IMPACT OF COVID-19 ON THE INDIAN ECONOMY: AN ANALYSIS OF GDP, EMPLOYMENT, TRADE, AND FINANCIAL MARKETS
DOI:
https://doi.org/10.37547/ijmef/Volume03Issue05-01Keywords:
COVID-19 pandemic, Indian economy, GDPAbstract
The COVID-19 pandemic has had a significant impact on the global economy, with many countries experiencing a downturn in economic activity. India has also been affected by the pandemic, with the government imposing strict lockdown measures to contain the spread of the virus. This article presents an analysis of the impact of the COVID-19 pandemic on the Indian economy, focusing on four areas: GDP, employment, trade, and financial markets. Using secondary data sources, including government reports, academic articles, and news articles, we found that the pandemic has led to a contraction of 7.7% in India's GDP, a rise in unemployment to a record high of 23.5%, a decline in exports by 7.4%, and significant volatility in the stock market. The article discusses the implications of these findings for the Indian economy and potential policy responses to mitigate these effects. Despite the challenges posed by the pandemic, continued support from the government and policies to support the informal sector can help the Indian economy recover from the pandemic.
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