We found that there’s an evident impact of Covid-19 on the monthly income or earnings of families of PU students, all coming from different backgrounds and varying earning capacities of families. This is more than enough to understand that students and their families are facing a tough time surviving this pandemic and they will continue to do so since we don’t know how long before this pandemic will end.
Families have somehow survived till now but hoping for the same for the future is difficult because expenses have not been locked down while sources of income have. Even if somehow we manage to get through this today, we will have to compensate it with costlier dreams that students had like moving out of the cities for higher education or getting enrolled in various other courses, etc because all of that needs money and we don’t have that.
In future too, the money that we would be making will get spent on fulfilling the basic needs because our economy has slowed down or lagged which will result in unemployment and cutting down of salaries of employees followed by no bonus or added incentives, leaving us with no other option but to cut down on our aspirations as well.
Having said that, unemployment this is the biggest problem that we are facing now and we will continue to face it in the near future as well, Students have this fear of having no employment opportunities in the near future. According to CMIE, one in 4 employed lost jobs in March.
Moody’s investor’s service on Friday projected India’s growth at 0% for the current fiscal and said the negative outlook on the sovereign rating reflects increasing risks that GDP growth will remain significantly lower than in the past.
Slight changes in the income are the sign of a major financial crisis approaching us soon.