only a fraction of the total population. Some of the worst affected sections of revenue generation are the tourism industry, the hospitality industry; a reduction in consumer activity. The fuel prices have been raised four times in the past two months, although the consumption has decreased. On the other hand there is rise in LPG sales. At the international level exports have declined, albeit a great demand for pharmaceutical products; Covid-19 vaccines trade is booming.  In fact, the profits of Indian pharmaceutical companies has soared by over 50%. This trend can be adversely affected if China steps in and starts supplying its vaccines despite trade and border-related tensions. However, going by what experts say, the whole the economic impact this year is unlikely to be as devastating as last year. The overall impact will depend on how fast India manages to contain the 2nd surge of the corona virus.

Leaders, prominent thinkers, and commentators have begun to explore fundamental concepts and bold aspirations to challenge many of the assumptions that have shaped contemporary public discourse. For instance, that self-interest and consumerism far from needing to be restrained, drives prosperity, and that progress depends upon its expression through relentless competition. Judging the worth of an individual chiefly in terms of how much one can accumulate and how many goods one can consume relative to others. At the same time they concur with the religious precepts that possession of wealth is not inherently distasteful or immoral. Wealth must serve humanity. Its use must accord with spiritual principles; a wholesome pattern of life must be created.

The principle of the oneness of humanity must be wholeheartedly embraced by those in whose hands the responsibility for decision-making rests, and its related tenets. The concept of world citizenship must be propagated through educational systems, the media, and global agendas be they bilateral or multi-lateral. The United Nations Organization has often taken the lead, but the responses of sovereign nations who are its members have been woefully inadequate. To this end, Covid-19 must be seen as a jarring “Wake up call” and an important warning to nation-states not to go back to “Business as usual”.  For, the forces of materialism promote quite a contrary line of thinking: that happiness comes from constant acquisition, that the more one has the better, that worry for the environment is for another day. These seductive messages fuel an increasingly entrenched sense of personal entitlement, which uses the language of justice and human rights to disguise self-interest.  Indifference to the hardship experienced by others becomes commonplace while entertainment and distracting amusements are voraciously consumed. The enervating influence of materialism has impacted every culture, social milieu and age-group. One has to be ever vigilant and refrain from wittingly or unwittingly absorbing the norms of a debased society and falling prey to the negative influences of social media.

Viewing the current scenario, as a member of the Baha’i Faith and one of the national trustees of Indian Community, I believe that ultimately, the restructuring or transformation of the United Nations system will lead to the establishment of a world federation of nations with its own legislative, judicial and executive bodies. All of us must be anxiously concerned with the needs of the critical times we live in, and focus of deliberations world leaders must be on swiftly resolving the grave problems surrounding humankind; the destinies of all human beings is intertwined.

Whatever the tribulations that a conflicted world must confront in the months ahead, we must continue to harness the spiritual resources that can be accessed by every human being such as power of prayers and by manifesting the real spirit of altruism for the safety and good health of all who are battling the global pandemic.


Dr.  A. K. Merchant is social worker and independent researcher and a National Trustee of the Lotus Temple & Baha’i Community of India.  He is based in New Delhi and can be contacted at [email protected]



Support Countercurrents

Countercurrents is answerable only to our readers. Support honest journalism because we have no PLANET B.
Become a Patron at Patreon

Join Our Newsletter


Join our WhatsApp and Telegram Channels

Get CounterCurrents updates on our WhatsApp and Telegram Channels

Related Posts

My Pandemic in Three Acts

Dealing with the Disease that Never Seems to Leave Town On New Years’ Eve 2019, Americans celebrated the advent of the roaring ‘20s with fireworks and champagne, amid ominous news…

Join Our Newsletter

Annual Subscription

Join Countercurrents Annual Fund Raising Campaign and help us

Latest News