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The Potential Impact of COVID-19 on Indian Economy and Trade


Affiliations
1 Teacher, Atal Utkrisht Government Inter College, Tarikhet, Almora, Uttarakhand, India
2 Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
3 Faculty, University of Engineering and Technology, Roorkee, Uttarakhand, India
     

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The outbreak of the COVID-19 pandemic is an unheard of shock to the Indian economy and Trade. The virus that prompted a localized shock in China is now delivering a sizeable world shock. This learn simulates the possible have an impact of COVID-19 on gross home product and trade, the use of a fashionable world computable established equilibrium model. It fashions the shock as underutilization of labour and capital, expansion in worldwide exchange costs, a drop in tour services, and redirection of demand away from things to do that require proximity between people. The economy was already in a parlous nation earlier than COVID-19 struck. With the extended country-wide lockdown, global financial downturn and related disruption of demand and furnish chains, the financial system is likely to face a protracted length of slowdown. The magnitude of the financial effect will rely upon the length and severity of the fitness crisis, the length of the lockdown and how the situation unfolds as soon as the lockdown is lifted. This workout is illustrative, due to the fact it is nevertheless too early to make a knowledgeable evaluation of the full have an impact of the pandemic. But it does deliver the probable extent of impending world financial pain, mainly for creating countries and their possible want for assistance. In this paper we describe the nation of the Indian economy in the pre-COVID-19 period, determine the plausible influence of the shock on some segments of the economy, analyse the insurance policies that have been introduced so some distance with the aid of the central authorities and the Reserve Bank of India to ameliorate the monetary shock and put ahead a set of policy recommendations for particular sectors.

Keywords

COVID-19, Indian economy.
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  • The Potential Impact of COVID-19 on Indian Economy and Trade

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Authors

Rahul Tyagi
Teacher, Atal Utkrisht Government Inter College, Tarikhet, Almora, Uttarakhand, India
Simran Chand
Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
Sonakshi
Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
Sonika
Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
Soumya
Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
Sonal
Student, BBA First Year, University of Engineering and Technology, Roorkee, Uttarakhand, India
Veeralakshmi B.
Faculty, University of Engineering and Technology, Roorkee, Uttarakhand, India
Shalini Tyagi
Faculty, University of Engineering and Technology, Roorkee, Uttarakhand, India

Abstract


The outbreak of the COVID-19 pandemic is an unheard of shock to the Indian economy and Trade. The virus that prompted a localized shock in China is now delivering a sizeable world shock. This learn simulates the possible have an impact of COVID-19 on gross home product and trade, the use of a fashionable world computable established equilibrium model. It fashions the shock as underutilization of labour and capital, expansion in worldwide exchange costs, a drop in tour services, and redirection of demand away from things to do that require proximity between people. The economy was already in a parlous nation earlier than COVID-19 struck. With the extended country-wide lockdown, global financial downturn and related disruption of demand and furnish chains, the financial system is likely to face a protracted length of slowdown. The magnitude of the financial effect will rely upon the length and severity of the fitness crisis, the length of the lockdown and how the situation unfolds as soon as the lockdown is lifted. This workout is illustrative, due to the fact it is nevertheless too early to make a knowledgeable evaluation of the full have an impact of the pandemic. But it does deliver the probable extent of impending world financial pain, mainly for creating countries and their possible want for assistance. In this paper we describe the nation of the Indian economy in the pre-COVID-19 period, determine the plausible influence of the shock on some segments of the economy, analyse the insurance policies that have been introduced so some distance with the aid of the central authorities and the Reserve Bank of India to ameliorate the monetary shock and put ahead a set of policy recommendations for particular sectors.

Keywords


COVID-19, Indian economy.

References