A Study on Impact and Effects of Covid-19 in Indian Economy

Registration ID: IJNRD_182355

Published ID: IJNRD2208035

: http://doi.one/10.1729/Journal.31189

Dr.D.Princy

COVID 19, Economics, Economics and Strategy, GDP Growth Rate, Sectoral Impact, COVID Relief Measures

Pessimism looms large all over. COVID-19 has been projected as worse than the Great Depression of 1930. Everyday analyst and agency reports are diving into new bottoms of a fall-down in economic activities. Indian economy, however, has a slightly different story to tell at this hour of crisis. The silver lining for the Indian economy comes from a steep fall in the crude oil prices from around $70 per barrel to a record 18 years’ low of $22 per barrel. This windfall gain can, to some extent, offset the direct losses due to COVID-19. At the same time, dreams like a $5 trillion economy no longer look even a remote possibility. A decision-tree approach has been adopted for doing the projections. The outbreak of COVID-19 brought social and economic life to a standstill. In this study the focus is on assessing the impact on affected sectors, such as aviation, tourism, retail, capital markets, MSMEs, and oil. International and internal mobility is restricted, and the revenues generated by travel and tourism, which contributes 9.2% of the GDP, will take a major toll on the GDP growth rate. Aviation revenues will come down by USD 1.56 billion. Oil has plummeted to 18-year low of $ 22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about USD 571.4 million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch. The crisis witnessed a horrifying mass exodus of such floating population of migrants on foot, amidst countrywide lockdown. Their worries primarily were loss of job, daily ration, and absence of a social security net. India must rethink on her development paradigm and make it more inclusive. COVID 19 has also provided some unique opportunities to India. There is an opportunity to participate in global supply chains, multinationals are losing trust in China. To ‘Make in India’, some reforms are needed, labour reforms being one of them.

Published Paper   E-Certificate

Dr.D.Princy (August-2022). A Study on Impact and Effects of Covid-19 in Indian Economy. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(8), 308-314. http://doi.one/10.1729/Journal.31189

Volume 7 Issue 8, August-2022

Pages : 308-314

Paper Reg. ID: IJNRD_182355

Published Paper Id: IJNRD2208035

Downloads: 000122255

Research Area: Arts

Author Type: Indian Author

Country: Chennai, Tamil Nadu, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2208035.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2208035

Crossref DOI: http://doi.one/10.1729/Journal.31189

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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