ECONOMIC IMPACT OF COVID 19 IN INDIA

Abstract

The present pandemic situation has adverse deep impact on Indian business. Domestically the impact of the coronavirus pandemic COVID-19 could lead to slow down in domestic demand. This will result in erosion off purchasing power do too job losses or pay cuts and slow- down effect deferred demand will have a longer-lasting impact on different sectors especially where demand is discretionary in nature. India’s real GDP depleted to its bottom in over six years during for Q 2019-2020. India’s growth for next year 2020-2021 is for-casted in between of 5.3% to 5.7%. The COVID 19, or corona virus, pandemic as revealed many weaknesses in the global system. Despite our accumulated experience in crises management, this virus has been able to isolate us all in our homes. COVID 19 has caused severe description for the Indian economy. The current corona virus pandemic could lead to a 4% permanent loss to real Indian gross domestic product (GDP). It is estimated for India’s gross domestic product (GDP) growth rate to 1.9% for 2020-2021 this will be the lowest after India recorded growth rate at 1.1% in 1991-1992 the COVID 19 has disrupted major sectors, it’s clearly evident that various sectors tourism and aviation, telecom, auto sector, transportation are most impacted sectors that are facing negative repercussions of the present disaster. In the given situation, with all retail sectors shutting down their business the lively hood of the workers are at optimum risk. The government of many countries as given support to the employers to pay salaries to their employees. The present study is under taken to study the impact of COVID 19 in various sectors considering the data which are secondary in nature, different appropriate statistical tools and techniques are applied for analysis and conclusions. On the basis of finding recommendations are suggested to over these adverse situation.