Pandemic Financial Impact (Series-2)

By Professor Sanjay Rout

The book is a chapter written by more than 10 global authors. The book’s chief editor is Professor Sanjay Rout and Edited by Professor Prangyan Biswal , Published by ISL Publications. The book is available in all leading global stores. This book depicts Post pandemic situation effect on the financial base.

• Language: English
• Publisher: Lulu.com
• Release date: Jan 6, 2021
• ISBN: 9781716255502

Book preview

Pandemic Financial Impact

(Series-2)

Chief Editor

Professor Sanjay Rout

Sub-Editor

Professor Prangyan Paramita Biswal

Copy Right

Copyright ©2020, Professor Sanjay Rout (Author)

Publishing Right is with ISL Publications

All rights reserved.

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The chapter book written by multiple authors from various countries .All rights reserved to innovation solution lab. Any unauthorized reprint or use of this material is prohibited. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system without express written permission from the author/publisher.

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EDITORIAL NOTE

With the bountiful Grace of God Almighty. We have immense pleasure to pen a message on the editorial desk. Various authors of different institutions contributed their original book  paper on the Virus Economy(Series-II). This book chapter is a compendium of the discussions, sharing, interactions and feedback of the platform stag practically to express the views of the authors of the papers as the contents are purely their own views based on their knowledge, intake and initiations grabbed and experienced empirically and orally besides reading of the thematic definitions explanations from various sources and resources. Hence it is published here as their own originals for interring and interpersonal discussions. We are indebted to all the Professors, Research scholars, Students and other well-wishers who have contributed their papers and efforts with full commitment and conviction to make this publication meaningfully purposeful and successful with knowledge value and thematic conceptual credit. At this moment we make our Sincere thanks to Innovation Solution Lab team & all Global Researcher, Thinkers  in particular for their wholehearted support and encouragement for the successful publication. 

Chief Editor

Professor Doctor Sanjay Rout

Sub-Editor

Professor Prangyan Paramita Biswal

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Content

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IMPACT OF COVID-19 ON INDIAN ECONOMY

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Dr. M. Mahalakshmi

Assistant Professor ( A.V.C College)

About Author:

Dr. M. Mahalakshmi ( Assistant Professor) ,PG and Research Department of Economics, A.V.C College (Autonomous), Mannampandal,Mayiladuthurai, Tamil Nadu, India .Her area of specialization is Development Economics with  18 Number of Publications.

Abstract

The Covid-19 pandemic continues to unfold worldwide, with direct effects on Peoples’ health and deepening socio-economic impacts. A number of countries have begun lifting lock down and containment measures but these continue to affect large numbers of works, significantly reducing economic activity and working time. However, some countries have already begun the process of replacing the policies restrictions to make a new normalcy for purpose of gradually reopening the business. Huge decline in consumption demand that will continue into the period after the lockdown is lifted. IMF (April 20, 2020) projected that the global economic growth could be constructed around by-3% in 2020 from2.9% in 2019. They also experience additional challenges lined to their precarious legal status, the associated restrictions on their mobility, and the physical and mental distress stemming from forced displacement from their home countries (ILO, June 2020).

Keywords: Indian Economy, GDP, Pandemic, Covid-19, Virus, Disease, Crisis, Strategies.

1.1 Introduction

The Corona virus disease Covid-19 pandemic, which originated in the city of Wuhan, China, has quickly spread to various countries, with many cases having been reported worldwide. As of May 8th, 2020, in India, 56,342 positive cases have been reported. India, with a population of more than 1.34 billion second largest population in the world will have difficulty in controlling the transmission of severe acute respiratory syndrome coronavirus 2 among its population. Multiple strategies would be highly necessary to handle the current outbreak; these include computational modeling, statistical tools, and quantitative analyses to control the spread as well as the rapid development of a new treatment. The Ministry of Health and Family Welfare of India has raised awareness about the recent outbreak and has taken necessary actions to control the spread of Covid-19. The central and state governments are taking several measures and formulating several wartime protocols to achieve this goal. Moreover, the Indian government implemented a 55-days lockdown throughout the country that started on March 25th, 2020, to reduce the transmission of the virus. This outbreak is inextricably linked to the economy of the nation, as it has dramatically impeded industrial sectors because people worldwide are currently cautious about engaging in business in the affected regions.

1.2 Literature Review

Jitender singh & Bhag Singh Bodla studied that Covid-19, Pandemic, Indian Government announced complete lockdown in the country starting on March 24, 2020 and the same was extended to 3rd May, 2020 in the second phase. Though the lockdown was necessary and inevitable so as to prevent the faster spread of Novel Coronavirus (Covid-19) and to save lives of people of the country, it is going to affect the various sectors of our economy severely. The Banking and Non-banking finance companies (NBFCs) which are backbone of India's economy are not exception to the above. This article is an attempt to assess the impact of this pandemic on Banks and NBFCs due to lockdown which has resulted into closure of all commercial organizations, educational institutions, public and private offices, suspension of means of transportation, etc. The conclusion in this regard is based on the views expressed by several groups including economists, financial institutions like IMF, World Bank and consulting firms. Secondary sources of information are used to collect the required information. The article has indicated a very severe effect of lockdown on banks and NBFCs in case it prolongs beyond July 2020.Chain Shruti Agrawal et.al opinion the great depression of 1930 in which the global economy has faced the worst recession is now  facing the  global  pandemic  of corona  virus  that  has  laid  the adverse  effect  on all  the economic  activates  across  the  world. The sudden decline in economic activities due to the lockdown is unexpected in the history of India. The great economist Keynes has suggested the concept of trade business cycle after the great depression.  The four stage of trade cycle is considered to measure the growth rate and real GDP. International Monetary Fund (IMF) has projected the GDP growth as 1.9% and this shows the worst growth performance of India after the liberalisation policy of 1991 in this fiscal year as the corona virus has disturbed the whole economyManufacturing plays an importantrole inthe development of nations by contributing to the GDPs.  Manufacturing industries are themajor contributor in the global economy.  At present time industries across the world are focusing on the high value and high margin products. Now the production of the low margin and high volume products have shifted towards the low economies. Manufacturers have reported the disturbances in the manufacturing practices.

1.3 Objectives

To know the impact of Covid-19 on Indian Economy.

To find out the Impact of Covid-19 on Multiple Sectors of the Economy.

To study the impact of Covid-19 and Indian Exports.

To list out the Measures