IN-DEPTH ASSESSMENT OF THE IMPACT OF COVID-19 ON INDIAN ECONOMY

Abstract

Mending the deteriorating state of the world economy caused by the outbreak of COVID-19 is the biggest challenge in the new millennium. The shocking effects of the pandemic have not only affected the socio-cultural lives of the people but have also stunned the economies across the world. The world economy is passing through great uncertainty in this pandemic situation. Economists predict that the economic impact of the pandemic could be worse than the world economic crisis of 1930. Indian economy is also not beyond the sphere of COVID -19. This pandemic has impacted all sectors of the Indian economy, whether it is primary or secondary or tertiary or even Quaternary. No part of the vital segments of the Indian economy such as trade, production, demand, tourism and business travel, investment, and investor sentiment has been spared from its harsh effects. Undoubtedly, COVID-19 has severely affected the Indian economy, but how profound was the impact of COVID-19 on the Indian economy? That is the question of this research paper. Thus, considering various indicators of economy such as GDP, unemployment rate, net exports, and GST collections, an attempt has been made here to compare the state of the Economy in FY 2020-21 with that of FY 2019-20 so that at least the immediate impact of COVID-19 on the Indian economy can be assessed. KEYWORDS: COVID-19, Indian Economy, GDP, Unemployment Rate, Net Export, GST