International Journal of Economics, Commerce and Research (IJECR) ISSN (P): 2250–0006; ISSN (E): 2319–4472 Vol. 12, Issue 1, Jun 2022, 1–6 © TJPRC Pvt. Ltd.
CONSEQUENCES OF COVID-19 ON INDIAN ECONOMY Dr. C. VIJAYALAKSHMI Assistant Professor Of Economics, Navarasam Arts And Science College For Women, Arachalur, Erode ABSTRACT 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
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. Key words: Covid-19, struggle, livelihood, lockdown, crisis.
Received: Nov 10, 2021; Accepted: Nov 30, 2021; Published: Dec 20, 2021; Paper Id.: IJECRJUN20221
INTRODUCTION The objective of this paper is to review the consequences of Covid- 19 on the Indian economy. The Covid 19 second wave has harshly bare and exacerbated existing accessibi lit y in the nation’s economy. India’s$ 2.9 trillion nation remains closed for the period of t h e confinement period, excluding a few indispensable services and actions. The familiar divisions of the economy have been most terrible strike by the world pandemic. India’s GDP reduction for the duration of April-June could well be over 8% if the informal sectors are measured. Every component of the main sectors of the country were affected negatively except the principal sector. The nation’s economy was facing headwinds much earlier than the arrival of the second wave. Tied with the civilized calamity and soundless action of the government, the Covid-19 has been released to the elements and aggravated existing unfairness in the Indian economy. The retrenchment of the country would maintain subsequently 4 quarters and a downturn is to be anticipated. One and all have the same opinion that India’s economy is bearing for its whole year reduction. The surveys carried out by the Centre for Monitoring Indian Economy proves a sharp rise in unemployment rates, in the series of 7.9% to 12% during the April to June quarter part of 2021. The COVID-19 pandemic has an effect on the manufacturing and the services sector like www.tjprc.org
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already weak economy may get a bigger bluster. Government of India be in need of persistently monitor the swiftness