What happens when no one spends money?Without regular incomes, without any social security, people are just about not spending money at all. This is evident from the photos and YouTube videos. Perhaps the owners might adjust to the new normal. They are capitalists and will have some bank balance. But their employees will not. Those who do not have any source of income will look to something else. The servant maids, for instance, will be back. The electricians and the plumbers will be back. Perhaps we will have the recently trained ones also entering such trades. And we will have millions buying something in bulk and selling them to customers within a ten-kilometer radius. Fruits and vegetables are still being purchased by the middle classes. Only such "sure" businesses will survive. No new mobiles, no new books, no new cars and what have you. Those employed directly or indirectly with each of these products will be very poor and will go through the toughest of times.
Customers cannot be blamed either. The disastrous demonetization and the hasty implementation of GST had already made the worst of economic scenarios. And then COVID -19 took over. Indians, as customers, will be very careful now. Every single pie saved now, will help them to tide over any crisis in the future. But the economy will tank and the net result is that there will be the poor, who will be left high and dry. They might spill over to the streets. This is another big social problem that is going to haunt us for another 48 months, at the minimum.