Impact of Pandemic on Economic Environment of India With reference to the Retail Sector

ABSTRACT

In addition to the loss of human life, the COVID-19 pandemic has had a significant influence on the economic climate of India, which has resulted in significant disruptions to economic activities. The coronavirus pandemic is the worst thing that has happened to the world in the past year, and India, along with the other nations of the world, is taking action against COVID-19 by enforcing a lockdown, which requires people to stay indoors and isolate themselves beginning March 25, 2020. The effects of the lockdown that India has been under for the past 53 days are being felt across the entire economy of India, albeit to various degrees of intensity and with unpredictable outcomes. The fact that the service sector is responsible for approximately half of India's GDP is notable, and it was particularly heavily impacted by the first wave of the COVID-19 attack. This paper is an attempt to determine the impact that COVID-19 will have on the retail sector of the Indian economy. This sector is playing a significant role in the contribution of GDP, and the contribution of the unorganized retail sector or the informal sector cannot be ignored because of the large number of workers who are engaged in casual work, which accounts for about a quarter of the total workforce in India. This paper is descriptive in nature and is based on data and sources that have been published previously. India is currently experiencing significant trade deficits as a result of the widespread outbreak of the Coronavirus and the ensuing lockdown. As a result of the ongoing huge lock-down triggered by covid-19, over 10 crore workers in the unorganized and informal sector have been forced out of their jobs. It is anticipated that India's trade epidemic might be worth approximately US$ 348 million. Undoubtedly, the government has established a number of programs designed to stimulate growth in the retail sector;but, in order for retailers to be successful in their fight against covid-19, they must also adjust their business plans to account for shifting market conditions.