The Impact of COVID-19 in Indian Economy – An Empirical Study

Abstract

The present pandemic situation has adverse deep impact on Indian business Domestically, the impact of the corona virus pandemic COVID-19 could lead to slowdown in domestic demand This will result in erosion of purchasing power due to job losses or pay cuts and slow-down effect of deferred demand will have a longerlasting impact on different sectors, especially where demand is discretionary in nature India's real GDP depleted to its bottom in over six years during 4Q 2019-20 India's growth for next year 2020-21 is forecasted in between of 5 3% to 5 7% The COVID-19, or coronavirus, pandemic has revealed many weaknesses in the global system Despite our accumulated experience in crisis management, this virus has been able to isolate us all in our homes COVID-19 has caused severe disruption for the Indian economy The current corona virus pandemic could lead to a four per cent permanent loss to real Indian gross domestic product (GDP) It is estimated for India's Gross Domestic Product (GDP) growth rate to 1 9 per cent for 2020-21 This will be the lowest after India recorded growth rate at 1 1 per cent in 1991-92 The COVID 19 has disrupted major sectors, it's clearly evident that various sectors tourism & aviation, telecom, auto sector, transportation are most impacted sectors that are facing negative repercussion of the present disaster In the given situation, with all the retail sectors shutting down their business the livelihood of the workers are at optimum risk The Government of many countries has given support to the employers to pay salaries to their employees The present study is undertaken 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 conclusion On the basis of finding recommendations are suggested to overcome these adverse situations © IAEME Publication