Impact of COVID 19 on Economy

‘Will things go back to normal?’, that is the question, everyone has on their mind.

The Corona Virus outbreak was declared a Public Health Emergency of International

Concern on 30 January 2020 and the virus itself was christened COVID 19 on 11 February

2020. The biggest health crises of our time, it’s the greatest challenge we are facing after

World War II.

The COVID-19 outbreak has been very secular in its impact – the high and the mighty have

been hit as hard as everyone else. The strength of a country’s economy, its international

stature, the might of its army, one’s own economic standing, the size of one’s mansion –

nothing matters; nothing and no one has been left untouched by this blight.

Lacking a definite cure or a prophylactic, the best thing we can do is to do contain the spread

of this disease by observing social distancing, reducing unnecessary contact with others and

restricting ourselves to our homes as much as possible. This, of course, is the lockdown as we

know it. Countries have been forced to place restrictions on the movement of people, and

thence on economic activities, to check the spread COVID-19.

The COVID-19 outbreak and the response to it has had unfortunate effects. Whole sectors –

the hospitality industry is a prime example – have been crippled. It is not just the traditional

sectors such as industry and agriculture that have been affected. Entirely new sectors – the

gig economy, the unicorn companies – have been devastated.

India too is battling this pandemic with all its might. Learning the lessons from the

developed countries like Spain and Italy, India put all its machinery and material into motion

to curb the spread of the disease. What started as one day Janta Curfew on 22.03.2020 by the Prime Minister of India and lockdowns by some of the state governments, the entire country was declared to be under lockdown from the midnight of 24.03.2020. Resultantly, everything and every activity, barring the activities relating to and concerning with the essential supplies came to a complete grinding halt. Though the improvement in the

environment due to such a lockdown was a silver lining, however the toll on economy due to

this lockdown is unprecedented.

COVID-19 had its impact on the industry in general but some sectors have been hit harder

than others. The hotels are vacant and airlines have closed their wings. The live events

industry has also estimated a loss of more than Rs. 3000 crores. Automobiles industry

registered zero sales in the month of April. Building and construction activities have come to

complete halt. Most adversely effected sector is Tourism and it will take perhaps the longest

time to recover.

We at PCMRD have always tried to inculcate the spirit of research in our students. With this

intention, students were given to undertake a research project on "Effect of COVID-19

Pandemic on Indian Economy".

73 students have submitted their research reports, emphasising on various dimensions of

impact; Financial, Marketing, Human Resource, Operations, International Business, Rural

Agri business, Supply Chain and Information Technology.

Some of the sample reports submitted by the students are:

Aditya Bhatkar- EFFECT OF COVID-19 PANDE
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Ashish S Wankhede- Effect of Covid-19 p
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Dharmesh Ojha- Effect of Covid-19 pandem
Download • 628KB
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Pratiksha Deshmukh - EFFECT OF COVID-19
Download • 647KB
Prekshita Manohar- EFFECT OF COVID-19 ON
Download • 481KB

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