Impact of Covid 19 on the Different Sectors of Indian Economy: Challenges & Suggestions

ABSTRACT

The world is undergoing a severe epidemic brought on by SARS-CoV-2, the virus responsible for COVID-19. This disease entered the human population for the first time in Hubei province, China, in mid-November 2019 and manifested in Wuhan, the largest city in Hubei, when a cluster of patients were admitted to the hospital in early December with "severe pneumonia of unknown cause." In recent quarters, the Indian economy has experienced a considerable slump. In the current fiscal year’s third quarter, the economy expands at a six-year low rate of 4.7%. There is an urgent need to take rapid action not just to restrict the spread of the virus, but also to address the primary pain points of industry, thereby mitigating the effects of the outbreak on the Indian economy and businesses. Investment and consumption demand have been lagging, and a number of stimulative measures have been implemented to restore economic development. The Indian government has announced a variety of steps to address the crisis, including food security, more funding for healthcare, sector-specific incentives, and tax deadline extensions. In this study, we discuss the impact of Covid-19 on several sectors of the Indian economy as well as the actions taken by these sectors to combat this epidemic. 

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