COVID-19 Impact on Indian Economy and Economic Remedial Measures In Overall Context of World Economy

COVID 19 pandemic has devastated the global economy, and India is one of the countries that has felt the full economic devastation of the pandemic. The pandemic led to the losses of jobs of millions of people. It also led to the abrupt halting of the economic activities in various sectors. It affected both the industrial production and services sectors of the Indian economy. The impact of the pandemic on the economy is evident in the GDP growth of the country for the first quarter (April –June) and the second quarter (July- September) of the fiscal year 2020. The country has experienced for the first time consecutive periods of contraction of GDP, which made it fall into a recession economy for the first time. However, some of the blame of the adverse impact of the pandemic on the economy may be heaped on to the government. The government implemented policies have adversely aggravated the economic situation currently faced by India. In addition, the government did not implement effective measures to deal with the economic fallout of the pandemic. Since the pandemic is unique and faced by the world for the first time, the current study looked at the impact, and some of the measures that may expedite the recovery of Indian economy.