COVID-19: A Nightmare for the Indian Economy

Abstract

The objective of our study is to conduct and accomplish a retrospective analysis of the macro-economic repercussions of the various Pandemics which have emerged till date and also to forecast the impact of COVID-19 on the Indian Economy. COVID-19 is a contagious disease belonging to the SARS COV-2 family. The best method recommended to restrain the virus is by social distancing and self-isolation. The major method being used by infected countries is complete lock down. This method may help in containing the virus spread but it is paving the way to the Global recession which will have a severe consequence on all sectors of the economy and all the countries-be it developed or developing. We also suggest that additional work is necessary to develop a more comprehensive macro-economic model in order to accurately estimate the relative cost and effects of a global response to the outbreaks of international concern in a better manner.

Keywords: COVID-19, Global Recession, Indian Economy, Influenza, NPA