CRYPTO-WORLD

Hello everyone!!! What's up? Getting bored in quarantine? Come I'll introduce you to an interesting thing today. But wait before we start, nod your head in yes or no to my question.
Have you ever wondered that in the era where we can upload our pictures and videos on the internet how about your money?
If yes, and if you ever have been curious about all these things the this blog is for you. And if no, still read this one as you will surely add something to your cerebrum. Let me give a very formal introduction to you regarding this.

CRYPTOCURRENCY

Cryptocurrency are digital assets which work as a medium of exchange without the interruptions of banks. How is the idea? Now you don't have to be in queues, you won"t be paying any interests. But wait! Don't you have a bunch of questions? How will one keep record of their currencies? How one can not make copies of that digital currency and start misusing it? Who is isssuing the currencies and so on.
Relax!!!!!!!!!!!!!!
I will pique all your curiousity by answering them.

The following facts will answer your question regarding the Cryptocurrency creation:-

• Cryptocurrency is just a software 
• Blockchain technology is 7used for recorfing transactions
• Cryptocurrencies are created by algorithms that rely on cryptography. That is why it is called “crypto” currency. Every transaction relates back to unique cryptographic codes that secure the network.
• Cryptocurrency software is decentralized and distributed, meaning it is hosted on many peoples’ computers across the world instead of just on one server by one company.
• The algorithms generally are written to award coins to computers who add transactions to the blockchain. The process of adding transactions to the blockchain is known as mining.
• The code of the cryptocurrency defines things like maximum supply, mining rewards, etc.
• Thus, for most cryptocurrencies, the main way new coins are created is by people all over the world running hardware that adds transactions to the blockchain. Otherwise, cryptocurrency tokens are created by other mechanisms contained in a cryptocurrency’s software.
• Lastly, the code for almost all cryptocurrencies is public, so anyone can check how coins are created.

CORONic effects on INDIAN ECONOMY

Hello everyone reading out this post. I am Sauhard Shekhar and I am going to post my first ever blog on the EFFECTS OF CORONA VIRUS ON THE INDIAN ECONOMY.

As we all know that the Indian Economy was already drowning since the very beginning of second financial quarter of 2016-17. We all were concerned a lot about this downfall which just happend due to improper implementations of the ideas and thoughts and actions of the government which actually could work out if managed and executed wisely.

Anyways, leaving the past and considering the present is the only way to save the future. We all can see the pause on the motion of world. The significant effect of this pandemic can be seen as Global Economic Slowdown, Fall in GDP, Trades, Downfall of important sectors of India. First we will see the effects on INDIA and then the methods of saving the ship.

•SECTORWISE ANALYSIS OF THE INDIAN ECONOMY

The Indian Economy is basically dependent on the agriculture sector and Industrial sector as well as on the EXIM trade of India.

The following data shows the condition of Indian Economy sector wise

• Exports reached $330.07 billion dollars in the financial year of 2018-19, which is the highest ever in Indian Economy. The earlier peek was $314.4 billion in 2013-14. (This data has been provided by the Ministry of Commerce, Govt. of India)

• Imports has touched a mark of $514 billion in the financial year of 2018-19.

• In 2018 India has been ranked as 10th largest importer and 19th largest exporter in the world economy.

• The Industrial Sector of India contributed a share of 23%

• The agriculture sector of India, which is the main source of living in rural areas of India has contributed 15.4% to the Gross Domestic Product.

•DARK SHADOW OF CORONA ON THE INDIAN ECONOMY

THE IMPORT and EXPORT TRADE OF INDIA

USA is the world's largest importer and 2nd largest exporter. Only to Indian EXIM trade it contributes 15.88% to exports and 6.92% to imports being the 3rd largest export partner and 5th largest import partner of India. Another great contributer is China which is the 5th largest export partner and 2nd largest import partner of India with a share of 5.08% and 13.68% respectively. Due to the high number of COVID-19 patients in these two countries and supply chain of India will be disrupted. As many Industries of the country are dependent on the imported materials of these two economies for their Intermediate products they will be hit badly. India exports a lot of products too which will hit mainy the Pharmaceutical Industries, Chemical Industry as well.

 THE AUTOMOBILE SECTOR OF INDIA

Already, this industry was suffering through one of it's worse phases and then this lockdown added another destructions. The sales of cars and other vehicles has reportedly been going down and down. 

 INDUSTRIAL SECTORS OF INDIA

The industries that are important for our economy are:- Iron and Steel, Jute, Textiles, Sugar and cement. As the EXIM trades has been hold on pause for a while so these industries will be negatively affected too.

Also, since the construction works has been stopped until the lockdown so industries like Iron and Steel will feel the loss too.

 TOURISM INDUSTRY OF INDIA

According to the World Travel and Tourism Council the financial year of 2018-19 collected $240 billion or 16.9 lakh crore for India which contributed 9.2% to the GDP. As the international border is closed totally and all the means of transportation, other than necessary, has been banned; the economy will see a great decline in this figure.

We can only add relevant data and calculate the losses of after the end of the first quarter i.e. April-June 2020. 

•RECOVERING THE DEAD LOSS.

We have already talked a lot about the effects on the Indian Economy. We have been doing that for every crisis and loss, but what we don't do ever is we never come up with a solution, even if we do sometimes we don't execute. We only pass opinions. But but but here is my catch on How to save this Titanic from my aspect and knowledge level(that is way too less).

 STARTING OFF FROM THE GROUNDS

However, economy is suffering badly and the most affected people will be the Top business tycoons but still India needs to work from the very lower level of daily wages workers and labourers. Due to lockdown, they lost their jobs. There savings, if any, will all be spent in these 21 days for maintenance of their bread and butter and other essentials. If they are not given proper care on this critical phase it might lead to issues like malnutrition and even starvation. This will affect the HDI too. Also, one point must be taken in account always that Labours are the foundation to all the Industries and Factories.

 ACCELERATING THE GDP

GDP is used to measure the economic growth of a country. So, the question is What is GDP? It is the sum total of all the goods and services produced within the boundaries of an economy in a specific financial year. Now the second question arises is How can we accelerate the GDP? The economic downfall is not a worrisome subject matter to the state only but for its citizens as well. So, the responsibility must be the combined efforts as well. It is really a moment when everyone needs to come to the front and take a step forward. We all must consume the MAKE IN INDIA products to uplift the economy. 

Believe me, TOGETHER YOU-WE CAN.

These are my personalized views and opinions on the current situation. However, there might be some addition as per the knowledge levels of the readers. Kindly share your views in the comments. You can also add some more knowledge to it there.

THANKS AND APPRECIATION for your patience.