Impact of Covid 19 on the Indian Economy

Author: Ms. Bharti, Assistant Professor in Commerce, KVA D.A.V. College for women, Karnal, India

Published On: 2022-09-03

The outbreak of the Covid-19 pandemic is an unprecedented shock to the Indian economy. The economy was already in a parlous state before Covid-19 struck. With the prolonged country-wide lockdown, global economic downturn and associated disruption of demand and supply chains, the economy is likely to face a protracted period of slowdown. The current pandemic circumstance has unfavorable profound effect on Indian business. Locally, the effect of the Covid pandemic COVID-19 could prompt log jam in homegrown interest. This will bring about disintegration of buying power because of occupation misfortunes or pay chops and hinder impact of conceded request will have a more drawn out enduring effect on various areas, particularly where request is optional in nature. India's genuine GDP exhausted to its base in more than six years during 2019-20. India's development for one year from now 2020-21 is gauge in the middle of 5.3% to 5.7%. The COVID-19, or Covid, pandemic has uncovered numerous shortcomings in the worldwide framework. In spite of our aggregated involvement with emergency the board, this infection has had the option to seclude us all in our homes. Corona virus has caused serious interruption for the Indian economy. The current Covid pandemic could prompt a four percent lasting misfortune to genuine Indian total national output (GDP). It is assessed for India's Gross Domestic Product (GDP) development rate to 1.9 percent for 2020-21. This will be the least after India recorded development rate at 1.1 percent in 1991-92.The COVID 19 has upset significant areas, it's unmistakably obvious that different areas the travel industry and avionics, telecom, auto area, transportation are most affected areas that are confronting negative repercussion of the current fiasco . In the given circumstance, with all the retail areas closing down their business the occupation of the laborers are at ideal danger. The Government of numerous nations has offered backing to the businesses to pay compensations to their workers. The current examination is attempted to contemplate the effect of COVID 19 in different areas considering the information which are auxiliary in nature, diverse proper factual apparatuses and procedures are applied for investigation and end.”

Keyword: Covid-19, Economic impacts, Benefits, pandemic, economic downturn, aggregate demand, supply chain