Covid -19 crisis and Indian economy: Challenges & solutions
Dr. Parmila, Dr. Namita
The rampant spread of COVID-19 outbreak, across borders and geographies, has severely impacted almost the whole world and triggered significant downside risks to the overall global economic outlook. Due to the lockdown announced by the Indian Government, the economy has brought down the economy on its knees, impacting both overall consumption and investments. This has prompted several rating agencies to revise downward their FY 2020 GDP growth estimate for India in the range of 2.1–4.0%. For most businesses, the slowdown could be in the form of supply disruptions, fall in consumption demand, and stress on the banking and financial sectors. There will be no surprise to see a permanent impairment of a large section of the industry, which may lose the opportunity to come back to life again. The present paper is an attempt to highlight the impact of Covid -19 pandemic situation on the Indian Economy and suggestive measures to be taken for sustaining and reviving the same.