The Socio-Economic Implications of the Coronavirus Pandemic (COVID-19): A Review

This paper is designed to study the area of the role of Government. They play a meaningful role in the socio-economic transformation of the society from the implication of the coronavirus pandemic. For the study, an online questionnaire was conducted using a semi-structured questionnaire using a non-probability snowball sampling technique; the researcher has collected responses from100respondents. The study covers different aspects concerning socio-economic status, barriers in improving the income level, GDP level, consumption level, and Investment level of the people and whether the Government is significant in improving the standards of the people post the pandemic. All categories of people who are affected by this pandemic were surveyed by using Google forms and the extent of improvement after the pandemic in their social and economic status is studied. A small endeavor has been made to understand the stress and anxiety of the people during this pandemic and also how the Government will help in the transformation of society.


Introduction
COVID-19 pandemic has produced havoc worldwide. India is also going within a challenging situation, as the number of infected/positive cases increases day by day. With strict preventive measures and constraints by the Indian Government in the form of general lockdown, the citizens are going through a range of psychological and enthusiastic reactions, fear and uncertainty are one of them.
Labeled as a black swan event and likened to the economic scene of World War Two, the outbreak of COVID-19 (the disease caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-COV-2)) has had a damaging effect on global healthcare systems with a ripple effect on every aspect of human life as we know it. Sohrabi et al. highlighted the extent of the outbreak with the World Health Organisation (WHO) declaring the COVID-19 outbreak as a global accident on January 30, 2020. In response to flattening the curve, governments have enforced border shutdowns, travel restrictions, and quarantine in countries that compose the world's largest economies, sparking fears of an oncoming economic crisis and recession. In an endeavor to understand the turmoil effect on the economy, we summarise the effect of COVID-19 on unusual aspects of the world economy, centering on primary sectors, which include industries involved in the uprooting of raw materials, secondary sectors involved in the production of finished products and tertiary sectors including all service provision industries.
The resiliency of the agricultural sector has been tested by the COVID-19 crash. A global crash in requests from hotels and establishments has seen agricultural commodities drop by 20%.
Countries around the world have imposed several protective measures to contain the exponentially increasing spread. This incorporates social distancing, avoiding unnecessary travel, and a ban on gatherings. Advice on self-isolation upon contact with assumed carriers of the virus is likely to impact the number of available inspectors and performance staff critical to guaranteeing verification and transportation of products. This will have asserted implications for perishable goods such as meat and vegetables.
During a meeting at the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna on March 6th, a refusal by Russia to slash oil products triggered Saudi Arabia to retaliate with excellent discounts to buyers and a threat to pump cruder. Saudi, regarded as the de facto leader of OPEC, increased its provision of oil by 25% compared to February -taking production volume to an unprecedented level. This caused the most perpendicular one-day price crash seen in nearly 30 years -On March 23rd, Brent Crude dropped by 24% from $34/barrel to stand at $25.70. Although a deceleration in the number of COVID-related deaths has caused some stabilization of oil prices, there is still much possibility.
On the experience of a viral outbreak already dampening the oil demand, this oil-price war is prognosticated to have grave implications for the global economy. In more common times, cheap oil may have functioned as an advantage for economies. However, proceeds on petrol are unlikely to be redirected into more spending as populations are instructed to practice social distancing, and the working class is possible about job security. Furthermore, any increase to consumer activity is likely to be outweighed by damage caused to communities reliant on revenue from other forms of energy such as Shale gas.
A survey conducted by the British Plastics Federation (BPF) explored how COVID-19 impacts are manufacturing businesses in the United Kingdom (UK). Over 80% of respondents expected a decline in turnover over the next two quarters, with 98% admitting concern about the negative impact of the pandemic on business operations Importation issues and staffing deficiencies stood out as the key concerns for companies due to disruption to supply chains and self-isolation policies. Indeed, for many roles within a manufacturing company, 'working from home' is not a viable option. As the UK is adopting similar protective measures to the rest of the world, and due to the global overlap of supply chains, we can expect these anxieties to transcend borders. The Chemical Industry is predicted to reduce its global production by 1.2%, the worst growth for the sector since the 2008 financial crash.
COVID-19 has affected all levels of the education system, from pre-school to tertiary education. Different countries have introduced various policies, ranging from complete closure in Germany and Italy to targeted conclusion in the United Kingdom for all but the children of workers in key industries.
COVID-19 has affected communities, businesses, and organizations globally, inadvertently affecting the financial markets and the global economy. Uncoordinated governmental acknowledgments and lockdowns have led to a disruption in the supply chain. In China, lockdown restrictions significantly reduced the production of goods from factories, while quarantine and self-isolation policies decreased consumption, demand, and utilization of products and services.
COVID-19 has affected many other industries such as the Pharmaceutical industry, Hospitality, tourism and aviation, Real estate and housing sector, Sports industry, Information technology, media, research & development, the Food sector

Review of Literature
Roy, D., et al 2020, This study attempted to assess the knowledge, attitude, anxiety experience, and perceived mental healthcare need among the adult Indian population during the COVID-19 pandemic. Novel Corona Virus Disease (COVID-19) originating from China, has rapidly crossed borders, infecting people worldwide. This phenomenon has led to a massive public reaction; the media has been reporting continuously across borders to keep all informed about the pandemic situation. All these things are creating a lot of concern for people leading to heightened levels of anxiety. Pandemics can lead to heightened levels of stress; Anxiety is a common response to any stressful situation.
Torales, J., et al 2020, The current outbreak of COVID-19 coronavirus infection among humans in Wuhan (China) and its spreading around the globe is heavily impacting on global health and mental health. Despite all resources employed to counteract the spreading of the virus, additional global strategies are needed to handle the related mental health issues.
Lee, J. 2020, The coronavirus disease 2019 (COVID-19) pandemic -and the social distancing measures that many countries have implementedhave caused disruptions to daily routines. As of April 8, 2020, schools have been suspended nationwide in 188 countries, according to UNESCO. Over 90% of enrolled learners (1.5 billion young people) worldwide are now out of education. The UNESCO Director-General Audrey Azoulay warned that "the global scale and speed of the current educational disruption is unparalleled." For children and adolescents with mental health needs, such closures mean a lack of access to the resources they usually have through schools. In a survey by the mental health charity Young Minds, which included 2111 participants up to age 25 years with a mental illness history in the UK, 83% said the pandemic had made their conditions worse. 26% said they could not access mental health support; peer support groups and face-to-face services have been canceled, and support by phone or online can be challenging for some young people.
Di Gennaro, F., et al 2020, At the end of 2019, a novel virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), causing the severe acute respiratory syndrome, expanded globally from Wuhan, China. In March 2020, the World Health Organization declared the SARS-Cov-2 virus a global pandemic. We performed a narrative review to describe existing literature about Corona Virus Disease 2019 (COVID-19) epidemiology, pathophysiology, diagnosis, management, and future perspective. MEDLINE, EMBASE, and Scopus databases were searched for relevant articles. Although only when the pandemic ends it will be possible to assess the full health, social, and economic impact of this global disaster. This review represents a picture of the current state of the art. In particular, we focus on public health impact, pathophysiology, and clinical manifestations, diagnosis, case management, emergency response, and preparedness.
Zhang, Y., et al 2020, This study aimed to investigate the immediate impact of the COVID-19 pandemic on mental health and quality of life among local Chinese residents aged ≥ 18 years in Liaoning Province, mainland China. An online survey was distributed through a social media platform between January and February 2020. Participants completed a modified validated questionnaire that assessed the Impact of Event Scale (IES), indicators of negative mental health impacts, social and family support, and mental health-related lifestyle changes. A total of 263 participants (106 males and 157 females) completed the study. The mean age of the participants was 37.7 ± 14.0 years, and 74.9% had a high level of education. The mean IES score in the participants was 13.6 ± 7.7, reflecting a mild stressful impact. Only 7.6% of participants had an IES score ≥ 26. The majority of participants (53.3%) did not feel helpless due to the pandemic.
On the other hand, 52.1% of participants felt horrified and apprehensive due to the pandemic. Additionally, most participants (57.8-77.9%) received increased support from friends, and family members increased shared feeling and caring with family members and others. In conclusion, the COVID-19 pandemic was associated with mild stressful impact in our sample, even though the COVID-19 pandemic is still ongoing. These findings would need to be verified in larger population studies.
Kazmi, S.S.H., et al 2020, This study aimed to investigate that the COVID-19 pandemic has caused havoc worldwide. India is also going through a challenging situation, as the number of infected/ positive cases is increasing day by day. With strict preventive measures and restrictions by the Indian Government in the form of nationwide lockdown, the citizens are going through a range of psychological and emotional reactions, fear and uncertainty is one of them. This study was conducted to explore the impact of Covid-19 and lockdown on the mental health of individuals.
Mamun, M.A., et al 2020, The study reveals that the novel coronavirus 2019 (COVID-19) pandemic has become a global concern. Healthcare systems in many countries have been pushed to the breaking point to deal with the pandemic. At present, there is no accurate estimation about how long the COVID-19 situation will persist, the number of individuals worldwide who will be infected, or how long people's lives will be disrupted. Like previous epidemics and pandemics, the unpredictable consequences and uncertainty surrounding public safety, as well as misinformation about COVID-19 (particularly on social media), can often impact individuals' mental health, including depression, anxiety, and traumatic stress.
Chatterjee, S.S., et al 2020, This study reveals the relapse rates of all pre-existing mental health problems are commonly seen to be increased during COVID 19.and also states that Quarantine is a stressful situation that increases psychiatric morbidity through many different pathways. And studies the Policy changes which can promote telepsychiatry services will play a significant role in during the pandemic.
Parshuram, C.S., et al 2020, Fatigue in physician trainees may compromise patient safety and the well-being of the trainees and limit the educational opportunities provided by training programs. Anecdotal evidence suggests that the oncall workload and physical demands experienced by trainees are significant despite duty-hour regulation and support from nursing staff, other trainees, and staff physicians.

Research Gap
An overview of the literature states that numbers of studies have been undertaken related to Pandemic. The determinants of these studies were similar, but methodologies varied. But a few studies have been conducted focused only on the awareness level, stress level, anxiety, etc. There is no evidence that any of the earlier research has not studied the object and scope of the topic, which is chosen in this present study. Therefore, keeping this in view, the present research has been taken up to study the current knowledge and awareness level of bodies regarding the pandemic and the role of Government. They play a significant role in the socio-economic transformation of the society from the implication of the coronavirus pandemic.

Statement of the Problem
The Government plays a significant role in socio-economic transformation among the society from the implication of the coronavirus pandemic. In light of these happenings, it was decided to conduct a study. Hence, this work entitled The Socio-Economic Implications of the Coronavirus Pandemic : A Review.
Objectives of the Study 1. To find out the current knowledge and awareness level of people regarding the pandemic. 2. To study the role of Government who are playing a significant role in the socio-economic transformation of the society from the implication of the coronavirus pandemic. 3. To study the stress level of the people during Pandemic.

Research Methodology
The research design is an exploratory study based on using multiple sources of evidence, namely semistructured questionnaires. The study is based on both primary and secondary data. The primary data is collected through an online survey by using a semistructured questionnaire using a non-probability snowball sampling technique. Secondary data is collected from the website, Documents, journals, Articles.

Survey Method
The primary data is collected through an online survey using a semi-structured questionnaire using a non-probability snowball sampling technique. Google forms have been used, and the response has been collected, from100 Respondents.

Tools and Techniques
The present study uses tables, charts, and chisquare tests for analyzing and interpreting the collected data

Scope of the Study
The scope of the study is confined to the 100 respondents from a different area in and around the Karnataka State. The study covers different aspects concerning the socio-economic status of the people during a pandemic, barriers in the income level, the stress level of the people, and the Government's significant role in improving the standard of the people post-pandemic. The study is confirmed to the period March to June 2020.

Hypothesis
H0: The role of Government in the socioeconomic transformation of the society from the implication of the coronavirus pandemic is not significant.
H1: The role of Government in the socioeconomic transformation of the society from the implication of the coronavirus pandemic is significant.
Limitations of the Study 1. The study is confined only to the Karnataka State. 2. Generally, most of the respondent were urban people and educated, the response from a rural area is neglected. 3. The study is limited to a few numbers only/and the results are generalized.

Impact on the Indian Economy Introduction
While Covid-19 may not have the scale of pandemics of the past (as of date), the economic damage has and will continue to affect more people than the disease itself.
It might be a mouthful, but here's a look at what's to come in the immediate future. Liquidity is expected to remain tight as the cost of borrowing in real terms will jump upwards. This is despite central banks' efforts to reduce interest rates. Banks and financial institutions will be under immense pressure as the fear of NPAs, insolvency, and bankruptcies increase multifold. The government will meet hyper demand for essential goods, while non-essential businesses will recover their receivables/outstanding money from debtors. New strategic alliances or business partnerships will not emerge during this period.
Adversely Affected Sectors 1. Apparel & Textile will get hit adversely due to disruption in labor supply, raw material unavailability, working capital constraints, and restricted demand due to limited movement of people and purchasing ability. 2. The auto sector (which includes automobiles and auto parts) will continue to face challenges because of a lack of demand, global recession, and falling income levels. 3. Aviation & Tourism is one sector that has the highest probability of going under without direct government intervention. In the next 12 months, it's highly unlikely people will travel for leisure apart from essential travel. 4. Shipping and Non-Food Retail -Nonfood retail chains and global shipping businesses will find these 12 months very challenging. 5. Building & Construction businesses are generally leveraged and will face the dual challenges of high-interest payments and lack of sales.

Sectors with a Possible Uptick 1. Digital & Internet Economy: Online based products & services companies will find new takers 2. Ed-tech and Online Education along with firms
involved with online-skill development 3. Online groceries 4. There will be a sudden spike in demand for Content, with digital content being in demand more than ever. 5. FMCG & Retail will benefit immensely. With continued fear, food-based retail chains and companies catering to low-ticket consumption demand will emerge as winners. 6. Specialty Chemicals: Firms dealing in Chemicals will see a jump due to increased demand for disinfectants, drugs, and medicines. 7. Pharma: Pharmaceutical firms are set to see growth in the near term.

Covid-19 Impact on India's Economy: Challenges & Solutions
There is no doubt that COVID-19 will have a large impact on the Indian economy. Concerning India, the discussion can be bifurcated into two parts -India's economy and its stock markets.
The recovery of the underlying economy will be slow, and it will take around two years for normalcy to come back across sectors. While the overall economy might take a hit because of the government lockdown, some sectors are set to see immense growth in the post-COVID era -FMCG, B2C specialized lenders, gold-dependent companies, food retail, and pharmaceutical companies, to name a few. Stock markets have a mind of their own, formed by the collective emotions + intelligence of millions. They are often skewed and aren't the best indicators of the underlying economy. Stock markets will have a strong recovery, not due to the fundamentals strength, but due to global liquidity, available for almost free (as interest rates tend to near zero). The availability of debt capital will be scarce in India, while equity capital will be available in plenty over some time. The above table analysis the social, economic profile and opinion of the respondents who are aware of the pandemic. Out of 100 respondents, 66% are males, and 34% are females. Among them, 34% have studied up to SSLC and are aged between 41-50, (30%) and are employees and businessmen. 60% of the respondent's income is between 1,00,000-300000. Among the respondents, the majority of them are small businessmen and employees.

Analysis and Interpretation
With regard to the Awareness of the Pandemic 12% agreed that the virus spreads through multiple modes like touching, kissing, sneezing, and food, 14% negated the notion of pets transmitting the virus, 10% believed that it is a highly contagious disease, 34% opinioned that washing hands frequently could stop the spread of infection and 30% said that fever as a symptom of COVID-19, which is known to be a major symptom.
With regard to the Attitude towards COVID-19 Pandemic 30% agreed to quarantine/ isolate themselves if they had a fever and cough, 42% opinioned that social distancing is essential to stop the virus from spreading, 6% believed traveling within the country to be safe during the pandemic and 22% said that patients recovered from COVID-19 infection should not be allowed to stay within the community at this time.
With Regards to the Anxiety towards the COVID-19 Pandemic 22% were preoccupied with the COVID-19 pandemic over the past week, 26% worried for themselves and their close ones, 10% found sleeping difficulty due to being worried about the pandemic in the past week, 30% reduced social contact, 6% avoided partying meetings, and gatherings and 6% avoided ordering food online last week. The above table showed that out of 100 respondents, 20.00 percent of the respondents are highly satisfied with insurance, 50.00 percent of the respondents are satisfied with insurance, 22.00 percent of the respondents are neutral about insurance, 8.00 percent of the respondents are dissatisfied with insurance and remaining 0.00 percent of the respondents are highly disappointed.
Secondly, out of 100 respondents, 6.00 percent of the respondents are highly satisfied with the information given to people through social media, 56.00 percent of the respondents are satisfied with the info given to people through social media, 24.00 percent of the respondents are neutral about the info given to people through social media, and 10.00 percent of the respondents are dissatisfied with the info given to people through social media and remaining 4.00 percent of the respondents are highly dissatisfied with the info given to people through social media.
Thirdly, out of 100 respondents, 8.00 percent of the respondents are highly satisfied with Food Kit distributed 42.00 percent of the respondents are satisfied with Food Kit distributed, 32.00 percent of the respondents are neutral with Food Kit distributed, 12.00 percent of the respondents are dissatisfied with Food Kit distributed and the remaining 6.00 percent of the respondents are highly dissatisfied with Food Kit distributed.
Fourthly, out of 100 respondents, 8.00 percent of the respondents are highly satisfied with EMI Postponed for three months, 46.00 percent of the respondents are satisfied with EMI Postponed for three months, 30.00 percent of the respondents are neutral with EMI Postponed for three months, 10.00 percent of the respondents are dissatisfied with EMI Postponed for three months and remaining 6.00 percent of the respondents are highly dissatisfied with EMI Postponed for three months.
Finally, out of 100 respondents, 4.00 percent of the respondents are highly satisfied with the Treatment of COVID patients, 28.00 percent of the respondents are satisfied with Treatment of COVID patients, 24.00 percent of the respondents are neutral with Treatment of COVID patients, 34.00 percent of the respondents are dissatisfied with Treatment of COVID patients and remaining 10.00 percent of the respondents are highly dissatisfied with Treatment of COVID patients.

Test Application
Chi-square Test H0: The role of Government in the socioeconomic transformation of the society from the implication of the coronavirus pandemic is not significant H1: The role of Government in the socioeconomic transformation of the society from the implication of the coronavirus pandemic is significant.  Table value of chi-square for 2 degrees of freedom @ 5% level of significance is 5.99

Responses Observed Expected (O-E) (O-E) 2 (O-E) 2 /E Values
Since the calculated value is more than the table value, the Null hypothesis is rejected. Hence the alternative hypothesis is accepted. Hence proved that The role of Government in the socio-economic transformation of the society from the implication of the coronavirus pandemic is significant.
Findings of the Study 1. Out of 100 respondents, 66% are males, and 34% are females. 2. Among them, 34% have studied up to SSLC and are aged between 41-50, (30%) and are employees and businessmen. 3. 60% of the respondent's income is between 1,00,000-300000 4. Among the respondents, the majority of them are small businessmen and employees. 5. With regard to the awareness of the Pandemic • 12% agreed that the virus spreads through multiple modes like touching, kissing, sneezing, and food. • 14% negated the notion of pets transmitting the virus. • 10% believed that it is a highly contagious disease • 34% opinioned that washing hands frequently could stop the spread of infection. • 30% said that fever as a symptom of COVID-19, which is known to be a major symptom. 6. About the Attitude towards the COVID-19 Pandemic • 30% agreed to quarantine/ isolate themselves if they had a fever and cough. • 42% opinioned that social distancing is essential to stop the virus from spreading. • 6% believed traveling within the country to be safe during the pandemic.
• 22% said that patients recovered from COVID-19 infection should not be allowed to stay within the community at this time. 7. With regards to the Anxiety towards the COVID-19 Pandemic • 22% were preoccupied with the COVID-19 pandemic over the past week. • 26% worried for themselves and their close ones. • 10% found sleeping difficulty due to being worried about the pandemic in the past week. • 30% reduced social contact.
• 6% avoided ordering food online last week.

Suggestions What can the Government do?
Like its counterparts across the globe, the Indian government has announced a slew of measures to prevent total collapse. However, it isn't enough. This works to alleviate some of the pain, not counter it. 1. Loosen its purse and spend money on infrastructure development -'Rebuild India, Rejuvenate India' 2. Public sector financial institutions need to be further capitalized and nudged by the RBI to lend out low-ticket loans below INR 1 Crore in the form of working capital to ensure that liquidity comes back into the system. 3. The banking sector needs to be nudged to pass on rate cuts induced by RBI to the borrowers. 4. Personal tax cuts & tax holidays for 6 -12 months can be adopted to revive consumption, which will help spur economic growth. These are not an exhaustive list of measures but could help alleviate the impact of COVID-19 on the Indian economy while stimulating growth.

Covid-19's Impact on Society
During the pandemic, people will be using digital mediums for content and entertainment. Events that require a massive gathering of people -sports, music festivals, theatre, etc. will take a hit for the next 12 months.
As the world overcomes this pandemic, discretionary demand will pick up as people become imprudent. Retail leverage in the world will hit new highs. The use of addictive material -tobacco, narcotics, and alcoholic beverages will jump multifold.
The next five years are going to be the golden period for media and entertainment. 3D/4D chat rooms and conference rooms will emerge rapidly. The largest chunk of media spending will shift from television to digital. Print media will cease to exist.
Businesses will experience an increase in productivity due to reduced staff. Remote work will see an uptick. The burden on local transportation infra will ease. Fewer roads, less traffic & pollution.

Conclusion
This may be the time to reset. Never before has the world come to a standstill where one can pick apart the many moving pieces -like Tom Cruise in Minority Report. We have the opportunity to rethink everything. If we do things right, we may fix challenges that face humankind -environmental damage, inequality, etc. More importantly, we must ensure something like this never happens again. History says that humankind has never learned from history. Let's hope that it's a thing of the past.