IMPACT OF COVID-19 ON INDIAN ECONOMY

Abstract

Corona virus or Covid-19 is a family of viruses that cause many diseases in humans.   Which usually has cold or cough and its mare serious forms like SARS or MERS. Which is life threatening.With the increase in COVID-19 cases and death worldwide. The world Health organization declared the virus an epidemic in the Second week of March 2020. COVID-19 has crossed all borders in a very Short period of time. The first case of the COVID-19 pandemic in India was reported on 30 January, 2020, origination from china. ON March 24.Honarable Narendra Modi announced a 21days lockdown, making the situational emergency clear to the country. The outbreak of corona virus and subsequent nationwide band had a profound impact on the India economy. This reduced the Income of all Indian retailers who were selling non-essential items like cars, furniture, jewellery etc. Most companies are expected a huge drop in sales and job losses. In this case, the government announced a relief package of 1.76 lakh crore and aimed to reduced the impact of the lockdown. The central government extending the lockdown until 31 may India’s GDP growth rate may dip to 0%as per analyst estimates. The international monitory fund in its recent projections has estimated a 1.9% growth rate for India.