Current Economic Issues

1. Introduction

1. Cryptocurrency is a digital or virtual currency that uses cryptography for security.
2. Unlike traditional currencies, cryptocurrencies operate on a decentralized network using blockchain technology.
3. Bitcoin, introduced in 2009, was the first cryptocurrency and remains the most well-known.
4. Blockchain is a distributed ledger technology (DLT) that ensures transparency and security through immutable records.

2.

1. Introduction

1. A recession refers to a significant decline in economic activity across an economy, lasting for months or years.
2. Supply chain disruptions occur when there are interruptions in the production, distribution, or delivery of goods and services.
3. Both issues have been exacerbated by global events such as the COVID-19 pandemic, geopolitical tensions, and natural disasters.

2.

1. Introduction

1. Atmanirbhar Bharat translates to "Self-Reliant India," a vision aimed at making India self-sufficient in critical sectors.
2. Launched in May 2020 by the Government of India during the COVID-19 pandemic.
3. Aims to boost domestic manufacturing, infrastructure, and innovation while reducing dependency on imports.

2.

1. Overview of Economic Impact

1. The COVID-19 pandemic caused a severe global economic contraction, disrupting supply chains and reducing demand.
2. India's GDP shrank by 7.3% in FY 2020-21, highlighting the pandemic’s impact.
3. Sectors like hospitality, tourism, and aviation were hit hardest, while IT and e-commerce showed resilience.

2.