ISO 9001:2015

IMPACT OF COVID-19 PANDEMIC ON INDIAN ECONOMY

As it is well-known to everybody that the covid 19 was started in October 2019 in Wuhan city of China. At the moment moment it began to spread within the entire world. Almost 209 million cases of the virus had been recorded worldwide till now. The entire death has reached up to level of around 4.39 million. In India around 32.36 million cases of the virus had been recorded till now. The deaths have reached around 4.33 Lakhs in India. Everyday more cases are reported, and new countries enter the world Health Organization's (WHO) list of areas where the virus has been reported. The chading trends are seen in Europe and America. Given the overall public health risk, the WHO has declared an emergency of international concern. We have seen severe lockdowns. Variant people could lose their jobs over the approaching months. Consumers have also changed their consumption patterns, resulting in shortages of the various goods in supermarkets around the world. Global financial markets have registered sharp falls, and volatility is at levels similar, or above, the financial crisis of 2008-09. This traditional health economics approach underestimates true costs of this crisis. We’ve seen that in prior infectious diseases there is no vaccine (e.g., SARS, HIV/AIDS, and pandemic influenza). However, the available evidence from these prior outbreaks provides some information that will help us start wondering the overall implications of COVID-19. There’s still time for global policy makers to possess a coordinated policy response to the virus and its economic impacts. However, time is running out. Post-World War II, the common recession has increased the percent by about 2 percentage points. We live now in an exceedingly very different world compared with people who faced previous crises. Therefore, comparisons are dangerous, and in danger of errors. This time, we face a combined demand and supply shock, and economic tools are limited. Additionally, central banks exhausted their firepower during the great times. Hence we have to adopt a kind of strategy which is not enough to cover only Pandemic but also helpful in making Business and economy better.

 

Keywords: Covid, Economy, Education, Industries, Service Sector, Global Impact, Secondary Market.


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