Study On The Impact Of COVID-19 On The Indian Economy And Its Path To Recovery
Main Article Content
Abstract
India, one of the most populous and massive nations in the world, has been hit hard by the COVID-19 epidemic, which is quickly becoming a worldwide health emergency with serious financial ramifications. The world's greatest shutdown was imposed to contain the virus, which posed an unprecedented threat to India's already vulnerable economy. The informal sector, micro, small, and medium-sized enterprises (MSME), financial markets, and banking institutions are among of the areas that this research examines in depth as they relate to the Indian economy and the epidemic. It looks at the economy before COVID-19, during and after the lockdown, and at the possible long-term effects of the pandemic. Furthermore, the research delves into the policy actions taken by the Indian government and the Reserve Bank of India to lessen the impact of the economic shock and provides suggestions for encouraging a robust rebound. Healthcare preparedness, digital infrastructure, and financial sector stability are crucial in navigating the road to recovery, and the results highlight the need of specific policy measures to assist the most impacted sectors and segments of the population.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Carlsson-Szlezak, Martin Reeves and Paul Swartz “What Coronavirus means for the Global Economy”, BCG Henderson Institute, https://hbr.org/2020/03/what- coronavirus-could-mean-for-the-global-economy
Chaddha, N, A Das, S Gangopadhyay and N Mehta (2017), ‘Reassessing the Impact of Demonetisation on Agriculture and Informal Sector’, India Development Foundation (IDF), New Delhi, January.
Duflo, Esther, Abhijit Banerjee (2020), “A prescription for action: Nine steps after the next 21 days”, Indian Express, March 29, 2020.
Dev, S, Mahendra (2020), “Addressing COVID-19 impacts on agriculture, food security, and livelihoods in India”, IFPRI Blog, April 8. https://www.ifpri.org/blog/addressing-covid-19-impacts-agriculture-food-security- and-livelihoods-india
FAO (2020), “Covid-19 Pandemic: Impact on Food and Agriculture”, Food and Agricultural Organisation, Rome, http://www.fao.org/2019-ncov/q-and-a/en/
Himanshu (2019), “India’s farm crisis: decades old and with deep roots”, The India Forum, https://www.theindiaforum.in/article/farm-crisis-runs-deep-higher-msps-and- cash-handouts-are-not-enough
IMF (2020), “Policy responses to Covid-19”, International Monetary Fund, Washington DC. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses- to-COVID-19#I
Kapur, Dev and Subramanian, Arvind (2020), “How coronavirus crisis can be converted to opportunity to fundamentally strengthen Indian economy”, Indian Express, April 3, 2020.
Khera, Reetika (2020) “Covid-19: What can be done immediately to help vulnerable population”, Ideas for India. https://www.ideasforindia.in/topics/poverty- inequality/covid-19-what-can-be-done-immediately-to-help-vulnerable- population.html
Krishnan, Deepa and Stephan Siegel (2017), “Survey of the Effects of Demonetisation on 28 Slum Neighbourhoods in Mumbai”, Economic and Political Weekly, Vol. 52, Issue No. 3.
Mehrotra, Santosh, and Jajati K. Parida (2019):India’s Employment Crisis: Rising Education Levels and Falling Non-agricultural Job Growth. https://cse.azimpremjiuniversity.edu.in/wp-content/uploads/2019/10/Mehrotra_Parida_India_ Employment_Crisis.pdf
Narayanan, Sudha (2020), “Food and agriculture during a pandemic: Managing the consequence”, https://www.ideasforindia.in/topics/agriculture/food-and-agriculture- during-a-pandemic-managing-the- consequences.html
Rangarajan, C. and S. Mahendra Dev (2020), “A Safety net: Post-Covid”, Indian Express, July 3, 2020.
Ray, Debraj and S. Subramanian (2020), “India’s lockdown: An interim report”, Working Paper Series, National Bureau of Economic Research (NBER), No. 27282, May 2020.
RBI (2020), Monetary Policy Report, Reserve Bank of India, April 2020.
Sengupta, Rajeswari and Harsh Vardhan (2017), “This time it is different: Non- performing assets in Indian banks”, Economic & Political Weekly, 52(12), 25 March 2017.
Sengupta, Rajeswari and Harsh Vardhan(2019), “How banking crisis is impeding India’s economy”, East Asia Forum, 3 October 2019; https://www.eastasiaforum.org/2019/10/03/banking-crisis-impedes-indias- economy/
Sengupta, Rajeswari and Harsh Vardhan (2020a), "The pandemic and the package", Ideas for India, 4 June. https://www.ideasforindia.in/topics/macroeconomics/the- pandemic-and-the-package.html
Sengupta, Rajeswari and Harsh Vardhan (2020b), "Policymaking at a time of high risk-aversion", Ideas for India, 6 April.https://www.ideasforindia.in/topics/money- finance/policymaking-at-a-time-of-high-risk-aversion.html
Sengupta, Rajeswari and Josh Felman (2020), "RBI vs. Covid-19: Understanding the announcements of March 27", The Leap Blog, 7 April.
https://blog.theleapjournal.org/2020/04/rbi-vs-covid-19-understanding.html
Sengupta, R (2020), "Covid-19: Macroeconomic implications for India, Ideas for India", 24 March. https://www.ideasforindia.in/topics/macroeconomics/covid-19- macroeconomic-implications-for-india.html
Zhang, Xiaobo (2020), “COVID-19s Impact on China’s Small and Medium Size Business”, IFPRI, Washington, DC, https://www.ifpri.org/blog/covid-19s-impact- chinas-small-and-medium-sized-businesses