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IMPACT OF COVID-19 ON INDIAN ECONOMY AND CHALLENGES AHEAD
Authors
Dr. Shahid Iqbal
Downlaod Center
Keywords
Covid-19 pandemic, Demand, Global Economy, Government, Indian Economy.
Abstract
The COVID-19 outbreak, which started in China in December 2019, has spread to 203 countries. Till date, over 1.5 million people had been affected by COVID-19 and about 80,000 people had died worldwide. We are in unprecedented times. The Covid-19 pandemic is spreading across the world and India is no exception. With the cases also rising exponentially in India, the Government introduced a 21-day national lockdown in first phase. The Indian economy is going through a major slowdown with COVID-19 coming into the picture, which was evident over the recent quarters even before the crisis hit. The economy expanded at a six-year low rate of 4.7 per cent in the third quarter of the current financial year. The outbreak has now presented Indian economy with new roadblocks, creating destructive impact on the world of work. The organizations have gone on a backfoot with such a crisis at the country. The impact of COVID-19 would be felt across sectors such as logistics, auto, tourism, metals, drugs and pharmaceuticals, electronic goods, MSMEs and retail among others. However, the extent of actual impact would depend on the severity and duration of the outbreak, which is still unknown. The government and various regulators have announced a series of measures to support corporates and individuals during the lockdown.
This paper spotlights the impacts of COVID-19 on Indian economy sector-wise and discussed the various challenges Indian economy may face in coming time. It presents the so far impact made by the Covid-19 pandemic on the economy and how markets and the economy have reacted sharply to the pandemic and its implications for businesses. The relevant data have been taken up from various reports of authentic agencies, journals, newspapers and websites. The paper concludes and gives clear picture of the overall impacts of Covid-19 pandemic on Indian economy.
IJCRT's Publication Details
Unique Identification Number - IJCRT2006648
Paper ID - 200690
Author type - N
Page Number(s) - 4736-4744
Pubished in - Volume 8 | Issue 6 | June 2020
DOI (Digital Object Identifier) -
No Of Downloads - 2041
Author Country - -, -, -, -, -, Science & Technology
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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Dr. Shahid Iqbal, "IMPACT OF COVID-19 ON INDIAN ECONOMY AND CHALLENGES AHEAD", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.8, Issue 6, pp.4736-4744, June 2020, Available at :http://www.ijcrt.org/papers/IJCRT2006648.pdf
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