The unexpected COVID-19 pandemic situation has adversely affected the Indian economy. Barely any sectors could escape the catastrophic effect of this pandemic. The migrant community was also affected by this crisis. The purpose of the study is to explore the impact of COVID-19 on key industries such as automotive, health, education, tourism, and many others, and also the condition of migrant workers is taken into account. In this analysis, secondary data were gathered. The study contains secondary information from blogs, journals, reporting from international agencies, research papers, government documents, and websites. Government support is important to save lives for the most in need (primarily unorganized market, refugees, and marginalized groups). Indian economics must adopt sustainable development models that focus on self-confidence, inclusive structures, and environmental policies. This study can be beneficial to education institutions, stakeholders, policymakers, governments, and society.
TopIntroduction
A pandemic of an infectious outbreak, the 2019 coronavirus disease or COVID-19, is currently undergoing worldwide. COVID- 19 is a severe acute coronavirus 2 syndrome (SARS-CoV-2) that belongs to a broad coronavirus family (CoV). The first case of the disease was registered in India on 30th January 2020. Since then, there were 19,925,604 Coronavirus cases, 16,293,003 Recovered, and 218,959 Deaths (as of 3rd May 2021). In conjunction with other successful measures, the Indian government took the earliest decision to lockdown, sensing the horrific situation. About 60% of people in the world were either under extreme lockdowns or under partial lockdown, which also means that economic development across the countries has either stopped or decreased dramatically by eliminating millions of lives without the required medical solution for the actively infectious virus Covid-19.
The Pandemic has the seriously damaged global economy and severely affected everyone. Rapidly crossing the borders, along the major arteries of the global economy, the epidemic has benefitted from globalization’s underlying interconnectedness – and fragility – that has transformed a global health crisis into a global economic shock that has reached the most vulnerable. India is largely disruptive in terms of the economic effects of the 2020 Coronavirus Pandemic. India’s growth decreased by 3.1 percent for the fourth quarter of the 2020 fiscal year following the Ministry of Statistics.
At this juncture, the Indian economy faces two key problems. First of all, a medical emergency that the country is protected from coronavirus spread (COVID-19). The key concern of the government is to save lives. Secondly, economic instability must be saved due to the coronavirus and global and national lockdown effects. Nearly all sectors were affected because domestic demand and exports collapsed sharply with some remarkable exceptions, which showed high growth. It was in fact, the worst recession since the 1930s of the Great Depression. The sectors most affected include tourism, automotive, metal, pharmaceutical, education, and the retail industry.
Different companies like hotels, airlines slashed employees’ salaries and redundancies. The country-wide lockout has abruptly halted almost all economic operations. Experience across the world does not vary because the virus spreads quickly across the globe. Many countries have also taken different steps to reduce the spread of the virus by strategies for social isolation, such as the shutting down of educational institutions, limiting employment and limiting people’s mobility from home.
The retail sector has been significantly affected because shopping malls and film theatres have been closed, restricting sales of essential goods and entertainment products. In many sectors, such as retail, building, transport and entertainment the income level is decreasing, especially for those that earn daily wages. Due to a lockdown effect which causes travel constraints, all the schools, colleges, universities and private companies opt to operate from a home culture approach. The cancellation of recreation, business trips, seminars, meetings, etc., majorly impacted travel and tourism industry.
For the goods that make almost 18 percent of the total India export Basket, i.e., textiles, clothing, and transport, it can demonstrate the maximum effect on the Indian industry due to the COVID-19 virus. The most significant exports in India, petrol, chemicals, and Stone and glass, will represent more than 40% of India’s total exports, respectively, showing restricted exposure. The sectors that are not as much dependent on the export markets, such as vegetables, plastic and rubber, animal products, food products, etc., face the lowest of the jeopardies of exposure.
It has disrupted global value chains (GVC), domestic production network, trade was seriously affected, services and MSMEs continue to be disrupted, thus affecting overall development and welfare. In 2020 after the disappointing year of 2019, the Asian Developing Bank (ADB) says Indian growth will remain restrained understandably.