ECONOMIC CRISIS IN INDIA 2020: MEASURES TO V- SHAPED RECOVERY

Abstract

COVID-19 pandemic has not only infected and killed millions of millions people, but it has also negatively impacted the economy with varying degrees across the globe and in India as the economic activities were completely stopped during the lockdown period. Covid19 pandemic creates economic crisis in India FY2020. The paper attempts to examine the impact of COVID-19 on different key sectors of the Indian economy and offer policy suggestions to push the Indian economy on V-shaped recovery. The study has been found that Negative performance in industrial production, lower performance in PMI, increasing in unemployment, declining in the inflation due to lack of demand, decrease in forex reserves, decrease in private consumption, decrease in exports and increase in imports, increasing fiscal balance these all factors are creates a economic crisis in our country Fy2020. Therefore, the country should boost the all factors which are already hit by lockdown due COVID-19 pandemic. If country properly boosted all factors, leads to better performance in post COVID-19. Country needs to boost the MSMEs and domestic entrepreneurs, industrialist, farmers providing better incentives for increasing economic growth of nation. The government should be concerned about protecting the health of Indian Economy and should spend what is needed. The study conclude that Quick and sustained recovery measure (V-shaped recovery measures) are required to come out from present economic crisis which result of covid19 in India and creation of awareness about COVID-19 pandemic should be continuing. KEY WORDS: Covid19, Growth, PMI, Export and Import, Inflation, Fiscal Balance.