Financial Implications of the Corona Virus

With the advent of the Corona virus (christened COVID-19 by the WHO) pandemic, Governments all over the world have imposed lockdowns various durations depending on the severity of the onslaught in their respective areas. The net result has been a slowing down of the world economy, loss of jobs and in certain cases, total wipe-out of small businesses in all corners of the world.

To offset of the effects of COVID-19, almost all governments have allocated finances to stabilize their economies and re- start growth. These measures are showing results and are succeeding in the intended outcomes. But, as the crisis gets prolonged, the questions that are arising are: Has the money been directed correctly? Is the allocation sufficient? It is estimated that a total of $13 trillion may have been allocated worldwide. Some researchers are estimating that the deficits may climb up to $30 trillion by 2023. To bring about a sustained prosperity, Governments and the Private sector must work hand-in-hand to overcome the disastrous after-effects of the economic slow-down due to this pandemic.

As far as India is concerned, it was already in an economic slow- down even before the pandemic had started. The pandemic has further deteriorated this slow-down to the extent that experts have predicted a growth rate of 3.1% for the financial year 20-21. The World Bank and other rating Agencies have already downgraded India’s growth rate for 20-21. It is feared that India may be tending towards a deep recession and the lowest growth rate since the economic liberalization in the 90s. It could also be the worst contraction since Independence in 1947.

Unemployment

The unemployment figures have risen from 6.7% to 27% till April, 2020. Salaries have  been reduced by many companies and households have experienced a drop in incomes as compared to the previous financial year. The sales of many commodities and consumer goods went down drastically hitting the manufacturing sector. Supply chains of many goods were disrupted leading to shortage of raw materials. Farmers engaged in growing perishables were hit because there was no transport available to carry them to the markets and no customers.

The unskilled labour working in the unorganized sector were hit the hardest with no jobs and no place to stay. There was mass migration which created a problem of huge proportions. The state and central governments took steps to solve the problem, albeit a little late.

Many companies in the large scale sector reduced their outputs temporarily. Startups were affected due shortage of funds and they had to resort to layoffs of their employees. FMCG companies also had to reduce their outputs and concentrated on only essential items. Stock markets also plummeted and recorded their lowest indices in the last so many years.

Relief Measures

The Government of India has announced a number of steps to tackle the economic situation. The deadline for filing Tax returns for both personal and corporate incomes has been extended till the end of the year 2020. Funds have been allocated to take care of food security, MSMEs, healthcare and other vulnerable sections of society. GST dues of states have been released to augment their treasuries. A number of relief measures for the poor amounting to Rs 17,000 crores were announced. The RBI announced measures to increase the liquidity with the banks to the tune of Rs374,000 crores. These measures were lauded by the various prominent agencies like the IMF, World Bank, etc. as steps in the right direction. A step was taken to reduce unnecessary expenditures in various  Government Departments. NBA accredited college, IIMT Group of Colleges, Greater Noida also helping poor and needy in this pandemic situation.

A month back, the prime minister, Shri Narendra Modi announced a package of Rs.20 Lakh crores to bring back the economy on its feet. Subsequently, the break-up of the money was disclosed. This included free food grains to the poor for a limited period of time.

The Government is hopeful that the actions taken would bring substantial results at the ground level and the economy will slowly return to normal by the end of FY 20-21. This is a very optimistic outlook.

We, at IIMT College of Polytechnic, one of the best polytechnic colleges in UP, offer a wide variety of career options to students who have completed their Higher Secondary. We train and nurture them such that they widen their canvas to be gainfully employed and become useful citizens of India.  

How to Remain Happy-IIMT Group of Colleges

Each one of us wants to feel happy and remain happy. But it is a difficult task. More often than not we feel sad for one or the other reason.

Recently the coronavirus crisis, the lockdown and loss of jobs  has created  havoc in life of many.

To overcome these difficult days one need to practice certain things to remain happy.

Few steps are as follows:-

Spent quality time with your family

Spend quality time with your family. Earlier most of us were complaining that we do not get time to be with our family. We were too busy with our work that we never had time spend at home. Now is the time to devote maximum time to family. Play with children, take stroll in your balcony with your spouse, crack jokes and eat good food.

These small things will give a lot of joy. You will not regret sitting at home.

Thank God for what you have

In this difficult times if you are getting proper food and shelter, you are one of the lucky persons. God has given you enough to survive in this crisis. Please look at the plight of migrant labours. They are subjected to cover long distance on foot. Their future is total uncertain. They do not know whether they will get any work in their respective states or not.

Follow your passion and hobbies

I have heard many people complaining that due their busy schedule they never got time to follow their passion. Some of them wanted to become a singer but fate made them engineer. So now they have the time to start singing. They can learn singing online and follow their passion. They can very well fulfil their long cherished passion.

Catch up with your overdue Sleep.

Another common complaint with working class was that they do not get time to sleep. Now they have golden opportunity to catch up with their lost sleep. Go ahead and sleep for the extra hours you always yearned for. This will certainly rejuvenate them for fighting crisis.

Develop new skills

These leisure time is perfect to enhance your skills. Each one of us should take advantage of the situation and learn something new. The most wanted aspect is to learn to work online, now a days every things has become online, So, one has to learn how to handle online thing. If one is not comfortable with the web he or she will face difficulties in life.

Fulfil your spiritual Needs.

Now with ample time in hand one can devote time in its devotional interests.

Few people wanted to read Geeta or Ramayana, they can very well read them. Few wanted to complete some Vedic rituals. They can also complete it.These things will give them happiness and satisfaction they always wanted. 

We at IIMT B School through various program trying to inculcate above habits in all our stake holders.IIMT b school is one of the best MBA Institute inDELHI/NCR.

CONSTITUTIONAL IDENTITY

“....ignoring our commitments may make us rationale but not free. It cannot make us maintain our constitutional identity".   - Rubenfeld 

      The Supreme Court of India had long realised that in a society undergoing such fast social and economic change post independence, static judicial interpretation of the Constitution would stultify the identity of the Constitution. Accordingly, the Court gave birth to the doctrine of constitutional identity for fulfilling its obligation to act as sentinel for ardently guarding the fundamental rights and other constitutional rights bestowed upon the citizens by the Constitution of India.

     A Constitution does not ipso facto acquire an identity merely upon coming into being. It acquires an identity when time and again it successfully withstands the test of endurance. So was the case with our magnificent Indian Constitution.

Evolution of Constitutional Identity

The concept of Constitutional identity was developed to protect and preserve the dream that our founding fathers had conceived for an independent India, which could have easily been shattered if the Indian Constitution was not made resistant to its own destruction, by the very concept of constitutional identity.Students learn the concept thoroughly at Best Law College in Greater Noida.

The doctrine of constitutional identity, inter-alia acts like an antidote; in the event the power to amend the Constitution conferred on the Parliament under Article 368 acquires character of an autoimmune disease, wherein the immune system mistakenly attacks the body itself. To put it differently, when the power to amend the Constitution becomes destructive of the Constitution itself the constitutional courts have and will continue to use the inoculation of constitutional identity.

Supreme Court’s View

In the Indian context, the doctrine of Constitutional Identity became concretized in the epochal case of Kesavananda Bharati v. State of Kerala, when Justice Hegde and Mukherjea, while articulating the Basic Structure jurisprudence stated thusly:

“one cannot legally use the Constitution to destroy itself  […] The personality of the Constitution must remain unchanged”.

    Similarly, the then Chief Justice, S.M. Sikri observed:  

 “the expression ‘amendment of this Constitution’ does not enable Parliament to abrogate to completely change the fundamental features of the Constitution so as to destroy its identity.”

      This famously came to be known the Basic Structure theory. Thereafter, when the five-judge Constitution Bench of the Supreme Court in Minerva Mills Ltd. v. Union of India, was called in to consider the constitutional validity of the amendment to Article 31C of the Constitution. The Constitution Bench, yet again relied on the precept of constitutional identity.

The Court opined that the theme song of the majority decision in Keshvanand Bharati (Supra) was

   

“Amend as you may even the solemn document which the founding fathers have committed to your care, for you know best the needs of your generation. But, the Constitution is a precious heritage; therefore, you cannot destroy its identity.” 

Conclusion

Thus, the Court kept the flame of Constitutional identity alive Thus, the decisions of the Supreme Court in the 1970’s and 80’s, make it apparent that the theory of Basic Structure was an apparatus to achieve the end result, that is, to preserve the identity of the Constitution, which acts as the foundation upon which the edifice of the entire Constitution rests.

The aforesaid enunciations of law makes it graphically clear that the concept of constitutional identity which began as a safeguard born out of judicial creativity for protecting the Constitution from being destroyed by itself through constitutional amendments, has metamorphosed and has emerged as a substantial part of the affirmative rights conferred by the Constitution and thus cannot be allowed to be abrogated even for a moment.To become a professional lawyer and learn in detail about constitution, join LawCollege in Delhi NCR.