Analysing Influence of COVID-19 on Indian Economy and its Employee Market

Abstract

COVID-19 pandemic scenario is an outbreak for the entire world and their economies, but it has severely impacted our Indian economy due to either halt or slow-down across sectors and industries except a few. The Governments at Central and various state levels have tried there level best to bring minimize the negative impact of COVID-19 on livelihood of the citizens. The means adopted were primarily focusing upon the food security to underprivileged people across the nation, dedicated extra COVID healthcare funds, development of health related infrastructure, arrangement of medical equipment’s, medicines etc. with support of various ministries and defense forces, special incentives in health sector to boost their morale and recognize their committed efforts. However, in totality when looked upon a deficit was observed in terms of supply in comparison to the demand for several goods and services. The core reasons being unavailability/ lack of labor, raw material, lock-down rules, situation of uncertainty etc., all this resulting in slowing down the economic affairs in India, severally impacting the financial economy, employees and employment at large. The situation being so grim that either people were losing their lives due to Corona or due under tremendous pressure as a result of stress arising out of money and earnings, with many earning members no more alive or sitting idle with no employment. With a nation of size of India, which stood tall against the so called first wave in the year 2020 was carving out path out of the crisis situation, encountered the vital second wave in year 2021 (April onwards in volume). Huge crisis of immediate supply of Oxygen and few medicines created a situation of Havoc across nation. The current study attempted through secondary and primary data across sectors, to interpret the severity of impact of COVID-19 on overall Indian economy, with focus on analyzing aspects like use of virtual management system and employment scenario in specific.