Financial Depression-

It not only suggests the economic downturn peoples are going through but also the essentialism of
fourth need of human being that is money. A non-living component whose life is so highly valuable.
Well Before going deep into our topic I would like show one introductory video to summarize the
subjects and issues we will explain in the presentation.

As in the video I had given then e.g., of BMW and Rickshawalas but in reality, our life is a bicycle
where to keep balance we have to keep moving and most importantly earning.
However, Moving towards topic ......
Index

What is Economic Depression?

Economic depression is a sustained, long-term downturn in economic activity in one or more
economies. It is a more severe economic downturn than a recession,
Recession is nothing but a time when economy grows negatively upto two quarters.
It causes slowdown in economic activity over the course of a normal business cycle.
Economic depressions are characterized by their length by

1.Abnormally large increases in unemployment. -

As in the unprecedented time of corona crisis over 1.8 crore salaried jobs lost. Not only this but the
payment cut had affected large no. of people especially informal sector which led them to face
challenges economically.

2.Falls in the availability of credit (often due to some form of banking or financial crisis)-

Many of the companies from India like ola Uber Oyo Zomato had given lay off too many of their
employees which is not even mistake of the companies because they due to the covid crisis they
were not able to generate revenue to provide salaries.

3. Shrinking output as buyers dry up and suppliers cut back on production and investment-

Due to payment cut the workers were not able to buy the needy and essential things which
decreases demand and eventually slowdown the supplier’s production.

4.More bankruptcies including sovereign debt defaults-

as it's a saying what goes up also comes down. Sovereign debt issued by the national government in
a foreign currency in order to finance the issuing country's growth and development and if not giving
it highly affects country's GDP.

5.Significantly reduced amounts of trade and commerce (especially international trade) –

The clashes with China were rather bad as a crisis part globally but the negatively growing trade and
commerce was affected when India takes decision of Aatma nirbhar Bharat promoting our own apps
to use and the fallen trade is again coming back which is beneficial for some part of the country.
6.As well as highly volatile relative currency value fluctuations (often due to currency
devaluations) –

The government on recently had listed a bill, which proposes to ban all private cryptocurrencies in
India — such as bitcoin etc which had affected the investors in huge amount.

7.Price deflation, financial crises, stock market crash, and bank failures are also common elements
of a depression that do not normally occur during a recession.

Read history

Well rather than the historic research what people had gone through we must focus on the present
scenario.

So, India towards corona virus outbreak

1. Economist says India faces no more a recession but Depression which means that the GDP which
was falling quarterly as a recession had now increased a lot. the size of Indian economy has slump
down from 200 lakh crore to 130 lakh crores. In which from the power and electricity downfall to the
goods demand all had slowdown.

2.Credit health of Indian Companies sinks to 8 year low on weak growth-

Credit health simply means the the loan taken has increased then the assets.
The downfall in the GDP and Stock market was regularly seen in the previous day's which had
affected the budget if 2021 which was recently passed. Gov cuts sports budget by Rs 230 crore in an
Olympic year which directly impacts the peoples whose wages only depends on working in these
events.

3. As said previously Over 1.8 crore jobs lost since April and nearly 50 lakhs in July - I had talked
about it the payment cuts but unemployment had deeply affected daily wage workers and migration
workers in large amount. Surjit das who is a professor in jnu gad suggested to increase the coverage
of MNREGA which is an Act in an Indian labour law and social security that measure and aims to
guarantee the 'right to work'. But again, MNREGA budget has slashed down by 35 percent increasing
poverty line again in India.

4.Mr. Ravindra Dholakia former Indian Professor From IIM Ahmedabad had talked about the
increasing negative growth affecting middle class men. Although all these setbacks focus on
infrastructure will in 2021 will provide employment for many labour's which is good news in 2021
but again the agriculture sector in India is less focused and if focused gov can provide free guidance
for selling grains and increasing agriculture output.

But who was knowing that the second most sugar producing country is also having some bitter
truths NEXT?

1ST SLIDE - In April 2019, a local Indian newspaper reported a staggering increase in hysterectomies
which is removal of uterus surgically in the Beed district of Maharashtra.
The report began with a baffling question - Why many women in Maharashtra's Beed have no
wombs?'. It was reported that the cane cutting contractors are unwilling to hire female menstruating
labourers. The belief that menstruation and pregnancy are roadblocks in the everyday
labour process, and hinder the physical capacity of female labourers to carry out
daily wage work, drives this unwillingness.
And likewise, State data showed that 99 private hospitals in Beed district have carried out 4,605
hysterectomies since April 2016. Eleven of these hospitals have carried out more than 100
hysterectomies in the three-year period.

LAST SLIDE-Labourers often work in pairs; a husband and a wife are recruited and supervised by the
mukadams (jobbers-cum-foremen), acting as links between the factory and the cane cutting teams.
A typical working day is 12 to 13 hours long, with women devoting additional time performing
unpaid domestic labour such as cooking, fetching clean water and childcare. Each migrant couple is
paid an uchal, or an advance of Rs 50,000 and Rs 1,00,000 (Rs 250-300 for a day), with a fine, or
khada, ranging from Rs 500 to Rs 1000 for each day of missed work .

It leads them to work for the financial cause even at the cost of their wombs.

THERE ARE WOUNDS THAT NEVER SHOW

ON THE BODY THAT ARE DEEPER AND MORE HURTFUL THAN ANYTHING THAT BLEEDS. And if those
wounds are caused by money even more harsh.
Probably money isn't everything but everything needs money.

Over to more Sakshi for next case study.