PROJECT REPORT

(Submitted for the Degree of B.Com Honours in Accounting& Finance under

the University of Calcutta)

TITLE OF THE PROJECT

IMPACT OF COVID-19 ON VARIOUS SECTORS

SUBMITTED BY
NAME OF THE CANDIDATE – ASTHA AGARWAL

REGISTRATION NO. – 017-1211-2263-20

CU ROLL NO. – 201017-11-0542

NAME OF THE COLLEGE - The Bhawanipur Education Society College

COLLEGE UID – 0101201652

SUPERVISED BY
NAME OF THE SUPERVISOR – PROF. SAMREEN ALAM

NAME OF THE COLLEGE – The Bhawanipur Education Society College

MONTH AND YEAR OF SUBMISSION

JUNE 2023

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 SUPERVISOR’S CERTIFICATE
This is to certify that Ms Astha Agarwal a student of B.Com Honours in Accounting &
Finance of The Bhawanipur Education Society College under the University of Calcutta has
worked under my supervision and guidance for her project work and prepared a Project Report
with the title Impact of covid-19 on various sectors which she is submitting is her genuine and
original work to the best of my knowledge.

SIGNATURE –

NAME – PROF. SAMREEN ALAM

DESIGNATION- LECTURER

NAME OF THE COLLEGE- THE BHAWANIPUR

EDUCATION SOCIETY COLLEGE

PLACE: KOLKATA

DATE:

2
 STUDENT’S DECLARATION
I hereby declare that the project work with the title IMPACT OF COVID-19 ON VARIOUS
SECTORS submitted by me for the partial fulfillment of the degree of B.com Honours in
Accounting & Finance under the University of Calcutta is my original work and has not been
submitted earlier to any other University /Institution for the fulfillment of the requirement for
any course of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated in this
report from any earlier work done by others or by me. However, extracts of any literature which
has been used for this report has been duly acknowledged providing details of such literature in
the references.

SIGNATURE:

NAME: ASTHA AGARWAL

ADDRESS: KOLKATA

REGISTRATION NO. : 017-1211-2263-20

PLACE: KOLKATA

DATE:

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 ACKNOWLEDGEMENT

Any accomplishment requires work and effort of many people. This project is no different. I
have put in all my efforts to complete this project. However, it would not have been possible
without the kind support and help of many individual. I would like to extend my sincere thanks
to all of them.

I am highly indebted to my supervisor Prof. Samreen Alam for her guidance and constant
supervision as well as providing necessary information regarding the project and her support in
completing the project. I express my profound gratitude and deep regards to my college as well.

I would like express my gratitude towards my parents for their kind cooperation and
encouragement which helped me in completion of this project.

SIGNATURE WITH DATE

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 ABSTRACT

The outbreak of the Covid-19 pandemic is an unprecedented shock to the Indian economy. The
economy was already in a parlous state before Covid-19 struck. With the prolonged country-
wide lockdown, global economic downturn and associated disruption of demand and supply
chains, the economy is likely to face a protracted period of slowdown. The magnitude of the
economic impact will depend upon the duration and severity of the health crisis, the duration of
the lockdown and the manner in which the situation unfolds once the lockdown is lifted. In this
paper we describe the state of the Indian economy in the pre-Covid-19 period, assess the
potential impact of the shock on various segments of the economy, analyse the policies that have
been announced so far by the central government and the Reserve Bank of India to ameliorate
the economic shock and put forward a set of policy recommendations for specific sectors.

Covid-19 pandemic is affecting the Indian economy in various ways. It mainly affects on the
social and economical health of the country. With a view to control the spread of Covid-19
pandemic, the government of India followed various announcements and policies. Such as lock
down, social distancing, restrictions of mobility of people, closure of non essential commodities
and businesses etc. All such approaches of the government of India created both positive and
negative impact on the lives of people and overall on the economy of the country. Due to loss of
job and production, the demand supply chain was disrupted. And thus, the growth rate of the
economy and various important Sectors have been affected. The current paper is an attempt to
discuss various impacts of Covid-19 pandemic on Indian economy and measures taken by the
government of India to reduce its impact on the economy. The data used for the study is
secondary in nature and the suitable statistical tools and techniques are applied for analysis.

KEY WORDS: Covid-19, Indian Economy, Demand Supply Chain, pandemic

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 INDEX
S.NO. NAME OF CHAPTER TOPICS PAGE NO.

1. INTRODUCTION 1.1 Background of study 7-12

1.2 Literature review
1.3 Objective
1.4 Need of study
1.5 Research methodology
1.6 Limitation
1.7 Chapter planning
2. CONCEPTUAL FRAMEWORK/ 2.1 Conceptual review 13-22
NATIONAL AND 2.2 Advantages and
INTERNATIONAL SENARIO disadvantages
2.3 National scenario
2.4 International scenario

3. PRESENTATION OF DATA 3.1 Data analysis and 23-46

AND FINDINGS interpretation
3.2 Findings of the study

4. CONCLUSION AND 4.1 Conclusion 47-49

RECOMMENDATION 4.2 Recommendation

BIBLIOGRAPHY 50

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CHAPTER - 1
INTRODUCTION

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 INTRODUCTION

1.1 BACKGROUND OF THE PROJECT

The disease of Corona virus started in China in late 2019. However, in early 2021 it started to
spread to other parts of the world (Wu, et al. 2020). The eruption of the Covid-19 pandemic is an
exceptional stun of the Indian economy. The economy was at that point in a parlous state before
Covid-19 stuck. On and off the chance if Indian economy were an individual, its salary 2020-
2021 and 2021-2022 would be not as much as what it was in 2019-2020, this is the thing that the
most recent world Bank estimates let us know. It is enormous, exceptional, and financial torment
ahead. Both preparations and governmental issues should assume a significant job to reduce this
instead awful strategy can even wreck financial restoration. With the duration of interest and
flexibly chains, the economy is probably going to confront an extended time of hiatus. The size
of the financial effect will rely on the span of the wellbeing emergency- the term of the
lockdown, and the way where the circumstance unfurls once the lockdown is lifted.

Most businesses that figure out how to endure the COVID-period monetarily will be able to
develop successfully. As it’s been said, “You have to live, to be in the game”. When the world
sees through this pandemic, there will be a hope of interest in purchasing, travel, and the tourism
industry. The transportation, development material, metals, and product areas will likewise
observe an upswing. Businesses will reevaluate their technique of concentrating on deals without
productivity/benefit development. Associations guaranteeing heavy valuations just based on
deals development will no longer discover purchasers-center around benefit and benefit
development will be the new typical.

As per the survey of the consumer pyramids household, the level of employment in March2020
was a fight stage of 396 million and dropped to 114 millions in April2020.as per the rating given
by Acute Ratings, the Indian economy would have to suffer a loss of $4.5 billion on a daily basis
during initial phase of 21 days lockdown period as directed by the central government.
(“COVID-19 lockdown estimated to cost India $4.5 billion a day: Acute Ratings,” 2020). The
international monetary fund in march stated that it expected a global recession that would be as
bad as the 2007-08 financial crisis followed by recovery in 2021(Martin, 2020)

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1.2 LITERATURE REVIEW OF THE STUDY

. S. Mahendra Dev and Rajeswari Sengupta (2020): argued that the large size of the
population the precarious situation of the economy, especially of the financial sector, in the pre
pre-Covid 19 period, and the economic dependence on informal labor lockdown and other social
distancing measures would be hugely disruptive.

. Peterson Ozili and Thankom Arun (2020) found that a 30 day social distancing policy or
lockdown restrictions hurts the economy through a reduction in the level of general economic
activity and through its negative effect on stock price.

. Mr. Girish Jadhav (2020) revealed that when global economy is on a slow down mode no
emerging economy can grow at its normal pace. The Indian economy was already struggling and
the Covid-19 created more hurdles for it.

. Kit san Yuen, Zi-Wei Ye and Dong Yan Jin (2020)- highlighted nine most important
research questions concerning virus.

. Bloom et al. (2005) in their study about the possible impact of an avian flu pandemic on the
economy of Asia found that GDP of Asia was declined in 2006 due to psychological impact of
the pandemic.

. Sharma (2020) in her research article stated that due to the pandemic the unemployment rate
was increased and millions of people lost their jobs and livelihoods.

. Sengupta (2020) stated that the impact of Covid-19 pandemic was clearly appeared on the
GDP, which was noted the lowest, the rate of unemployment was increased and private sector
remained stagnant that lead cut off purchasing power of the consumer.

. ILO (2020): Covid-19 pandemic has been declared as the global disease. The pandemic has
created the worst impact on economy of the country. The rate of employment was dropped
badly. In the core sectors of an economy, economic activities become very slow or stagnant.

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1.3 OBJECTIVES OF THE STUDY

1. To study the influence of Covid-19 in India.

2. To study the impact of Covid-19 on different sectors of the Indian economy.
3. To find out challenges for different sectors in Indian economy.
4. To compare the economy before and after COVID-19.
5. To study the financial breakdown faced by the economy by the impact of Covid-19

1.4 NEED OF THE STUDY

The research paper is descriptive in nature. The paper summaries the impact of Covid-19 on
different sectors of economy in India. All the facts included in the paper are taken from
different sources published between the months of February, 2020 and June, 2020. The
discussion in this paper is all about impact of Covid-19 in India, talking about the impact on
various sectors like education, sports, tourism, entertainment, financial, etc. To stop the
critical spread of Covid-19 pandemic, the government of India has imposed countrywide
lockdown in India. Social distancing restriction on mobility of people, closures of non-
essential commodities etc, measures have been taken. In situation almost all economic
activities were stopped. The demand supply chain has become instable. To be back in the
routine life, the economy will take some time. Three core sectors of the economy were
impacted tremendously. The need is also to find out about the profitable sectors due to the
emerge of Covid-19, to find out how different sectors managed to survive themselves after
such a huge financial breakdown and how the government helped them. To measure the
performance of the companies during Covid-19.

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1.5 RESEARCH METHODOLOGY

The current paper is purely based on the secondary data available on various websites,
newspapers, research articles, magazines, various reports, journals etc. To know the impact
of Covid-19 pandemic on the growth of real GVA regression analysis is used. The study
design is descriptive. To formulate this paper, data has been taken from various articles
published in the month of March, April, May and June 2020 to understand the impact of
Covid-19 on the Indian economy, and its various sectors such as healthcare, education,
markets and pharmaceutical etc. information from various sources was used to study the
evaluation of the changes that occurred due to this pandemic.

SOURCE OF DATA: SECONDARY DATA

TYPE OF STUDY: It is based on analysis of Covid-19

PERIOD OF STUDY: The data series collected from the year 2019-2022

TOOLS USED: Tables and diagrams have been used to give the work a well defined view.

1.6 LIMITATIONS OF THE STUDY

1. The reader should bear in mind that the study is based on the keywords used in the search
for journal articles and these keywords might have omitted some appropriate journal articles
needed for this research.

2. The author’s unintentional personal bias could have influenced the findings of this
literature review.

3. Sample size is large. It is not possible to cover a large area to get the exact results.

4. It is based on the secondary data only, due to time constraints it is limited in some extent.

5. This project suffers a few drawbacks due to the limited time available to complete it. The
duration provided for it was not sufficient enough as the researcher has to study various other
subjects during the same duration.

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1.7 CHAPTER PLANNING
The study has been divided into four chapters. Brief overview of each chapter is provided below.

CHAPTER 1- Introduction: It contains the concepts and background of the project and the
literature survey.

CHAPTER 2- Conceptual Overview: It contains the meaning of the topic, services provided
by it and threats in it. It also contains the national scenario and benefits and challenges.

CHAPTER 3- Analysis & Findings: It contains data analysis and data interpretation and
findings of the study.

CHAPTER 4- Conclusion and Recommendations: At the end it contains conclusions and

recommendations.

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 CHAPTER – 2
CONCEPTUAL FRAMEWORK

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 CONCEPTUAL FRAMEWORK/NATIONAL AND
INTERNATIONAL SCENARIO
2.1 CONCEPTUAL REVIEW
COVID-19 is disease caused by a new strain of corona virus. Formerly, this disease was referred
to as ‘2019 novel corona virus.’ In other words, we can say that, a type of virus that causes
disease in humans and animals. In humans it usually causes respiratory infections that are not
serious, but that can sometimes cause more serious infection that can kill people. Definition
given by Oxford Dictionary, “Any of a group of RNA viruses that causes a variety of respiratory,
gastrointestinal and neurological disease in humans and other animals.” So far India is among the
Asian economies that are not deeply impacted. With ate number of Covid-19 cases nearing
9,533,471 cases and the death toll topping 138,657 (as per December 3 rd, 2020), the impact of
the virus on global sentiment, economic and otherwise, has been immense. While new afflictions
have been dealing in China- the epicenter of the outbreak- since the end of February, it is
spreading fast outside. New cases outside China surpass those in China, Italy and South Korea
being the worst affected. With more than 160 more countries reporting confirmed cases of
Covid-19, its implication on the global economy are more threatening that envisaged a month
ago. Covid-19 has affected the different sectors in the economy, which are given below:

2.1.1 IMPACT ON EDUCATION SECTOR:

According to a report of the Ministry of Human Resource Development, Government of India

there is 10725 private universities, 993 government universities, and 39931 colleges. Lockdown
has not just caused reduction in flow of cash or setback in profession but also affected the life of
school going children. The dropouts are the worst sufferers of lockdown. According to study in
IJIRMF class 1 enrollment increased by staggering 30percent after mid day meal was
implemented. This reveals that supply of food in comparison to education was the only reason
for Indian students to get enrolled then due to continuation in lockdown for longer period can
cause reduction in enrollment rate. Moreover, there are many universities in countries like
Australia, UK, Newzealand and Canada which are dependent on students from India. Due to
pandemic, Indian parents won’t allow their children to go to abroad for higher studies.
Universities and colleges are facing risk in area of student retention and recruitment. According
to a study it has been revealed that due to lockdown of educational institutions it is estimated to
affect around 600 million learners across the world. There is postponement in entrance exam of
engineering, medical, law, etc. some faculties and employees may face salary cut in private
sector. There are chances that private sector will avoid hiring new staff and faculty which will
result in lower efficiency. After the declaration of complete lockdown in the country all the
institutions were closed, competitive exams, board exams got postponed, until the sector decided
to initiate a revolution instead. The reform in the education sector during the pandemic is the
right example. For an old saying that necessity is the mother of all invention. Covid-19 has

14
pushed the education sector to take the online route for knowledge sharing and steering the
sector with technological advancement.

2.1.2 IMPACT ON ENTERTAINMENT INDUSTRY:

Due to the outbreak of corona virus pandemic government of India declared nationwide
lockdown. As a result, many big budgeted movies release date, the shooting of web series, and
daily shows had to be postponed. The financial express report says that there is a loss of 1062.5
crore in the first quarter of year 2020 in the film industry due to lockdown. (“Covid-19 impact
explained: How India’s film industry got hit and is preparing for a new normal,” 2020, para.1).
The Events and Entertainment Management Association recently conducted a member survey
with 170 companies that were affected by Covid-19. Some of key findings of reports are: Around
52.91 percent of companies resulted in 90 percent of their business being cancelled between
March-July 2020. Revenue loss up to 1 crore has been faced by around 107 companies. Around 7
companies envisage a 50 percent-80 percent retrenchment of their current workforce and 35
between 25 percent – 50 percent. Capital or debt from shareholders, venture capital funding need
to be raised by around 97companies.

2.1.3 COVID-19 AND STOCK MARKETS:

Stock Markets are crashing worldwide to record lows and affecting economic state of countries
worldwide, which shows the American and European market day, week, month and year based
stock market evaluation as on April 03, 2020. Dow Jones shows the fallout of -22.29% on
monthly and -20.08% on a yearly basis which will account for rising with the number of cases in
the United Sates ( Gormsen and Koijen, 2020). It is absurd to expect a fast-economic bounce
back from the current Covid-19 impact. Even though the financial emergency is unavoidable,
think about hard efforts by national banks and monetary specialists, to mellow the blow and
profound economic droop. The issue in the current situation is how rapidly and altogether the
general wellbeing challenge will be met; financial analysts cannot anticipate the endgame of this
emergency. The year 2020 is set to fall steeply in each locality of the world and substantially
over all divisions. In any case, it would rely upon how rapidly the pandemic managed, and the
approach decisions which the government took to help their economies. When this pandemic is
doing with commonality coming back to business and economy, the financial exchange will
begin moving positively, and recuperation would be quicker than anticipated. It is valid about the
market that whether it is the rectification or development, the two stages make the value or
securities exchange intriguing and worth taking exposures. Investors around the globe fear that
the corona virus pandemic will destroy the economic growth and the actions taken by the
governments may not be enough to stop the decline. Interest rates in various central banks of
different countries have seen the decline in interest rates in order to reduce the impact on the
banks, which in turn allows borrowing cheaper and helps in the encouragement of spending to
boost the economy again. Global markets have also recovered by some extent after the US

15
Senate passed $2 trillion corona virus aid bill in order to help workers and businesses in the
United States.

2.1.4 COVID-19 AND TRAVEL INDUSTRY:

More than 100 countries have travel restrictions due to Covid-19 which has affected the travel
industry the most. Data analysis from flight radar 24 shows that the number of flights over the
globe has seen significant fallout as depicted. The Indian tourism industry anticipated to book an
income of loss rupees 1.25 trillion in schedule 2020 as a dropout of the shutdown of hotels and
suspension in flight tasks after the beginning and spread of Corona virus pandemic. During
April-June, the Indian tourism industry is relied upon to book an income loss of rupees 69,400
crore, meaning a year on year loss of 30%. The travel and tourism industry in India have been
note worthy supporter of the country’s GDP. The division even creates an enormous employment
base. In this way, when, by mid-March, the well-known vacation spots in India began to shut
down, and the news on putting an end on flying started to make adjusts, as a whole began to
foresee the inauspicious fate of the travel industry in the country as of now.

2.1.5 IMPACT ON FINANCIAL SECTOR:

The impact of the pandemic on the financial sector of India was severe. The growth rates drops
to 3.1 percent in the fourth quarter of the fiscal year 2020. During the lockdown period around
14 crores, people lost their employment, as well as salaries were cut off many. There was a trade
impact of US$348 million due to Covid-19 and also India listed in 15 worst affected economies
across the world. Due to Covid-19 it has become difficult for banks to handle collaterals. Due to
lockdown there is increase in the number of defaulters which will ultimately affect the liquidity
in the economy. To tackle this situation RBI issued some measures which include- Auction of
some long term repos with tenor up to 3 years. A drop of 100 basis points to 3 percent of net
demand and time liabilities in cash reserve ratio. Maintenance of minimum CRR for daily basis
reduced from 100 percent to 80 percent. The existing policy rate corridor has been increased
from 50bps to 65bps by the central bank of India.

2.1.6 COVID-19 AND MANUFACTURING INDUSTRY:

The development of materials, just as fuel as people, has overall reached a stop. MSMEs solely
flexibly different industries, which has likewise quit working, bringing about decreased interest
and abrogation of requests as no matter how you look at it. Except for bottom line industries. In
any case, their demand for fundamental contributions from superfluous industries can’t be met.
The congregate industry has hit from various perspective because of the Corona impact. It takes
somewhat longer to show itself, as a few merchants detecting a chance to procure benefits in a
creating deficiency circumstances with an all encompassing agenda of conceded installments. An
ever-increasing number of representatives quite coming into work, because of government
orders, lessening the size of activities, with a resulting impact on quality, cost and volume. The
slower pace of banking tasks, shorter working hours, stuck and over-burden correspondence lines

16
lead to deferred cash exchanges, in this manner, raising money-related issues. The providers to
huge makers begin feeling the squeeze, and begin to withdraw, and play safe, to secure their
inclination, because their ability to tolerate insecurity is a lot lower than their large customers. At
last, because every one of these interferences, the end client additionally begins deferring
superfluous buys, and withdraws from the expending forms, by delaying their demands.

2.1.7 COVID-19 AND OIL INDUSTRY:

Oil prices have fallen to the new lowest since June 2001, as most of the world is in lockdown
state, and the oil demand is decreasing with every day. The vaccine for Covid-19 is around a
year away as per experts, which makes the lockdown situation assumed to go far till this
pandemic controlled. Apart from Corona virus, there’s a row going on between OPEC group of
oil producers and Russia, which further marks the decrease in oil prices in the world. The Indian
government draws a enormous piece of its income from excise obligations with generally90% of
originating from oil imports. It is intriguing to take note of that the prices for retailers have not
been marked down since the government sustains to fund its costs. According to the Reserve
Bank of India, India’s current account deficit remains at 0.2% of GDP, as of December quarter in
FY20 when contrasted to 2.7% of the same quarter in FY19. Since, India imports over 80% of its
oil utilization, lowering oil prices are probably going to diminish the CAD considering the
economy. The current investment concerning the funds in Cad at this very point is utilized to
keep the financing of alleviation against the Covid-19 outbreak. Indian oil companies,
particularly in the E&P field like ONGC and Oil India, may confront extreme possibilities in
view of strain to sell their items at lowest prices beforehand. The merchants like HPCL, reliance
and IOCL are probably going to see rectified edges in the coming quarters when the interest gets
late. With respect to the capacity if the Indian companies can deal with their store bearing, this is
an ideal opportunity to purchase and reserve oil for some subsequent time. Nevertheless, when
the lockdown closes, the government can confront expanded strain to decreases the fuel prices
for consumers.

2.1.8 COVID-19 AND GOLD INDUSTRY:

The Corona virus pandemic has damaged India’s economy. In the same way as other industries,
the gem business also has been hit attributable to a considerable rundown of dropped or deferred
occasions, shows, displays, and weddings for the following span of months. People are not
spending money on luxury items and more concentrated towards putting their money on hygiene
stuffs and grocery products. As the Corona virus alarm held purchasers, the gems and
adornments industry lost its sparkle. As a prudent step, the administration has urged the citizens
to delay wedding capacities and endeavor out for fundamental commodities during the
lockdown- the Indian gems market blossom with weddings. The business further lost its gloss on
Gudi- Padwa which fell during the lockdown and again, an extraordinary chance to clock high
deals was lost. While the businesses are as yet exploring money related difficulties, the outcome

17
of Corona virus on the gold industry is by all accounts overwhelming. Thus, the businessmen at
this very point bringing about enormous misfortunes in the Indian market.

2.1.9 COVID-19 AND JOBS:

US jobless claims are increasing at a rapid rate as the number of American people filing for
unemployment hits a record high by signaling an end of an ever- expanding decade for world’s
largest economy. The origin results indicated that loss of employment was considered as the
most extreme prompt effect of the emergency with lower economic growth and the ascend of
imbalance to be likely long haul sway. This current lockdown across all the countries has been
the most magnificent activity savage ever in history. Nonetheless, these appraisals uncover the
effect on employments during the lockdown period, and ought not to be considered as permanent
loss of work. This can increase the economic anxiety among employees. A considerable number
of employees after the lockdown finished. In any case, the facts confirm that a significant
number of them would likewise not have the option to land their position back. For instance,
casual workers who are associated with random or legally irrevocable work, those individuals
already moved to their hometowns.

Oh these, the casual workers are the most powerless because of the unpredictable idea of their
work and daily wage installment, which are more elevated in the development part. In this way
all these admittedly imperative representatives, the individuals who are presently not working,
talented workers and frivolous business people who might be sitting inert at home or come back
to their local places or remaining in cover homes will most likely be unable to recoup their
occupations once the lockdown period finished. Included safety measures like social distancing,
contact following, as well as severe wellbeing competence over section at the workplace and the
market would likewise affect the business worker relationship, in this manner ending up being an
immense takeoff from the casual the same old thing approach.

2.1.10 COVID-19 AND IT INDUSTRY:

IT is also having a share of impact as top software companies like Tata Consultancy Services,
Infosys and HCL impacted as technological spending reduced from US and Europe amid
lockdowns across the globe. HDFC securities expect around 2-7% of reduction in IT revenue
because of slow decision making over the next 6 months as businesses will be evaluating the loss
of global economy due to Covid-19 pandemic. There will be pricing pressure and reduced
revenue, client bankruptcies due to lower spending in the market as per ICICI direct. As per
global data reports, IT services will be hit hardest during Covid-19, and they listed the entire 17
tech, media and telecom related sectors to have a negative impact during Covid-19.

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2.2 ADVANTAGES AND DISADVANTAGES
2.2.1 ADVANTAGES:

. SOCIAL BENEFIT: Corona virus brought a big change in our society like people understood
their fundamental duties (to defend the country and render national service when called upon to
so) toward society. Whether any person suffering from the disease, all countrymen showing
kindness and stood together to help them. When the fund was required to recover from disaster,
many charity heroes of the country supported the government and donated their hard earnings. In
this difficult time, our country’s doctors, policemen, sweepers, NGO’s and their volunteers are
working hard to protect the people from the spread, risked their lives to perform duties, on which
the whole country is feeling proud. The social benefit from Corona is that today the whole
country is fighting together from Corona.

. CULTURAL BENEFIT: India is a destination of different tradition. Indian culture and

traditions are something which has now become renowned across the entire world. Namaste is
one of them adopted by the whole world to greet anybody in this corona crisis. Even the prime
minister of Israel Mr. Benjamin Netanyahu asked their people to say ‘Namaste’, which was the
proud moment for India. We all know that the early era whenever people coming home from
outside should have to wash their hands and legs first before entering. The reason behind this
was the hygiene.

. TECHNOLOGICAL BENEFIT: In the year 2000, India’s software technicians solved a

dangerous Y2K problem faced by the world, after which Indian software industries were grown
worldwide. Now, the Corona virus is the problem and as we are the 2nd largest manufacturer in
the pharmacy sector we have to provide a solution to the world. For that, to deal with the current
scenario again we are moving towards technological advancement like:

DRDO has developed an ultra violet disinfection tower to destroy the Corona virus. HCARD an
automated robot invented by the Indian scientists at the central medical engineering research
institute aims at helping frontline health care workers avoid contact points while treating Corona
patients. IIT Bombay student team develops low-cost ventilator “Ruhdaar”. The Pune based
Mylab was the first Indian company to provide Covid-19 test kits which were providing result
within 4 to 5 hours. Indian pharmacy industries are continuously trying to invent Corona
vaccines, collaboration with foreign companies, and many more examples are available which
makes India proud.

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. ECONOMIC BENEFIT: The Corona became the darkest hour for the world including Indian
economy. To overcome the crisis Indian government continuously take the necessary economic
measures and try to safeguard the nation from the spread of the virus:

The largest fall in crude oil helps India to save approx. 50 billion dollars from oil imports in the
next financial year, which is beneficial for the country. As we already know the Covid-19
outbreak began from Wuhan, China. So, the US, Australia, Japan, and other affected countries
trying to pressurize china to answer about their irresponsible move regard Corona virus. For that
they are trying to punish china economically by exiting companies out of china and shift it to
other countries like India, Vietnam, Indonesia, Thailand, etc. To grab the opportunity, India have
already started to build a strategic infrastructure to attract FDI’s. for that finance minister
announced an economic package of Rs. 20 lakh crore to boost domestic production with
consumption to increase capabilities of MSME. In, February India imported PPE kits from china
because we had no local PPE manufacturing capability. But when joint efforts were taken by
various ministries like the ministry of textile with country’s private manufacturer, India became
world’s 2nd largest PPE kit producer in just two months as well as world’s first reusable PPE
suits.

2.2.2 DISADVANTAGES:

. THE MARGINALIZED AT RISK: To the extent, economic class and social identity (e.g.,
race, ethnicity or caste) overlap, this suggests that socially marginalized groups would be at
higher risk of mortality due to Covid-19. The risk extend beyond mortality as the economic
consequences of the current pandemic are likely to be most concentrated among the low wage
earners and less educated workers, segments of the labor force where racial and ethnic minorities
are over- represented. Early evidence from the UK and the US reveals that racial and ethnic
minorities are indeed the ones most likely at the risk of unemployment.

. THE INDIAN SHUTDOWN: The key element of the pandemic control strategy was that
everywhere has been shut down, economic and social activity, and to impose social distancing
with varying degrees of strictness. India’s lockdown, imposed in the last week of March 2020,
was among the most stringent. The first month of the severe lockdown, April 2020, witnessed a
sharp rise in unemployment.

. EDUCATION AS FACTOR: The global evidence suggests that job losses associated with
Covid-19 are much more concentrated among individuals with low levels of education and those
with vulnerable jobs with no tenure or security. We find that individuals with more secure jobs,
i.e., not daily wagers, and those with more than 12 years of education, were much less likely to
be unemployed in April 2020 than those with less than 12 years of education and with wage jobs,

20
relative to their pre-pandemic employment status. Thus, education did turn out to be a protective
factor in the first wave of immediate post-lockdown job losses.

. ISSUE OF TECHNOLOGY: Differential access to information technology, as well as

disparities in the ability to invest in technology will be critical in shaping access to online
education, if the pandemic forces schools to close for a substantial period of time.

. IMPACT ON TOURISM: The tourism industry is the worst affected due to the Covid-19
crisis, internationally. The world tourism organization estimation depicts a fall of 20-30 percent
in international tourist arrivals. These figures too are based on present circumstances and are
likely to increase or decrease in future. Millions of people associated with industry are likely to
lose their jobs. In India, the travel and tourism industry is flourishing and is contributing sizably
to the economy.

2.3 NATIONAL SCENARIO:

In the beginning of 2020 Indian tourism industry was all set to accelerate its pace towards
development. India was unaware about the impact of biological disaster called Corona virus
disease threat originated from central china’s Hubei province in Wuhan city in the month of
December 2019 and continues to adversely affect more than 150 countries and claimed more
than 50,000 lives globally so far. (WHO INDIA-2020) in context of India on 30th January 2020,
a laboratory confirmed case of Covid-19 was reported in Kerala. Kerala state is one of the
favorable states among foreigner tourist, which is also known as God’s own country. Since
January 2020 Covid-19 has spread in almost all the states and union territory of India and
claimed more than 20 lives and approx 1000 confirmed cases of Covid-19 so far. On 24th march
2020 Prime Minister of India announced 21 days lockdown and banned all domestic and
international arrival and departure through all means of transportation. Hotel industry will also
not entertain any kind of new booking and check-in in the hotels. This lockdown to handle
Covid-19 affected all segments of Indian tourism industry adversely. Tourism product is a
perishable product which cannot be stored and sold later, this feature of tourism product push
tourism industry into heavy loss in terms of poor revenue generation. This is one of the worst
crises ever to hit the Indian tourism industry. As the news of the virus start picking up from
November, the percentage of cancellation started going up in this segment exponentially and is
reaching peak of almost 80% now in March in many Indian locations. The value of risk from this
segment will be in multiples of tens of thousands of crore. WWTC(2020) “WWTC figures shows
the stark impact on the travel and tourism sector of the present Covid-19 outbreak with analysis
now suggesting that up to 50 million jobs are at risk in the sector globally”. Tourism industry is
in threat globally and will also affect employment adversely. Indian tourism industry is source of

21
employment, livelihood for many people who are directly and indirectly linked to tourism
industry. Without government intervention it will be difficult to overcome this situation where
tourism industry is at the worst phase in 21 st century.

2.4 INTERNATIONAL SCENARIO:

As of 31st December 2020, Covid-19 had infected over 82 million people and killed more than
1.8 million worldwide. But preliminary estimates suggest the total number of global “excess
deaths” directly and indirectly attributable to Covid-19 in 2020 amount to at least 3 million, 1.2
million higher than the official figures reported by countries to WHO. With the latest Covid-19
deaths reported to WHO now exceeding 3.3 million, based on the estimates produced for 2020,
we are likely facing a significant undercount of total deaths directly and indirectly attributed to
Covid-19. The term excess deaths describe death beyond what would have been expected under
normal conditions. It captures not only confirmed deaths, but also Covid-19 deaths that were not
correctly diagnosed and reported as well as deaths attributable to the overall crisis condition.
This provides a more comprehensive and accurate measure when compares with confirmed
Covid-19 deaths alone. For example some countries only report Covid-19 deaths occurring in
hospitals or the deaths of people who have tested positive for Covid-19. In addition, many
countries cannot accurately measure or report cause of death due to inadequate or under-
resourced health information systems. The pandemic has likely increased deaths from other
causes due to disruption to health service delivery and routine immunization fewer people
seeking care, and shortages of funding for non- Covid-19 services. The second WHO “PULSE
SURVEY” of 135 countries in March 2021 highlighted persistent disruptions at a considerable
scale over one year into the pandemic, with 90% of countries reporting one or more disruptions
to essential health services. All counties must have the necessary capacity and resources to
accurately collect and use health data even in the midst of ongoing crisis says DR Tedros
Adhanom Ghebreyesus, director- general of the world health organization. The Covid-19
pandemic has shown the importance of data and science to build back more resilient health
systems and equitably accelerate towards our shared global goals.” Covid-19 has exposed
persistent inequalities by income, age, race, sex, and geographic location. Despite recent global
health gains, across the world people continue to face complex, interconnected threats to their
health and well-being rooted in social, economic, political and environmental determinants of
health. The pandemic has also revealed significant gaps in country health information systems.
While high resource settings have faced challenges related to overstretched capacity and
fragmentation, weaker health systems risk jeopardizing hard-won health and development gains
made in recent decades.

22
 CHAPTER-3
PRESENTATION AND
DATA ANALYSIS

23
 PRESENTATION ANALYSIS AND FINDINGS
3.1 DATA ANALYSIS AND INTERPRETATION
Table1 showing age of respondents

AGE NO. OF RESPONDENTS PERCENTAGE

Below 20 years 9 18%

20 years- 30 years 39 78%

Above 30 years 2 4%

Total 50 100%

Figure1 showing age of respondents

90%

80%

70%

60%

50% Column1

40% Column2
Column3
30%

20%

10%

0%
Below 20 years 20yeras- 30 years Above 30 years

24
Table2 showing gender of respondents

Gender Number of respondents Percentage

Male 21 42%

Female 29 58%

Other 0 0

Total 50 100%

Figure2 showing gender of respondents

Gender Respondents

Male
Female

25
Figure3 showing occupation of respondents

Percentage of occupation

Others

Student

Teaching sector

Law enforcement

Information technology

Percentage of occupation
Health sector

Agriculture

Engineering and construction work

Charity and voluntary work

Accountant, banking,etc

0% 20% 40% 60% 80% 100%

26
Table4 showing the immediate concerns in the wake of Covid-19

Concerns Response Percentage

Health service and job 12 24%

stability

Education 23 46%

Social interaction 12 24%

Others 3 6%

Figure4 showing the immediate concern in the wake of Covid-19

Immidiate concerns
50%
45%
40%
35%
30%
25%
Immidiate concerns
20%
15%
10%
5%
0%
0 1 2 3 4 5

The biggest concern, however, on everybody’s mind is the effect of the disease on the education
sector. The pandemic has significantly disrupted the education sector, which is a critical
determinant of a country’s economic future.

27
Table5 showing recovery of economy from slowdown

Options Responses Percentages

Yes 30 60%

No 8 16%

Can’t say 12 24%

Figure5 showing recovery of economy from slowdown

Recovery from slowdown

70%

60%

50%

40%

30% Recovery from slowdown

20%

10%

0%
Yes No Can't say

Among 50 respondents, 60% feels that there is being a recovery from economic slowdown, 24%
respondents can’t say about the recovery from economic slowdown, 24% respondents can’t say
about the recovery and 16% respondents does not feel about recovery. And yes, the economy is
showing encouraging signs of recovery.

28
Table6 showing the details about job crisis in the economy

Options Response Percentages

Yes 37 74%

No 3 6%

Can’t say 10 20%

Figure6 showing details about job crisis in the economy

Job crisis
80%
70%
60%
50%
40%
Job crisis
30%
20%
10%
0%
Yes No Can't say

Among 50 respondents, 74% feels that there is a severe job crisis in all sectors of the economy in
the pandemic days, 20% respondents can’t say about the job crisis and 6% doesn’t feel any job
crisis in the economy. Thus, the outbreak of the Covid-19 pandemic has led to a sudden shift in
the dynamics of workforce behavior.

29
Figure7 showing the details of people who were working in other state or country and
returned home due to pandemic

In percentage

Yes
No

Among 50 respondents, 84% respondents are who are whose relatives work in Kerala itself or
does not returned home during the pandemic days and 16% respondents are who or whose
relatives work outside Kerala and returned home during the pandemic days.

30
Figure8 shows the sector in which the people work and returned from the other state
during lockdown

Sector

Private

Public
Sector

Others

0% 20% 40% 60% 80% 100%

Among 50 respondents, only 4% people work in private sectors in other state or country, 6%
work in public sector and 90% people have a different answer.

Table9 shows the number of respondents who can return to their work after the pandemic

Options Response Percentage

Yes 13 26%

No 4 8%

Don’t know 22 44%

No answer 11 22%

31
Figure9 shows the number of respondents who can return to their work after the pandemic

In percentage
50%

45%

40%

35%

30%

25%
In percentage

20%

15%

10%

5%

0%
Yes No Don't know No answer

Among 50 respondents, 26% can return back to their work after the pandemic comes to normal,
8% cannot return to their work, 44% does not know whether they have to return or not and 22%
have no answer.

32
Table10 shows the data about whether the respondents were able to learn or work from
home

Options Responses Percentage

Yes 29 58%

No 7 14%

Sometimes 14 28%

Figure10 shows the data about whether the respondents were able to learn or work from
home

Percentage

Yes
No
Sometimes

Among 50 respondents, 58% were able to learn or work from home, 28% feels only sometimes
and 14% were not able to learn or work from home. We are being forced into the world’s largest
work and learn from home experiment and it’s not that easy.

33
Table11 shows the data about the support received from educational institutions and
employers

Options Responses Percentage

Yes 28 56%

No 7 14%

Sometimes 15 30%

Figure11 shows the data about the support received from educational institutions and
employers

Percentage

Yes

No
Percentage

Sometimes

0% 10% 20% 30% 40% 50% 60%

Among 50 respondents, 56% respondents received support from their respective institutions,
30% respondents received sometimes and 14% does not receive any support. We’re all in this
together and want to do everything we can to get us all through these challenging times.

34
Figure12 shows the number of respondents visited bank during pandemic days

Percentage
90%
80%
70%
60%
50%
40% Percentage

30%
20%
10%
0%
Visited Not visited

Among 50 respondents, 80% visited bank during the pandemic days and 20% did not visited the
bank.

Figure13 shows the data about the practicing social distancing at the banks

Series 1
70%

60%

50%

40%

30% Series 1

20%

10%

0%
Yes No Sometimes

Among 50 respondents, 66% feels that banks practice social distancing, 20% does not feel social
distancing and 14% feels only sometimes.

35
Table14 shows the data regarding the rate of loan during Covid-19

Options Response Percentage

Yes 7 14%

No 19 38%

Can’t say 24 48%

Figure14 shows the data regarding the rate of loan during Covid-19

Rate of loans

Yes
No
Can't say

Among 50 respondents, 14% respondents feels that the rate of loans have become cheaper during
Covid-19, 38% does not feel so and 48% respondents are not able to feel whether the rates have
increased or decreased. Banking channels are working around the clock to cater to the needs of
the public as well as financial market.

36
Table15 shows whether the E-commerce gets caught up in the rules

Options Responses Percentage

Yes 31 62%

No 7 14%

Can’t say 12 24%

Figure15 shows whether the E-commerce gets caught up in the rules

E-commerce

Can't say

No
E-commerce

Yes

0% 10% 20% 30% 40% 50% 60% 70%

Among 50 respondents, 62% feels that E-commerce gets caught up in the rules, 14% does not
feel so and 24% are confused whether E-commerce gets caught up in the rules or not. Since the
norms of social distancing have been initiated for almost the entirety of 2020, the scope of E-
commerce is expected to surge.

37
Figure16 shows the data of respondents engaged in new digital communities during
lockdown

New Digital Communities

80%

70%

60%

50%

40%
New Digital Communities
30%

20%

10%

0%
Yes No

Among 50 respondents, 72% feels that they are not engaged in new digital communities during
lockdown and 28% feels that they have entered into new digital communities. Online
communities are emerging and proving to be extremely valuable. Whether showing new value,
maintaining connections, or sharing knowledge and skills, online communities have become a
necessary resource during Covid-19.

Table17 shows the data of what new digital communities the respondents shifted to during
lockdown

Options Responses Percentage

Google meet, zoom app 6 12%

Instagram, whatsapp 3 6%

OTT and others 2 4%

No answer 39 78%

38
Figure18 shows the data of changes in consumption of junk food

Junk food consumption

60%

50%

40%

30%
Junk food consumption

20%

10%

0%
Decreased Slightly Similar Slightly Increased
decreased increased

Among 50 respondents, 50% respondents have decreased their consumption of junk food during
Covid-19, 14% have slightly decreased, 16% respondents have no change in the consumption of
junk food, 10% have slightly increased and 10% increased their consumption of junk food.
Eating habits modification may threaten our health. Maintaining a correct nutrition status is
crucial, especially in a period when the immune system might need to fight back.

39
Table19 showing data of the respondents about the need to visit a health center during
lockdown

Options Response Percentage

Yes 15 30%

No 23 46%

Sometimes 12 24%

Figure19 showing data of the respondents about the need to visit a health center during
lockdown

Visiting health center during lockdown

50%
45%
40%
35%
30%
25% Visiting health center during
20% lockdown
15%
10%
5%
0%
Yes No Sometimes

Among 50 respondents, 46% respondents do not feel to visit a health center during lockdown,
30% respondents felt the need to visit a health center and 24% respondents felt frequently. Faced
with challenges on a scale never experienced before, healthcare workers everywhere, have had
quickly adapted the new realities of a covid-19.

40
Figure20 showing the data response towards the statement “ I trust that government is
responding effectively to the ongoing crisis.”

Response

Strongly agree
Agree
Neutral
Disagree
Strongly disagree

Among 50 respondents, 40% respondents feel sometimes the government is taking effective
measures and sometimes not, 38% agree with the statement,12% strongly agree with statement,
6% disagree with the statement,4% strongly disagree with the statement. We are in this together
and we will get through this together.

41
Table21 showing the data about whether the lockdown was necessary for reducing the
spread of corona virus

Options Response Percentage

Yes 38 76%

No 5 10%

Sometimes 7 14%

Figure21 showing the data about whether the lockdown was necessary for reducing the
spread of corona virus

Response

Sometimes

No
Response

Yes

0% 10% 20% 30% 40% 50% 60% 70% 80%

Among 50 respondents, 76% feels that lockdown was necessary to reduce the spread of corona
virus, 10% feels that lockdown was not necessary and 14% respondents are neutral. Things don’t
go always the way you planned them. This too shall pass.

42
Table22 showing the data of from which country the respondents think that India should
take lessons from in fighting the corona virus

Options Response Percentage

China 3 6%

New Zealand 8 16%

Japan 2 4%

Canada 2 4%

Italy 2 4%

Others 33 66%

Figure22 showing the data of from which country the respondents think that India should
take lessons from in fighting the corona virus

Countries
70%

60%

50%

40%
Countries
30%

20%

10%

0%
China New Zealand Japan Canada Italy Others

43
Figure23 shows the changes in stress and anxiety level of respondents during Covid-19

In percentage

40%

35%

30%

25%

20% In percentage

15%

10%

5%

0%
Increased Slightly Similar Slightly Decreased
increased decreased

Among 50 respondents, 40% respondents stress and anxiety level have slightly increased, 30%
have no change in anxiety and stress level, 16% have slightly decreased their anxiety level, 10%
have increased and 4% have decreased their anxiety level. The Covid-19 pandemic has had a
major effect on our lives. Many of us facing challenges that can be stressful, overwhelming, and
cause strong emotions in adults and children. Learning to cope with stress in a healthy way will
make you, the people you care about, and those around you become more resilient.

44
3.2 FINDINGS
It is revealed that when the global economy is on a slowdown mode no emerging economy can
grow at its normal pace. The Indian economy was grappling with its own issue and Covid-19
made the matter worse. The industry was facing demand problems, due to which business houses
were reluctant to undertake cape plans, unemployment was at its peak and exports which were
consistently down for several months. India has the problem could be more acute and longer
lasting; the economy was in parlous state due to Covid-19 struck. Due to measures adopted to
prevent the spread of the corona virus disease 2019, especially social distancing and lockdown,
non-essential expenditures are being postponed. This is causing aggregate demand to collapse
across the India. In addition to the demand reduction, there will also be widespread supply chain
disruption, and foreign travel is stopped. This will negatively affect production in almost all
industries. Gradually the shock will spread to manufacturing, mining, agriculture, public
administration, construction- all sectors of the economy. This will adversely affect investment,
employment, income, and consumption, pulling down the aggregate growth rate of the economy.
Like India, several international economies are becoming cognizant of the risk they face by
being overly dependent on one market.

Making the current situation a learning opportunity, the findings from the data received are:

Among 50 respondents,

1. 18% of the respondents are below 20 years, 78% are between 20 years and 30 of age and
4% are of the age above 30 years.
2. 42% are males and 58% are females.
3. 84% are students, 4% belongs to health sector, 4% belongs to engineering and
construction work, 4% belongs to accountant and banking sector, 2% belongs to teaching
sector and 2% belongs to other sectors.
4. 46% shows immediate concern in education sector, 24% in social consideration, 24% in
health services and job stability and 6% shows immediate concern in other factors.
5. 60% feels that there is being a recovery from economic slowdown, 24% respondents
can’t say about the recovery and 16% respondents do not feel about recovery.
6. 74% feels that there is a severe job crisis in all sectors of the economy in the pandemic
days, 20% respondents can’t say about the job crisis and 6% doesn’t feel any job crisis in
the economy.
7. 84% respondents are who or whose relatives work in Kerala itself or does not returned
home during the pandemic days and 16% respondents are who or whose relatives work
outside Kerala and returned home during the pandemic days.
8. 4% people work in private sectors in other state or country, 6% work in public sector and
90% people have a different answer.

45
9. 26% can return back to their work after the pandemic comes to normal, 8% cannot return
to their work, 44% does not know whether they have to return or not and 22% have no
answer.
10. 58% were able to learn or work from home, 28% feels only sometimes and 14% were not
able to learn or work from home.
11. 56% respondents received support from their respective institutions, 30% respondents
received sometimes and 145 do not receive any support.
12. 80% visited bank during the pandemic days and 20% did not visit the bank.
13. 66% feels that bank practice social distancing, 20% does not feel social distancing and
14% feels only sometimes.
14. 14% respondents feels that rate of loans have become cheaper during Covid-19, 38%
does not feel so and 48% respondents are not able to feel whether the rates have increased
or decreased.
15. 62% feels that E-commerce gets caught up in the rules, 14% does not feel so and 24% are
confused whether E-commerce gets caught up in the rules or not.
16. 72% feels that they are not engaged in new digital communities during lockdown and
28% that they have entered into new digital communities.
17. 12% uses Google meet or zoom app, 6% uses Instagram or Whatsapp, 4% uses OTT and
others and 78% does not shift to any new digital communities.
18. 50% respondents have decreased their consumption of junk food during Covid-19, 14%
have slightly decreased, 16% respondents have no change in the consumption of junk
food, 10% have slightly increased and 10% have increased their consumption of junk
food.
19. 46% respondents do not feel to visit a health center during lockdown, 30% respondents
felt the need to visit a health center and 24% respondents felt frequently.
20. 40% respondents sometimes feels that the government is taking effective measures and
sometimes not, 38% agrees with the statement, 12% strongly agree with the statement,
6% disagree with the statement and 4% strongly disagree with the statement.
21. 76% feels that lockdown was necessary to reduce the spread of corona virus, 10% feels
that lockdown was not necessary and 14% respondents are neutral.
22. 6%, 16%, 4%, 4%, 4% chose China, New Zealand, Japan, Canada, Italy respectively and
66% chose other countries like Germany, UK, America, Russia etc. These are the
countries that respondents feel India should learn from to fight against corona virus.
23. 40% respondents stress and anxiety level have slightly increased,30% have no change in
anxiety and stress level, 16% have slightly decreased their anxiety, 10% have increased
and 4% have decreased their anxiety level.

46
 CHAPTER-4
CONCLUSION AND
RECOMMENDATION

47
 CONCLUSION AND RECOMMENDATION
4.1 CONCLUSION:
In India life has not yet started in a systematic manner and needs to be prioritized alongside.
Necessary measures to combat the economic impact from the rapidly spreading Corona virus, the
government policy makers would need to implement a substantial targeted fiscal, broader
monetary stimulus, and policy rate cuts to help normalize the economic situation. As the Covid-
19 crisis continues to expand, manufacturers will likely face challenges on numerous fronts.
They will need to coordinate closely with the public sector to forge plans that are essential to
both public safety and the solvency of their workforce, while keeping the lights on in their
operations. Some will be austere, but austerity measures should be tempered to preserve long
term objectives. Corona outbreak is disaster and times like these are very uncertain to predict
anything and we are surrounded with a lot of uncertainties. Covid-19 instigates some new
challenges to market trends and economic activities. India has not started in a systematic manner
to resolve this condition but there is need to put this issue on the highest priority. Covid-19 crises
are expanding manifolds and new challenges are coming up. So, it is high time to realize the
situation and we need to coordinate closely with this matter and throw light on new plans and
operations. It is glaringly obvious that post Covid, the new normal will emerge. Indians must be
well versed and informed about the situation and buck themselves up to deal with it so. This will
help the businesses and give direction to the economy.

The survey is based on “impact of Covid-19 in the Indian economy” to known how much the
economy was affected due to Covid-19. It was found that all the sectors are equally affected due
to the pandemic. Many have lost their jobs, many have shifted to various digital communities,
and many have suffered from various mental and physical issues, many of the people found it
difficult to pay loans and debt. It has challenged us in ways that are unprecedented in modern
times. The survey really helped me to get more knowledge about the impacts of Covid-19 in
different sectors of the Indian economy. I was also able to understand the problems faced by the
people due to this severe pandemic.

“IT MIGHT BE STORMY NOW, BUT RAIN DOES NOT LAST FOREVER”

48
4.2 RECOMMENDATIONS:
Here are few recommendations to deal with the economic crises:

1. Steps are being taken by the BJP government by allotting 20 lacs crore to turn the
economy. There is for shift towards localization- “VOCAL BY LOCAL”.
2. More power to “DIGITAL INDIA”- technology should be enabled in all the sectors.
3. Improvisation in supply chain network is a must.
4. Policies will need to evolve faster than market and policymakers will have to be
responsive, inclusive, and agile.
5. To increase liquidity and increase consumer confidence, the government of India
should also provide a pay roll tax holiday for a quarter to help support demands in
these stressful times.
6. Post covid with de-risking strategies, many countries will shift their businesses from
china to other countries like India. So, there will be ample of great opportunities for
India o stand back again.
7. It would be interesting to evaluate the effects of the Covid-19 pandemic on the traffic
flow of vehicles, bicycles, and motorbikes before, during, and after the pandemic,
focusing on road intersections and freeways.
8. Future research could assess the long-term effects of the Covid-19 vaccines on the
physical well being of drivers and passengers in public road transportation networks.
9. The great measure be to protect the workers in the informal sector, who will be badly
affected, and yet have little savings to tide them over the shock. This will not be easy
to do, but there are two mechanisms that could be utilized: MNREGA and Jan Dhan
accounts.
10. For organized sector, the objective should be to make the banks somewhat less risk
averse in their overall lending, while preserving their authority to distinguish between
viable and non-viable firms.
11. MSMEs should be provided concessional working capital loan, equivalent to one to
three months based upon the extent of disruption average turnover of last year. To
support them, when the supply chains have been impacted globally, MSMEs should
also be provided concessional finance at a rate of 5% for three months through
SIDBI. The interest payment for such financing can be adjusted over the next three
years as part of GST.

49
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