COVID-19: An Overview of Economic Waves on Indian Economy

Abstract

 A worldwide pandemic that has a powerful disruptive in the world is the COVID-19 outbreak. It brought significant volatility and chaos, which are affecting investors’ confidence in Indian markets and the world. India is one of the emerging economies that hold the position of the fifth-largest economy by nominal GDP and third-largest by purchasing power parity (PPP), which has the second-largest population country in which the population size of about 1.3 billion after China in the world. COVID-19 emerged from China and started to spread all other countries rapidly and create a great impact on world countries. Most of the people lost their lives, resources, jobs, etc. As the whole countries in the world are struggling, the whole economy standstill, and it’s very difficult to overcome from the recession. The Indian government took a rapid decision to prevent the disaster novel Coronavirus or Covid-19 by launching the complete nation-wide lockdown for 40 days. The result of 40 days lockdown is direct output loss of more than 8 percent over time. There are the indirect impacts on
livelihoods of the unorganized workforce, and a sharp increase in corporate and banking stress, which are likely to further weigh on growth.