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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | A Study on Impact and Effects of Covid-19 in Indian Economy |
| Authors Name: | Dr.D.Princy |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_182355
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| Published Paper Id: | IJNRD2208035 |
| Published In: | Volume 7 Issue 8, August-2022 |
| DOI: | http://doi.one/10.1729/Journal.31189 |
| Abstract: | Pessimism looms large all over. COVID-19 has been projected as worse than the Great Depression of 1930. Everyday analyst and agency reports are diving into new bottoms of a fall-down in economic activities. Indian economy, however, has a slightly different story to tell at this hour of crisis. The silver lining for the Indian economy comes from a steep fall in the crude oil prices from around $70 per barrel to a record 18 years’ low of $22 per barrel. This windfall gain can, to some extent, offset the direct losses due to COVID-19. At the same time, dreams like a $5 trillion economy no longer look even a remote possibility. A decision-tree approach has been adopted for doing the projections. The outbreak of COVID-19 brought social and economic life to a standstill. In this study the focus is on assessing the impact on affected sectors, such as aviation, tourism, retail, capital markets, MSMEs, and oil. International and internal mobility is restricted, and the revenues generated by travel and tourism, which contributes 9.2% of the GDP, will take a major toll on the GDP growth rate. Aviation revenues will come down by USD 1.56 billion. Oil has plummeted to 18-year low of $ 22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about USD 571.4 million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch. The crisis witnessed a horrifying mass exodus of such floating population of migrants on foot, amidst countrywide lockdown. Their worries primarily were loss of job, daily ration, and absence of a social security net. India must rethink on her development paradigm and make it more inclusive. COVID 19 has also provided some unique opportunities to India. There is an opportunity to participate in global supply chains, multinationals are losing trust in China. To ‘Make in India’, some reforms are needed, labour reforms being one of them. |
| Keywords: | COVID 19, Economics, Economics and Strategy, GDP Growth Rate, Sectoral Impact, COVID Relief Measures |
| Cite Article: | "A Study on Impact and Effects of Covid-19 in Indian Economy", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.7, Issue 8, page no.308-314, August-2022, Available :http://www.ijnrd.org/papers/IJNRD2208035.pdf |
| Downloads: | 000118754 |
| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
| Publication Details: |
Published Paper ID:IJNRD2208035 Registration ID: 182355 Published In: Volume 7 Issue 8, August-2022 DOI (Digital Object Identifier): http://doi.one/10.1729/Journal.31189 Page No: 308-314 Country: Chennai, Tamil Nadu, India Research Area: Arts Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2208035 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2208035 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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