Newsletter 5: September 10, 2020
COVID-19 Update:
Political Update:
Economic Update:
Newsletters
Newsletter 4: August 10, 2020
COVID-19 Update:
• The number of COVID-19 cases in Nepal has been surging in August. The total reported COVID cases are now 39,460 as of 31st Aug 2020. Recovered cases are 21,410 and deaths due to COVID are 207 cases.
(July was about 19,000 cases, recovered cases are around 14,000 and reported death cases are 56.) Negative news almost doubled from last month.
• Due to the increasing cases of COVID-19 in Nepal, on August 18, chief district officers of Kathmandu, Lalitpur and Bhaktapur decided to issue prohibitory orders for the three districts in the Valley for a week effective from August 19 midnight until 26th of Aug.
The order imposed by the Government restricts all the movement and closing down of all the offices and business except essential ones (such as banks, food delivery etc.) On 26th of Aug the Government decide to extend the lock down 2 until Sept 2.
• On 25th August The Himalayan Times reported that, Kathmandu valley on Tuesday reported 232 cases of coronavirus-infection in the last 24 hours. This is the highest number of infections detected on a single day in the three districts of the capital city.
• The first wave has just begun in Nepal. Many government offices are closed. Even if they are opened many staffs are present in the office. Only very-very important works can be done depending on case by case basis. For food and supplies we can go out in the morning before 9 after that everything needs be close. Even delivery of food has to be done before 9am in the Kathmandu Valley.
• Kathmandu city has now been on high alert due to the increasing number of COVID cases. The total number of COVID cases in Kathmandu alone is 3,455 with 18 reported deaths.
• Regarding the flights, on 26th of Aug, it was announced by Ministry of Culture, Tourism and Civil Aviation (MoCTCA) that chartered and regular flights can be implemented from Sept 2nd. 57 regular flights and 27 chartered international flights have been allowed to operate between September 2 and September 30. After that the ministry will again take decision as the situation evolves. But we are not sure about the information will go according to what is planned or not. I called Nepal Airlines Director and he said “yes its planned but the schedule is yet to be decided”. (I am finding out the schedule)
• However, only Nepalese and representatives of diplomatic missions, the United Nations and development partners will be allowed to fly into Nepal, with restrictions on foreign tourists until further notice.
• Nepal’s billionaire Vinod Chaudhary tested positive for Corona Virus recently. Jagdamba Cement which is one of the biggest cement companies in Nepal, CEO sadly passed away due to Corona according to news on 2020/8/1
Political Update:
• The controversies regarding trying to change the current Prime Ministry still continues. The panel has suggested that Prime Minister Oli should complete his five-year tenure, while executive chairman Prachanda be allowed to exercise full executive power over party affairs.
• Prime Minister K P Sharma Oli and ruling Nepal Communist Party’s executive chairman Pushpakamal Dahal “Prachanda” have held talks after the panel submitted its report suggesting ways to resolve the ongoing intra-party issues.
• Minister for Foreign Affairs Pradeep Kumar Gyawali have been talking virtually with State Minister of Foreign and Commonwealth Office of the United Kingdom. During the meeting, the Ministers exchanged views on various matters of mutual interest, including cooperation in the context of COVID-19 and climate change, according to a press release issued by the Ministry of Foreign Affairs.
• Ishwar Pokhrel, one of the senior leaders of the ruling Nepal Communist Party (NCP), who is also the Deputy Prime Minister and Defense Minister is under serious controversy for his alleged role in securing Upendra Koirala, his in-law, a coveted post of a member of the state-owned Rastriya Banijya Bank’s Board of Directors. This has led to the criticism of nepotism and favoritism. He has been in many other controversies including importing good from China through Nepal Army during the ongoing pandemic lockdown period.
• Most Indian News TV channels in Nepal continues to remained banned due to the controversies in Nepal – India relationship recently and many misunderstanding information led by the media.
• A virtual meeting in between India and Nepal took place on 17 August where the discussions were held on the status of implementation of the on-going projects under Nepal-India bilateral cooperation covering terai roads, cross-border railways, Arun-III hydropower project, petroleum products pipelines, Pancheshwar multipurpose project, post-earthquake reconstruction, irrigation, power and transmission lines, construction of Nepal Police Academy, integrated check posts, Ramayana circuit, HICDPs, motorable bridges over Mahakali River, agriculture and cultural heritage, among others, according to the Ministry.
• Ambassador of Nepal to Israel Anjan Shakya (who is a family friend of ours) and Israeli Foreign Minister Gabi Ashkenazi signed an agreement to this effect at a special function held at the Ministry of Foreign Affairs of Israel in Jerusalem. As per the new arrangement, diplomatic passport holders of Nepal and Israel can enter each other’s countries for 90 days without obtaining a visa.
• A cabinet meeting held at the Prime Minister’s Official Residence in Baluwatar recommend the names of joint secretaries Gahendra Rajbhandari, Tapas Adhikari and Ram Kaji Khadka as the Nepali ambassadors to Belgium as well as European Union, Pakistan and Germany, respectively.
Economic Update:
• Following three consecutive years of good economic growth averaging 7.3 percent per year, Nepal’s economy has experienced crisis in the agriculture, manufacturing, and the service sectors in the first half of FY2020.
• The tourism industry which is one of the major contributors to Nepal’s Economy continues to be hit by the pandemic. Growth in the service sector is now estimated at 1 percent, the lowest since FY2002, while growth in the industrial sector is estimated at 3.2 percent, a four-year low, due to the deceleration in overall growth.
• The global crisis induced by the pandemic initially impacted Nepal through the tourism sector, with arrivals from China dropping by around 70 percent in February and a full stop to the issuance of visitor visas taking effect in early March 2020, which has effectively dropped tourist arrivals to zero.
• Economy is negatively impacted due to decline in remittances and lower tourist arrivals from India, leading to an overall drop in arrivals of 4.3 percent (year-on-year), and an associated slowdown in tourism receipts. Remittance from abroad to nepal contributed 26% of the Nepal’s GDB last year.
• Also import export is halted there for many trading has been halting and affecting businesses of many. Moreover, the decline in aggregate demand led to a contraction in goods imports by 3.9 percent (year-on-year) in the first half of FY2020.
• As a result of the pandemic, services exports, goods exports, and remittances declined by 57.4 percent 62.1 percent, and 43.4 percent, respectively. Demand for consumption and production products, such as diesel and petrol, slowed, with many Nepalese experiencing job losses or the inability to out-migrate due to widespread travel restrictions.
• As a result of the impact of COVID-19, GDP growth in Nepal is estimated at 1.8 percent in FY2020, compared to 7 percent in FY2019. Government revenues have declined to by 51 percent between March and May 2020 compared to the same period in the previous year.
• Fiscal measures targeted by the government fall into three broad categories.
o First, there are immediate health measures aimed at increasing access to testing for COVID-19 infections and the establishment of quarantine facilities, as well as a waiver on customs duties for medical items related to COVID-19 such as masks, sanitizer, and surgical gloves.
o Second, to reduce the crisis’ impact on livelihoods, the government has implemented food distribution programs, extended eligibility for the Prime Minister’s Employment Program, and provided discounts on utility bills.
o Third, to provide economic support to firms, the government has deferred the payment of taxes and provided concessional loan facilities to severely affected sectors.
• “Foreign aid is a key funding source for Nepal’s development efforts. In the last fiscal, official development assistance made up 24 percent of the national budget, according to the Development Cooperation Report.” Kathmandu Post.
• Experts have been predicting that foreign aid to Nepal could go down drastically this year. “In the fiscal year 2018-19, Nepal received foreign aid totaling $1.79 billion from multilateral and bilateral donors and international non-governmental organizations, according to the Development Cooperation Report 2018-19 published recently by the Finance Ministry.” – according to Kathmandu Post. But assistance through funds created for specific purposes, such as aid to promote green technology, hospital etc, could go up as the money will be given for particular purposes only.
• Many construction works are continuing in the Kathmandu valley region even during the lock down 2. Although the pace is not normal however due to the monsoon season many companies are thinking to stop the construction work.
• Pokhara International airport (new international airport for Nepal) had reported completion of 59% of the physical progress in June even during lockdown and they are in the track to complete in time given which is July next year for physical construction. “The airport project faced a cement shortage during the lockdown but the problem has been resolved now. However, works related to the installation of runway lighting systems, communication and navigation, baggage handling and other equipment are expected to be delayed as the certain equipment and goods are stranded in Kolkata, India and Kerung, China.” – Kathmandu Post. This project tender was won by China CAMC Engineering.
• Many ADB projects for improvement of transmission lines have been announced recently in Nepal.
Newsletter 3: July 10, 2020
COVID-19 Update:
• In Nepal, the number of COVID-19 infected cases have been increasing since last month. At the end of June, it was about 13,000 but end of July it has increased to about 19,000 cases, recovered cases are around 14,000 and reported death cases are 56.
• From July 22nd, the Government of Nepal has decided to eased the lockdown. Before this there were many restrictions especially on vehicle movements that were only allowed basis the odd and even number plates. Now, there is a free movement of vehicles.
• The number of cases in the capital city Kathmandu was only around 8 last month, but as of 2020/7/28 there were 53 reported cases. 35 people were infected at the police headquarter in Kathmandu City itself. The number is not high as compared to other cities in the world. However, we need to understand that Kathmandu city is very small. All the cases till date were mostly from people coming from abroad but now cases are spreading within the community and inside the Kathmandu valley which makes Kathmandu dangerous too.
• After the lockdown was eased, many people travelled from India boarder to village then to Kathmandu city illegally by hiding on trucks etc, hence making Kathmandu dangerous. To contain spread in Kathmandu, from 29th of July, vehicles coming to the capital city Kathmandu between 7pm to 7am was announced to be banned.
• We are uncertain of the next regulations by the government due to many political movements in Nepal recently.
• Nepal has been facing a serious issue on supplies of necessary good as the shipments come via Indian boarder, which has been sealed due to COVID-19.
Political Update:
• Frequent protests are taking place in Kathmandu; demanding better quarantine facilities and proper handling of COVID-19 crisis by the government. A very bad example of ineffective quarantine facility is of a young man who died due to snake-bite during the course of treatment of Corona Virus while he had been put on a ventilator at Bheri Hospital in Nepalgunj. Due to bad condition of quarantine facilities in Nepal many incidents of deaths in such facilities have surfaced.
• As reported in last month’s report, India and Nepal have not yet been able to settle the Lipulekh area issue. According to information on 2020/7/19 Nepal Prime Minster addressed in the parliament that Nepal is in the side of truth and justice hence the area will be reclaimed. On 2020/7/28, India Dharchula District officer issued official letter asking officials to ban Nepalese to enter the area.
• Nepal Congress formed a 15 – member special committee under the coordination of industrialists and law makers to study the impact of COVID-19 on investment, infrastructure and employment.
• The debate over the Millennium Challenge Corporation (MCC) has surrounded the future of the project with uncertainty. Several protests have also erupted in the streets of Kathmandu against the project. Nevertheless, the main opposition party Nepali Congress is in full support of the compact, and wants it to be ratified by the parliament without any further delay. Nepal plans to utilize the USD 500 million grant from the project to construct and develop a cross-country power transmission line with India and upgrade sections of major highways to enhance connectivity.
• In Nepal, political power is very influential. However due to the rumors regarding the change of the current Prime Minister owing to his term being in near end, the people that we meet are unsure of the next government establishment and is skeptical to take on any additional works as the policies of the next Government might not align with the work.
• My plan is to keep on meeting with the concerned Government representatives so that I can gather as much as information as I can which will help us to plan our future businesses.
Economic Update:
• As the electricity demand in Kathmandu is growing, NEA (Nepal Electricity Authority) planned to build a power transmission network with the capacity to supply up to 1200 MW of electricity in Kathmandu. The NEA plans to construct a high capacity substation in Chobhar to ensure reliable electricity supply in Kathmandu.
• Hydropower being 99% of Nepal’s electricity source is highly affected due to the COVID-19. The construction of Solu Corridor transmission lines comes to a halt. The project of 132 KV has been suspended. The construction of the project and the corridor was to cover a 90-kilometer route from Siraha through Udayapur and Okhaldhunga to Solukhumbu. Similarly, the project of Chilime Trishuli 220 KV transmission line project has been affected due to COVID-19, lack of workers and construction materials.
• To address the current unemployment problems in Nepal, the Prime Minister Employment Program has been implemented with a budget of Nepalese Rupee 11.60 billion and with the aim of generating an additional 200,000 employment opportunities.
• The World Bank approved a $450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety.
• ADB approved a $3 million grant from its Asia Pacific Disaster Response Fund (APDRF) to further support Nepal in its fight against the coronavirus disease (COVID-19) pandemic.
• IMF approved a disbursement to Nepal under “Rapid Credit Facility” of around USD 214 million to help cover urgent balance of payments and fiscal needs stemming from the COVID-19 pandemic.
• The World Bank has approved USD 450 million (NPR 52.80 billion) projects to Nepal to help the country improve its road. The aid for road improvement is also expected to set course for post COVID-19 economic recovery by enabling greater cross-border trade, increase in jobs, better road safety, enhanced infrastructure facilities and sanitation at border crossing points.
• In the light of COVID-19, Non-Resident Nepali Association (NRNA) has started a fund-raising campaign in aid of the Nepali nationals affected by COVID-19 by setting up NRNA COVID-19 Relief Fund. The Association has committed NPR 10 million (USD 85,222) to the Government of Nepal.
• Recently, the World Bank has approved USD 100 million (NPR 11.73 billion) development policy credit to support the electricity sector of the country and help in its receiver from the COVID-19 crisis. The amount is expected to be used to improve the financial viability of Nepal Electricity Authority
• The new tourism budget has allocated NPR 19.42 billion (USD 165 million) for the construction and upgradation of international airports. The allocated amount is expected to be used for completion of Gautam Buddha International Airport (GBIA) and Pokhara Regional International Airport and the upgradation of Tribhuvan International Airport (TIA).
• Government has been promoting digital payments and has now introduced “National Payment Gateway”. Nepal Rastra Bank (NRB) has increased the transaction limits on digital payments.
• The Ministry of Physical Infrastructure and Transport was allocated a budget of NPR 138 billion (USD 1.176 billion) wherein many key projects have been prioritized such as:
o Kathmandu – Terai Fast Track
o International Airport Construction and Preparation (in Pokhara, Bhairahawa and Nijgadh)
o Tunnel Road Projects
o Melamchi Water Supply Project
Newsletter 2: June 10, 2020
COVID19 Update:
• With the corona virus pandemic continue and many migrant workers to Nepal returning, the corona virus case in Nepal has reached to about 13,000 cases. It was only 1400 cases last month. The main reasons of spread are due to 1.) migrants workers returning back home carry the virus, 2.) Many people cannot afford healthy livelihoods. 3.) Government has opened the lockdown of the country and many businesses have open resulting in free movement of the people.
• The government is still trying to increase its testing capacity and mobilize the resources to contain the virus however the increase in the spread has been difficult to contain. Most businesses are trying to adopt the new normal but it is not so easy due to lack of education and manners as Nepal is a developing nation compared to Japan.
Political Update:
• There have many controversies regarding the government spending during the pandemic. The local people have carried out strike even during the lockdown with the theme of “enough is enough”. The people have claimed that the spending of about Rs. 8.39 Billion for the pandemic response. The public did many strikes and asked the government to announce the break down to the public. The current government has not been very popular. They have ordered many covid19 response items from China where the government and businessmen have been accused of illegal business activities. Prime Minister of Nepal, H.E. Dr K.P. Oli during his address to the nation said that the spread of corona virus in Nepal was due to the failure of testing the Nepalese returning from India, and thus, urged the returnees.
• India has always been very close to Nepal. In terms of politics, financial cooperation, etc. However, since past few years the influence of Chinese government in Nepal’s development has had huge impact on India Nepal relations. Few weeks ago, India inaugurated a road near the India border which goes through Nepal, the relationship has worsened. India claims to be their land and Nepal claims to be theirs. In June Nepal officially released a map which shows that the area was in Nepal and India cannot build a road in Nepal’s land in order to protect Nepal’s land. The name of the area is called Lipulekh. India has object the new map of Nepal but not offered the diplomatic talks which Nepal had been offering since November 2019.
• Another political update is that there have many conspiracies to remove the current Prime Minister. Senior Ruling party (Nepal Communist Party) leaders have urged the current prime minster to resign claiming that he has failed to run the government. Some say that the forces to remove him is due to the new map he released for Nepal and there have been influence from India to remove him.
• Nepal’s 99% electricity comes from Hydropower. Nepal had seen many years of blackouts and load shedding during lack of electricity generation and supply. Since next year it is estimated that electricity is going to be over produced and there is potential to sell to Bangladesh and India. The government reforms and policies have not reached the point yet where Nepal can sell to India. It is estimated that more than Rs 25 million is expected to go for waste from next year. Even today there are many unscheduled black outs in the capital city due to poorly maintained of the infrastructure.
• From next year Nepal electricity authority (NEA) says that around 600 MW will be added by the public sector and 700 MW by private sector if things go smoothly. The total connected capacity of the country will reach 2,533 MW after 600 MW is added from projects run by NEA and its subsidiary companies, including 456 MW from Upper Tamakoshi and 700 MW from the private sector. The total installed capacity of the country reached 1,233.1 MW by mid-February, according to this year’s economic survey.
• Nepal had huge potential for electric cars. Since electricity generation is clean source of energy as well as the transport. But recently the government put taxes on electric cars. This has made electric cars buyers no more interested in purchasing one.
Economical Update:
• The world is slowly opening from the lockdown. Nepal has opened from lockdown partially. Hotels are said to be closed until Sept. of this year. Tourism is the main sector of income for Nepal. Nepal is hard hit. One of the major tourist spot called Thamel in the Kathmandu capital city claims that most of their businesses have been unable to pay rent and left their business. Around 200 shops have been reported to closed down permanently.
• Remittance from abroad is another source of income for Nepal, about 26% of Nepal’s GDP. During the lockdown from March to June, the remittances had dropped from around Rs 71 Billion in same month last year to Rs. 34 Billion this year.
• Many migrant workers have come back to Nepal and now the questions is; what will be their new path. Will they go back or will they help to contribute directly to Nepal by working in Nepal. The Government has started preparations establish “Labor Bank” to address job losses caused the COVID-19 pandemic. The Bank is targeting to employ 2 million workers in partnership with the private sector.
• In the month of June, Nepal investment board has allowed FDI worth Rs 185 billion. Nepal Investment Board which is led by Prime Minister KP Sharma Oli, who is also the chief of the board, gave the green signal to five hydropower projects and two cement manufacturing companies. Due to the pandemic the deadline for other projects such as China-Nepal Industrial park, Cable car, multimodel logistics terminal has also been allowed to be extended.
• ADB approved 200 Million USD concessional loan to Nepal for modernizing power supply, distribution system. The areas covered are expected to be Kathmandu Valley, Bharatpur and Pokhara area.
• Nepal Government has signed a MoU with Asian Infrastructure Investment Bank where the latter will provide loans worth NPR. 13.7 billion for implementing the Government’s plan on upgrading and expanding Nepal’s electricity distribution system.
• Banks all over Nepal made new arrangements to digitize remittance processing. This arrangement will replace the requirement of recipients to visit the Banks with documents.
• IFC (International Monetary Fund) a member of world bank group is providing a loan to Nepal’s bank NMB bank worth USD 25 Million for boosting finance for green projects and SMEs in Nepal. Such financial services for NMB bank has been expected to increase the SME portfolio to around 1 Billion USD by 2025 creating over 50,000 jobs in Nepal.
Newsletter 1: May 10, 2020
The world has come to a complete stand still due to COVID -19. Though the news of COVID-19 was making news from November 2019, it is astonishing to see that COVID-19 was not even discussed during the World Economic Forum Annual Meeting held at Davos in January 2020. Just 2 months later, all that the people can talk is about COVID-19, the implications on business environment, likeliness of people getting back to normalcy after the lockdown and timelines for when the vaccines shall be available. COVID -19 which is said to been originated from the wet markets of Wuhan, China has now engulfed around 4 million people worldwide with more than 250,000 deaths. The situation is extremely alarming and efforts have been initiated all around the world to control the same.
Impact of COVID-19 in Nepal’s economy:
IMF Chief Kristalina Georgieva said that the world economy is facing “severe” economic damage from the corona virus pandemic; which is worse than the 2009 Financial Crisis. The outlook for global economy is negative for 2020.
To talk particularly about Nepal, the GDP of Nepal in 2019 was around USD 30 billion. We roughly lose around USD 80 million worth of value for every 1 day that Nepal is in lockdown. Nepal is currently on its 47th day of lockdown. Now you do the Maths!!!
IMF has slashed Nepal’s economic growth projection from 6% (projection made in October 2019) to 2.5% due to COVID-19 and lockdown. Chief Economist of IMF stated that the main reason for lower economic growth projection of Nepal is due to the severe hit in tourism, travel and hospitality. ADB projected Nepal’s growth to be around 5.3% whereas World Bank forecasted Nepal’s economic growth to remain in between 1.5% to 2.8%
Nepal started the year 2020 with a positive note. The Government of Nepal officially launched Visit Nepal 2020. The Year 2020 was a year of tourism. The main aim of “Visit Nepal 2020” was to revive Nepal’s tourism industry after the devasting earthquake of 2015. A lot of government’s revenue was spent on the promotion of the Visit Nepal 2020. Hotels, airlines, travel agencies etc. were very optimistic about the year. The national campaign aimed to draw 2 million foreign visitors in this year. But due to the ill-fated pandemic, the campaign was officially cancelled on March 31 2020.
The tourism industry has been severely affected by the pandemic and lockdown. The executive committee meeting of Hotel Association Nepal (HAN), has decided to close hotels across the country for 6 months effective from 13 April, 2020 by paying only 12.5% of staff’s basic monthly salary. HAN has also urged the government to set up a Job Retention Fund to help hotels and businesses retain their staffs. Both international and domestic flights are not expected to resume until June end at the earliest. Hence, Nepal’s airlines are struggling, and talks are on-going of them merging in order to survive the expected post COVID-19 decline in travel and tourism. The airline industry is also negotiating with the government to propose a deal similar to that announced by the HAN.
There will be a significant decline in government’s revenue as well as 85% of the total government’s revenue comes from income taxes, capital gain tax, taxes on international trade etc. and with the slowdown in economic activity due to lockdown, the Government’s revenue is badly hampered. The other source of Government’s revenue is remittance. Remittance income, accounts for about 26% of Nepal’s GDP, and is one of the major sources of earning foreign currency. Moreover, 85% of total remittance comes from 5 countries (UAE, Saudi Arabia, Malaysia, Kuwait, and Qatar). With the global economy’s slowdown and decline in oil prices, lower demand for Nepalese migrant workers in these oil producing countries is expected, which will lead to decrease in remittance income for Nepal.
Impact of COVID-19 in Banking Industry in Nepal:
Nepal Rastra Bank had announced some relief measures such as discounts in interest amount and extension of the penal date until next quarter. But a spillover effect can be witnessed with the mentioned relief measure. Nepal is in complete lockdown since 24 March 2020. As, this newsletter is been written today, we are currently in the 47th day of lockdown. All the businesses, hotels, industries etc. are in complete stand still. Hence, how can these businesses pay their debts at a lumpsum?
Almost all the commercial banks have started to reduce the interest rates on savings account and fixed deposit account. The interest rates on Fixed Deposit has been revised from 9.25% to 8.25%. There have been speculations that the interest rates can be further reduced. (FNCCI has proposed to reduce the interest rate in Fixed Deposit from 8.25% to 7%).
Nepal depends largely on remittance for its foreign reserve. World Bank has estimated that remittance in Nepal will decline by 20% due to the worsened economic crisis. This shall have a spillover effect as Nepal’s main source of foreign currency earning is remittance and remittance is also a major source of deposit in BFIs.
It is understood that due to the standstill of economic activities, the demand for loans will increase substantially. However, due to the decline in the disposable income of citizens, the deposits in Banks will decline. This will certainly create stress in the CDD ratio.
Nepal is a country of SMEs. Due to the lockdown, the SMEs are vulnerable. It will be interesting to see how the BFIs will continue to fund to the SMEs if they fail to meet their current debt obligations.
Impact of COVID-19 in Nepal’s stock market:
The stock market of Nepal has been completely shut during this lockdown. This is shocking as now we have various technological platforms for online trading such as Nepal Stock Exchange Trade Management System and IPS Connect. The main reason why numerous people invest in stocks rather than real estates or any other private companies is that investment in stock provides liquidity to the investors. Closing the stock market in this dire time failed to provide liquidity to investors.
We believe that after the lockdown too stock market will drop as 65% of NEPSE consists of BFIs (commercial banks, development banks, micro finances, etc.). As the BFIs are not expected to perform well, this shall impact the stock market directly.
Conclusion:
This pandemic is a testing time for entire humanity. Nevertheless, just to be a little optimistic, the earth is thanking us for less pollution, less depletion of ozone layer, more greenery and more time with our family. This pandemic has certainly taught us far greater lessons. A lesson so important that we forget this in our day to day lives. Some of the lesson we need to keep in mind are, “Health is Wealth”, “Cash is King”, “Technology can save us”. Stay Safe!!!