COVID-19 and its Impact on Indian Economy (original) (raw)
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IRJET- COVID-19 and its Impact on Indian Economy
IRJET, 2020
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.
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.
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.
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.
CHALLENGES FOR INDIAN ECONOMY DURING COVID-19 PANDEMIC
Dr. Rahul Thakur, 2024
The COVID-19 pandemic was a great challenge to the world economy. More than half of the world population is either under severe or partial lockdown without proper health care due to the coronavirus, and economic activity across countries has either stalled or significantly decelerated, taking away millions of livelihoods. India, being a densely populated country with insufficient health care facilities, was left with no choice but to follow the policy of lockdown. The world economy is heading for a recession, and India is no exception. The COVID-19 pandemic is working its way through a highly globalized world with interconnected production networks and financial markets. The fallout of COVID-19 on the Indian economy is going to be huge because of its own lockdown, which was essential to contain the spread of coronavirus, and also because of India's integration with the rest of the world. The study explores the effects of the pandemic on several sectors of the Indian economy and the challenges to be faced post-COVID-19.
COVID-19 and Its Impact on the Indian Economy
Vision: The Journal of Business Perspective
Pessimism looms large all over. COVID-19 has been projected as worse than the Great Depression of 1930. Everyday analyst and agency reports are diving into new bottoms of a fall-down in economic activities. Indian economy, however, has a slightly different story to tell at this hour of crisis. The silver lining for the Indian economy comes from a steep fall in the crude oil prices from around 70perbarreltoarecord18yearslowof70 per barrel to a record 18 years low of 70perbarreltoarecord18yearslowof22 per barrel. This windfall gain can, to some extent, offset the direct losses due to COVID-19. At the same time, dreams like a $5 trillion economy no longer look even a remote possibility. This article takes stock of the likely impact of COVID-19 on the Indian economy in the short term and the long term. A decision-tree approach has been adopted for doing the projections.
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 Impact of COVID-19 on Indian Economy and Need of a Tailored Response
International Journal of Advanced Research, 2020
Unprecedented health and economic crisis is unfolding across the globe. Even most developed nations are finding it hard grappling with COVID 19 menace. India, with its more than 90 per cent of workforce employed in informal sector, and half a billion daily earners, is particularly more vulnerable. Demand side shocks, supply chain disruptions, increased stresses on banking and financial sector, and weakening of rupee in the midst of global uncertainty has the potential to throw Indian economy in tailspin. Urgent times call for urgent reforms in public health sector to provide robust healthcare delivery to every citizen. Also, the time demands serious considerations of Universal basic income and urban reforms to decongest the cities.
Impact of COVID-19 on Indian Economy
international journal for research in applied science and engineering technology ijraset, 2020
The outbreak of coronavirus disease 2019 (COVID-19) has caused greater than 2,900,000 + confirmed instances in the world and pronounced in 210 countries as on April 26, 2020 Due to organic nature of the novel coronavirus, named severe acute respiratory syndrome coronavirus (SARS-CoV-2) with faster spreading and unknown transmission pattern, it makes us in a problem function to incorporate the disease transmission globally. To date many countries are in lockdown to prevent from people from coronavirus by this economy has been affected and has to bare the losses.
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.