IMPACT ON INDIAN ECONOMY DUE TO COVID-19
By-Aaditya Sinha
The purpose of the study is very important since the economy of our country which was already suffering is almost rattled in the COVID-19 Pandemic.
The reason for such a terrible condition is that majorly most of the rural Indian people are dependent on agriculture. Since the lockdown happened, these people who are daily wage earners, their source of income got over.
Statistics have shown that the growth of the Indian economy has reduced to 3.1% in the fourth quarter of a fiscal year. The major parameter to check whether the economy is rising or falling is to calculate nominal GDP or GDP (Gross Domestic Product).
Recently the GDP in the first quarter of the fiscal year has shrunk to roughly 23%. There are many steps taken by the government like many policies were given to people who earn less, one nation one ration card policy approved.
New education policy was also introduced which is expected to increase the economy of our country. The country however is still in partial lockdown because the COVID-19 cases are only increasing day by day.
The only rational step seems to understand and access the situation wisely and then decide “which sector needs to open when”. The situation is still critical, one has to think about it and if not accepted then at least one has to pretend to be normal in this situation because this is probably the “New-Normal”
Keywords: Fiscal Year, GDP, COVID-19, Pandemic, Sector, Agriculture, Economy, Policy
Read more at https://thelegisprudence.com/2020/09/23/impact-on-indian-economy-due-to-covid-19/
