CHALLENGES FOR INDIAN ECONOMY DURING COVID-19 PANDEMIC (original) (raw)
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COVID-19 is changing the world we live in for the worst, and almost all parts of the world are stuck with hung economies and people's lockdown in their homes. This pandemic is not only taking a toll out of health care systems and peoples' lives but also its impacting world economies and resulting in job losses, business disruptions and making us head towards one of the worst times ever for people on earth. Almost, all the industries are undergoing massive declines in their businesses, and the impact is that much gigantic of this pandemic, that they are projecting worse times ahead. This paper focuses on different industries, which are most affected by the pandemic and how this results in job losses and the world economy.
The Indian Economy COVID-19 and Beyond
Economic and Political Weekly, Vol 56, No.21, 2021
Deadly and frightening as it appears, it is still too early to estimate the severity of India’s Covid-19 second wave. Unlike the transatlantic countries where it appears to have peaked, India’s second wave is still trending upwards. While the second wave is more devastating, India’s unpreparedness is evident. India needs to recognise that such pandemics will come again. It needs to diversify and secure its supply chains, vaccine output, and upgrade its poor healthcare infrastructure. The Indian economy has been badly hit by the pandemic, with one of the highest output losses amongst major economies. One of the possible reasons for this is the limited fiscal support despite a stringent lockdown, with most of the heavy lifting done through monetary measures. Going forward, its economy needs to overcome several challenges before it can return to its former high growth trajectory.
The Impact of COVID-19 Pandemic on Different Sectors of the Indian Economy: A Descriptive Study
International Journal of Economics and Financial Issues, 2020
COVID-19 is changing the world we live in for the worst, and almost all parts of the world are stuck with hung economies and people's lockdown in their homes. This pandemic is not only taking a toll out of health care systems and peoples' lives but also its impacting world economies and resulting in job losses, business disruptions and making us head towards one of the worst times ever for people on earth. Almost, all the industries are undergoing massive declines in their businesses, and the impact is that much gigantic of this pandemic, that they are projecting worse times ahead. This paper focuses on different industries, which are most affected by the pandemic and how this results in job losses and the world economy.
A STUDY ON IMPACT OF COVID-19 ON THE INDIAN ECONOMY
Mukt Shabd Journal, 2021
The study is intended to emphasis the significant impact of COVID-19 a global pandemic situation on Indian economy. The economy was running as usual and suddenly at the end of the third quarter of the fiscal year 2019-20 a novel corona virus entered Indian Territory and starts to infect the peoples silently. Just within two months, it's been spread across the country, and survival gone typical in the normal course. The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. Almost all the sectors on Indian economy are badly affected due to pandemic Covid-19. Largest GDP contraction ever in FY 2020-2021 at-23% is witnessed. Also there is sharp rise in unemployment.
Impact of COVID-19 Pandemic on Indian Economy: A Critical Analysis
International Journal For Multidisciplinary Research
The global COVID-19 epidemic has repercussions across every industry. The health crisis became crisis for many sectors. Education in India is one such sector which was badly affected. There was worldwide lockdown during this pandemic.
COVID-19 and its Impact on Indian Economy
The economic impact of the 2019-20 coronavirus pandemic in India has been hugely disruptive. World Bank and credit rating agencies have downgraded India's growth for fiscal year 2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s. The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in FY21 and that the country would need a ₹70 lakh crore stimulus to overcome the contraction. However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations. Within a month unemployment rose from 6.7% on 15 March to 26% on 19 April. During the lockdown, an estimated 140 million (140 million) people lost employment. More than 45% of households across the nation have reported an income drop as compared to the previous year. In this paper we depict the condition of the Indian economy in the pre-Covid-19 period, survey the potential effect of the stun on different portions of the economy, examine the arrangements that have been reported so far by the focal government and the Hold Bank of India to enhance the monetary stun and set forward a lot of approach suggestions for explicit segments.
Impact of Covid-19 Pandemic on Indian Economy
The purpose of this study is to explore the impact of covid-19 pandemic on Indian economy during the lockdown period. The finding of the study reveals that the large people of the country lost their job for covid-19 pandemic. Moreover, the study also shows that the very significant impact on Indian economy under the lockdown period. Keywords: Slow down of Demand and Supply, Major survey of the data which were published difference institutions.
COVID-19 PANDEMIC, LOCKDOWN, AND INDIAN ECONOMY
Purpose of the study: This study focuses on COVID-19 pandemic and its consequences on Indian economy due to lockdown. It also focuses on the major sectors affected by COVID-19. Methodology: A comprehensive survey is conducted by reading the research articles, online website articles, and news related to the COVID-19 effect on the Indian economy. First, the Indian economy’s state was studied before the COVID-19 pandemic, next, studied the effect of the government measures taken for COVID -19 that is the effect of lockdown on the different sectors that affect the Indian economy. Lastly, some light is thrown on the business survival strategies during the COVID-19 pandemic. Main findings: The study shows the current and future probable GDP of the Indian economy. It also shows the sectors affected due to the COVID-19 pandemic and the strategies that are used for business survival. Implications of this study: An understanding of COVID-19 outbreak effect on numerous sectors that affected Indian economy. Novelty/Originality of this study: This paper gives an inimitable insight of the influence of COVID -19 on various sectors that influenced Indian economy.
Effect of COVID-19 on Economy in India: Some Reflections for Policy and Programme
Journal of Health Management, 2020
The outbreak of COVID-19 brought social and economic life to a standstill. In this study the focus is on assessing the impact on affected sectors, such as aviation, tourism, retail, capital markets, MSMEs, and oil. International and internal mobility is restricted, and the revenues generated by travel and tourism, which contributes 9.2% of the GDP, will take a major toll on the GDP growth rate. Aviation revenues will come down by USD 1.56 billion. Oil has plummeted to 18-year low of $ 22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about USD 571.4 million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch. The crisis witnessed a horrifying mass exodus of such floating population of migrants on foot, amidst countrywide lockdown. Their worries primarily were loss of job, daily ration, and absence of a soc...
CONSEQUENCES OF COVID-19 ON INDIAN ECONOMY
Transstellar journals, 2022
The outbreak of the primary case of covid-19 was announced in the southern state of Kerala in late January 2020 resulted in a meticulous struggle in economical activities. The majority of economies will lose at the minimum 3 per cent of theirs GDP. According to the statistical analysis, about 7.3% of the Indian economy diminished which seems to be a pathetic downturn ever expected since the department started comparing GDP stats quarterly in the early 1996. It brought a huge impact in the country's demands nearly, one crore menial workers lost their livelihood and entered their motherland at once the government announced 41days lockdown on 12th May 2020. But, the global rise is predicted to hike since a calculated 2.9 per cent in 2019 to 3.3 per cent in 2020 and 3.4 per cent in 2021. Consequently, the effect of corona virus anywhere there is an emergency on the healthiness of the people, contrarily already weak economy may get a bigger bluster. Government of India be in need of persistently monitor the swiftness of growth furthermore to grant essential support and assistance to the Indian Industries. In this paper, we have portrayed the unfavourable effects of Covid-19 on the Indian economy and the theoretical ways to prevail over the crisis.