A STUDY OF COVID-19 ON INDIAN ECONOMY

ABSTRACT

Objective: The COVID-19 outbreak has wreaked havoc on India's economy. This article examines how India has dealt with all of the country's severe economic problems and how it has dealt with them through various government programmes. Methods: This research article based on secondary data. Different secondary sources, such as websites, government publications, journals, magazines, and newspaper articles, are preferred for acquiring information. As a result, the utilisation of a comprehensive Literature Review approach was used to make the current research signi?cant. Results: All economic activity was halted as a result of the shutdown, and individuals lost their employment. Manufacturing and service industries have completely shut down. In India, during COVID-19 pandemic worker migration had begun. The covid-19 epidemic had a signi?cant impact on every economic sector (tourist, retail, manufacturing, aviation, infrastructure, stock markets, and etc.). Due to the COVID-19 pandemic outbreak in the ?rst quarter of 2020-21, India's GDP growth rate fell to -24.38 percent. However, the government's ?scal policies and the Reserve Bank of India's monetary policies aid India's economic recovery. India attracts foreign direct investment because major corporations have lost faith in China, and all manufacturing activity has moved to another country. India has made a concerted effort to attract these countries. Conclusions: In this COVID-19 pandemic, India implemented a strict lockdown, which resulted in higher unemployment, lower GDP growth, and starving people migrating. India faced a critical scenario during COVID-19 due to a lack of health facilities. However, new concepts were explored during Covid -19 pandemic such as work from home, digital education, and a growth in social media marketing.