How did Covid-19 affect the economy of India?

Education News | Apr-18-2022

How did Covid-19 affect the economy of India?

It has been 2 years since the covid- 19 pandemic penetrated the deepest core of human civilization and made us realize the power of mother nature. The outbreak of coronavirus (Covid- 19) that has begun in December 2019 in Wuhan city of China and then drastically affected the whole world and continues the adversely impact on lives, livelihood, and the economy of the whole world.
The impact of pandemic covid-19 is observed in every sector around the World such as the economy, retail sector, tourism industry, education, etc.

The covid-19 pandemic has disrupted the global economy and India is no different. The economic impact of the covid-19 pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 31% according to the ministry of statistics. On 31st May the Indian government released the date for GDP that during the financial year 2020-2021, GDP contracted by 7.3%. it is the most severe contraction from the time India got independence. The reason behind this tragedy is obvious lockdown leading to the closing of all business units, increasing unemployment rate, and a significant decline in domestic consumption.
The Coronavirus pandemic also impacts export and import India's export in April 2020 fell by 36.65% year on year while import in April 2020 fell by 47.36% as compared to April 2019. This result is effected on the Indian economy.

The Coronavirus pandemic also impacts the tourism sector. Due to Kuwait, 19 movement of people were restricted and hence tourism industry is facing huge losses. Tourism spending money in the country they visit shows the loss of the money is affected the economies of the many countries. Overall economic contraction of this Corona period is challenging for the whole world in such a situation, we all have to work together so that we can get out of the economic situation and move towards positive growth.

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