Impact of COVID–19 on Indian Economy: A Report

Abstract

The COVID-19 crisis will be penned down in history as one of the worst the world has undergone. Economically speaking, India is faced today with perhaps its greatest emergency since independence and ever since the pandemic has sneaked into the Indian Territory. It has claimed thousands of lives across the nation, virtually bringing the world economy to its knees with millions of people under lockdown. With thousands of death and challenges of not so well equipped medical system, this pandemic will devastate us financially as an economy and a nation. This paper examines the impact of COVID-19 on the global economy in general and Indian economy in particular. It also spells out policy changes to survive the downturn like to reduce uncertainty and improve growth scenarios by mobilizing all macroeconomic levers like fiscal, monetary and structural policies and retool and fortify the economy. It also emphasizes on sharing and implementing best practices to support workers both employed and unemployed to name a few so that we can together beat this virus back and create a more healthy and hopeful tomorrow.