Paper Title
The Consequences of the Covid-19 epidemic on the Indian Economy
Article Identifiers
Registration ID: IJNRD_302395
Published ID: IJNRD2412071
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Keywords
COVID-19, economies, epidemics, countries, and governments.
Abstract
Aim/Background: The COVID-19 epidemic is one of those once-in-a-lifetime catastrophes that touches everyone on the planet and disrupts our lives. The epidemic, which has killed millions of people globally, is putting unprecedented pressure on governments to sustain crucial health and social services, as well as their economies, even as the virus threatens people's everyday lives on several grounds. Many nations have closed their airports and seaports after the proliferation of COVID-19. The operations of import and export have been outlawed. Thus, the goal of this study is to examine the pandemic's long-term economic consequences by estimating its costs using official economic statistics for both the world and India and examine the policies the Reserve Bank of India and the central government have so far announced to lessen the shock, and offer a number of policy recommendations for various industries. Furthermore, this study identifies potential economic, social, and political avenues for a post-pandemic world. Materials and Methods: This is a review article that offers a summary and tracking of the economic evolution of the COVID-19 epidemic from the beginning, synthesises and analyses current data from credible agencies, and provides an overall assessment. Results: The epidemic undoubtedly hurt economies and living conditions for many individuals in the short- and long-term. The precise extent of the destruction is yet unknown, despite estimations of its size. However, given the enormous uncertainty that the epidemic has brought about, it appears that the recovery will be delayed, protracted, and unpredictable. Conclusions: Since the short-term recovery routes of different nations are diverse, early economic growth predictions indicate that there won't be a typical rebound for the global economy. Governments should use flexible monetary and fiscal policies to achieve an equitable and durable economic recovery from the COVID-19 epidemic due to the uncertainty and a lack of faith. However, economies cannot grow either in the short or long term without fundamental reforms.
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How To Cite (APA)
Mehak Arora & Rajat Chopra (December-2024). The Consequences of the Covid-19 epidemic on the Indian Economy. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(12), a681-a685. https://ijnrd.org/papers/IJNRD2412071.pdf
Issue
Volume 9 Issue 12, December-2024
Pages : a681-a685
Other Publication Details
Paper Reg. ID: IJNRD_302395
Published Paper Id: IJNRD2412071
Research Area: Commerce All
Author Type: Indian Author
Country: HOSHIARPUR, PUNJAB, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2412071.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2412071
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