( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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COVID 19 PANDEMIC AND INDIA’S ECONOMY: AN OBSERVATION

    1 Author(s):  DR GAUTAM PATIKAR

Vol -  11, Issue- 9 ,         Page(s) : 50 - 58  (2020 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Corona Virus disease 2019 (COVID 19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2. It was first identified in December 2019 in Wuhan, China and since spread globally, resulting in an ongoing pandemic. The COVID 19 pandemic is considered as the biggest global health calamity of the century and the greatest challenge that the humankind faced since the 2nd World War. COVID 19 has led to the loss of many lives and caused definite irretrievable damage to the society. But apart from this, the pandemic has badly hit global economy because of lockdown measures to prevent community transmission of this virus. Particularly in India, due to this pandemic the production is at all-time low, tourism and hospitality industry is badly affected, unemployment rate is all time high at around 23-24%, GDP is estimated to be negative. All together there is a financial crisis all over the world including India. In this paper, attempt has been made to assess and review the economic implications of COVID 19 Pandemic on India’s economy and to recommend suitable suggestions for minimising the impact of the shock on both the formal and informal sectors and pave the way for a sustained recovery. The novel Corona Virus spread has caused double crisis over India i.e. Health Crisis and Economic crisis. Meanwhile the economic crisis is hitting with force, throwing millions out of work by the day. Unlike health crisis, it is not class neutral, but hurts poor people most. The world economy is collapsing. The stock market of developed and developing nations are crashing, imports and exports are stopped. For minimising the impact on India’s economy and to revitalise it, few things have been proposed in this paper. However, the positive side of the Corona virus pandemic is that the global environment is rejuvenating and the nature is reset because of lockdown, the health infrastructure is improving significantly, dependence on internet particularly for education is increasing and personal hygiene is likely to improve. In spite of this, it is indispensable to control the source of disease and cut off transmission path. Thus, let’s all be optimistic enough to win over the pandemic in due course of time.

S. Mahendra Dev and Rajeswari Sengupta, April 2020
COVID-19: Impact on the Indian Economy
Indira Gandhi Institute of Development Research, Mumbai

PTI May 20, 2020
COVID impact: India Inc’s FDI dips 62per cent to USD976 million in April
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Accessed on July 10 2020
PTI May 15, 2020
Exports plunge by record 60.28per centin April; trade deficit lowest in 4 years
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Accessed on July 15 020

Prof KP Singh, 13 April, 2020
The Impact of Coronavirus on the Agriculture Sector of India
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Accessed on July 15 2020

Nidhi Singh, 30 April 2020
The Impact of COVID-19 on Travel & Tourism Industry in India and its Future
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Accessed on July 22 2020

Sanjay Singh Kumar, April 17 2020
Coronavirus impact: Bet on top-tier names in banking sector, avoid NBFCs
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Accessed on August 3 2020

Rudrasing Thapa, April 16 2020
COVID-19 effects on MSMEs
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Accessed on August 3 2020


SHIKHA GOYAL APRIL23 2020
What is the impact of Coronavirus on Indian Economy?
https://www.jagranjosh.com/
Accessed on August 15 2020

S RAVI May 11 2020
Impact of COVID 19 On The Indian Stock Markets
http://www.businessworld.in/
Accessed on August 15 2020

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