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IMPACT OF COVID-19 PANDEMIC ON INDIAN ECONOMY: AN ANALYSIS
Authors
Dr. Adepu Venkata Ramana
Downlaod Center
Keywords
Covid-19, Indian Economy, Agriculture, Industries, Services
Abstract
The outbreak of Covid-19 pandemic in China in 2019 is such one type of worst impact on world after influenza in the decade of 1911-20. The socio-economic conditions of every country and every person are affected by covid-19. The lockdown imposed by almost all countries in the world to prevent the virus spread, worsened the daily life of human beings.. There is decline in growth rate, production, employment opportunities, business transactions and increase in inflation etc. are economically impacted aspects. Due to the Covid-19 pandemic, the Governments have to take various measures like lockdown, diverting the funds to increase the health facilities, medicines and vaccines, support the front warriors financially and morally. The world economic growth rate declined as well as of India. This article is intended to understand the Covid-19 pandemic origin, spread worldwide, to assess the impact on Indian Economy and to know the sectoral changes in India during the Covid-19 pandemic. As per the data revealed by the Ministry of Statistics, India's growth rate was fallen to 3.1 percent in the Quarter 4 of the 2020 Financial Year. The unemployment has risen to 26% in April, from 6.7% in March 2020. The Indian economy was likely to lose $4.5 billion every day during the first phase of lockdown period from 25 March to 14 April 2020. The economic loss expected to almost $2.8 trillion in the country during complete lockdown period. The area sown under Kharif and Rabi crops and the production of wheat and rice has been steadily increasing over the years. The area sown under food grains in the Kharif cycle of 2021-22 was higher (743 Lakh Hectars) than in the previous year (732 Lakh Hectars). During the first lockdown period in March 2020, the industrial output declined in core industry and indices. All the sectors in Services registered negative growth in the covid-19 period. The negative growth is very high in respect to Trade, hotels, transport, communication and services related to broadcasting with -18.2 in 2020-21. Anyhow, the Covid-19 made learnt new things in all sectors of economy viz. work from home, online payments, increased use of technology, health awareness, telemedicine, social distance, online teaching and learning.
IJCRT's Publication Details
Unique Identification Number - IJCRT2203543
Paper ID - 217487
Author type - Indian Author
Page Number(s) - e711-e716
Pubished in - Volume 10 | Issue 3 | March 2022
DOI (Digital Object Identifier) -
No Of Downloads - 313
Author Country - India, 506009, Hanamkonda, Hanamkonda, 506009, Social Science All
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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Dr. Adepu Venkata Ramana, "IMPACT OF COVID-19 PANDEMIC ON INDIAN ECONOMY: AN ANALYSIS", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.10, Issue 3, pp.e711-e716, March 2022, Available at :http://www.ijcrt.org/papers/IJCRT2203543.pdf
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