Scholarly Research Journal for Interdisciplinary Studies, Online ISSN 2278-8808, SJIF 2021 = 7.380, www.srjis.com PEER REVIEWED & REFEREED JOURNAL, NOV-DEC, 2022, VOL- 10/74
IMPACT OF COVID 19 ON INDIAN ECONOMIC DEVELOPMENT Prof. Sabiya Shaikh1 & Prof. Dattatray Katore2 1
Assistant Professor, Ajeenkya Dy Patil University Pune.
2
Assistant Professor, Ajeenkya Dy Patil University Pune.
Paper Received On: 25 DECEMBER 2022 Peer Reviewed On: 31 DECEMBER 2022 Published On: 01 JANUARY 2023
Abstract The world is currently undergoing repeated episodes of lockdown due to Covid 19 virus pandemic since from the first case detected in Wuhan city of China in December 2019. India being a developing country with world’s 17 percent population is not an exception to the Covid 19 virus spread and is one of the most severely affected countries in the world. India has witnessed repeated episodes of lockdown in response to recurring waves of Covid 19 spread. For a developing country like India which has world’s 17 percent population residing, the challenge is not only to save lives of people but to keep economic activities continue in order to provide employment to daily wage earners so that they can feed their families. Central government is also in need of financial resources in order to provide healthcare services and keep continuing other social and welfare schemes. The belligerent attitude of neighboring countries also pose different challenges and the government has to make huge expenditure on defense to face these challenges. In order to keep these necessities going, the economy has to keep growing at a steady rate. But lockdown has posed some serious challenges to keep economic activities going. This paper describe the impact of lockdowns on Indian industries in relation to various economic variables such as GDP, GNP, inflation, fiscal deficit, IIP etc. Keywords: Covid19 Pandemic, Impact on industrial sector, Macroeconomic variables. Scholarly Research Journal's is licensed Based on a work at www.srjis.com
Introduction The first case of Covid 19 virus was detected in Wuhan city of China in December 2019, since then the entire world is facing serious threat to lives as well as livelihood especially this part of the world which is characterized by large population, unemployment, poverty, scarcity of healthcare facilities, less per capita income etc. is greatly influenced. The first Covid19 case was detected in Kerala in late January 2020 following that Indian government introduced rigorous airport screenings for the corona virus (COVID-19). These Copyright © 2022, Scholarly Research Journal for Interdisciplinary Studies