Ahmedabad: When the world stopped in 2020 because of the Covid crisis, the economy fell, Lakh lost their livelihoods, and lakh others were forced to migrate to their home town.
A similar scene has played throughout the world from 1918 to 1920 because of an influenza outbreak.
Prof.
Agol Agarwal University of Ahmedabad has presented his paper on the theme ‘Impact of Pandemi in the Indian Banking Sector’.
In it, he mentioned that during the plague and influenza, West India – part of the Bombay Ershtwhile presidency – was very affected.
“There is no central bank such as Bank India’s reserve at that time.
Note shows that Bank Bombay or the Presidential Bank lost 37% of deposits,” he said.
“On the other hand, the joint stock bank is not much affected.
In fact, after this period, the banking sector grew with enthusiasm and industrial banks and insurance companies established.” He spoke at the second edition international conference on Indian business and economic history organized by IIM Ahmedabad (IIM-A).
The last day of the conference on Friday displayed a virtual round table.
Experts include Prof.
Chinmay Tumbe from IIM-A, Prof.
Guido Alfani from Bocconi University of Italy, Prof.
Bishnupriya Gupta from Warwick University, and Prof.
Tirthhankar Roy from the London School of Economics discusses the impact of the pandemic on the economy.
In his lecture, Prof.
Alfani said that Covid renewed the interest of historians in the past pandemic.
He said, “Not all pandemics result in economic revival, and often health crises cause deepening financial inequality, labor loss because of severe deaths, and the drop in GDPS.
Covid’s economic impact can be compared to influenza.” Prof.
Tumbe said that Covid and influenza came.
In the waves and result in bulk migration.
He also said that 1918 was considered the worst macroeconomic year in Indian history which was recorded because of a pandemic.
Prof.
Gupta said that after that saw an increase in women’s participation, but its impact, as shown by the study in the period 1921-1931, was short-lived.