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Corona Virus and Economic Slowdown

“Aasman se gire aur khajoor pe aatke” is a famous Hindi saying which has come true for several people in 2020.

External and Internal environment have had continuous impact on our lives. But there at times in a person’s life wherein multiple crisis hits a person one after other.

Imagine plight of a person working in one of the world’s largest telecom company, banking transactions with a large reputed private sector bank and significant amount of savings invested in share market. In addition, with current lifestyle of having Home, car and consumer durables purchased on loan with more than half of current salary as EMI payments. The telecom company has gone into severe crisis due to competition impacting the employment of the person. All his banking transactions consisting of salary account and investments routed through Private sector bank caught in a fraud. Adding to the misery is the corona virus attack impacting a family member causing major financial strain.

How should this person deal with the situation?

What is the learning for others who are witnessing it?

Answers to above questions are not easy. This plight has been a reality for some people in India in 2020 and was flashback for others who had witnessed 2008 financial crisis leading to similar plight.

But ancient wisdom says always be prepared for worst phases of your life by ensuring accumulating significant financial security and proper asset allocation in financial investments.

Author:
Nityanand Jha, Assistant Professor of Management, Unitedworld School of Law (UWSL)

Disclaimer: The opinions / views expressed in this article are solely of the author in his / her individual capacity. They do not purport to reflect the opinions and/or views of the College and/or University or its members.

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