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.