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VOL. 10, ISSUE 11 (2023)
The impact of Covid-19 on Indian economy
Authors
Pranav Karthikeyan, V V Padmaja Veturi
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 crisis.
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Pages:46-52
How to cite this article:
Pranav Karthikeyan, V V Padmaja Veturi "The impact of Covid-19 on Indian economy". International Journal of Multidisciplinary Research and Development, Vol 10, Issue 11, 2023, Pages 46-52
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