Study on Impact of COVID-19 on Indian Economy

Dr Nikita Arora, Vaishnavi Gupta

Abstract: March 12, 2020 was the day that the world saw WHO declare the covid-19 a pandemic. And, till this day, this deadly outbreak is ruling all over the world. This bioweapon has been travelling from the Wuhan province of China to all over the other countries and continents, drastically impacting the population, health systems, markets and the whole economy globally. The various lockdowns all over the world completely took the world by a standstill pressing a pause button for everything including the fiercely big economy of India. Everything was put to a halt be it personal vehicles, public transport, gigantic industries, small businesses, corporate giants. Even after so much, the situation about the virus is still unclear. This unprecedented event is impacting the economy of our country massively and many measures have been taken to help people in terms of healthcare and security, huge amounts of funds were collected fanatically but, due to the prolonged country lockdown, the impact of all this lead to the downfall of our economy in ways unknown. According to the ministry of statistics, the growth rate of India went down to 3.1 % due to the covid-19 as stated by the Chief Economic advisor of GOI. Many employees have been laid off, others given a sharp salary cut mainly impacting the service and manufacturing sectors. To control the situation, PM has announced a budget of Rs 20 lakh thousand crores. In this paper, we have tried to cast some light on the economic status of India in the time of covid 19 and what all is going on the economic fronts in the country.

Keywords: COVID-19, corona outbreak, Indian economy, worker lay off, Indian markets