COVID - 19:- IMPACT ON INDIAN ECONOMY

COVID - 19:- IMPACT ON INDIAN ECONOMY.

GROUP 19. Name:- Vaishnavi Pandey (2113185), Student ID:- LWBLI21207 Name :- Vandana Singh (2113186), Student ID :- LWBLI21343 Name :- Vanshika Sharma (2113187), Student ID :- LWBLI21029 Name :- Vartika Mishra (2113189), Student ID :- LWBLI21408 Name:- Vidhi Sharma (2113190), Student ID :- LWBLI21378 Name- Vanshita Pandey (2113188) LWBLI21314 * ABSENT *.

ABSTRACT. The outbreak of the covid-19 pandemic is an unprecedented shock to the Indian economy. The economy was already in a parlous state before covid-19 struck. With the prolonged countrywide lockdown, global economic downturn and associated disruption of demand and supply chains, the economy is likely to face a protracted period of slowdown. The magnitude of the economic impact will depend upon the duration and severity of the health crisis, the duration of the lockdown and the manner in which the situation unfolds once the lockdown is lifted. In this concept we describe the state of the Indian economy in the covid-19 period, assess the potential impact of the shock on various segment of the economy analyze the policies that have been announced so far by the central government and the reserve Bank of India to ameliorate the economics shock and put forward a set of policy recommendation for specific sectors..

INTRODUCTION. We are in the middle of a global covid-19 pandemic, which is inflicting two kinds of shocks on countries: a health shock and an economic shock. Given the nature of the disease which is highly contagious, the ways to contain the spread include policy actions such as imposition of social distancing, self- isolation at home, closure of institutions, and public facilities, restrictions on mobility and even lock down of an entire country. These actions can potentially lead to dire consequences for economies around the world. In other words effective containment of the disease requires the economy of a country to stop its normal functioning. This has triggered fears of a deep and prolonged global recession. The world has witnessed several epidemics such as the Spanish flu of 1918, outbreak of HIV/AIDS,SARS (Severe acute respiratory syndrome), MERS (middle East respiratory syndrome) and Ebola. In the past, India has had to deal with diseases such as the smallpox, plague and polio. All of these individually have been pretty severe episodes. However the covid-19 which originated in China in December 2019 and over the next few months rapidly spread to almost all countries of the world can potentially turn out to be the biggest health crisis in our history. Many experts have already called this a Black Swan event for the global economy. THANK YOU By- Vaishnavi Pandey ( 2113185).