INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
ABSTRACT
The COVID-19 pandemic has had a significant impact on the Indian economy, leading to disruptions in trade, investment, and consumption. The country saw a sharp contraction in its GDP in 2020, with many sectors struggling to stay afloat. The strict lockdown measures implemented to contain the spread of the virus resulted in a severe blow to the economy, particularly the informal sector. Millions of migrant workers were forced to leave their places of work and return home, leading to a loss of income and livelihoods. The pandemic also led to a decline in domestic consumption, as people were reluctant to spend amid the uncertainty of the pandemic. This, in turn, affected many sectors such as hospitality, tourism, and retail. The Indian government responded to the economic challenges by introducing several measures such as stimulus packages, loan moratoriums, and interest rate cuts. However, the impact of these measures has been limited, given the depth of the economic slowdown. Going forward, the Indian economy is expected to recover gradually, with the easing of restrictions and the rollout of vaccines. However, the recovery may be slow and uneven, with some sectors continuing to face challenges. Overall, the COVID-19 pandemic has had a significant impact on the Indian economy, highlighting the need for greater resilience and preparedness in the face of future crises.
Keywords:
Keywords: GDP, affectation, Advanced economies etc.
Cite Article:
"The Impact of Covid-19 on Indian Economy", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 9, page no.a60-a72, September-2023, Available :http://www.ijnrd.org/papers/IJNRD2309009.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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