Economic Impact of COVID-19 on Developing Country: A Case Study of India

Abstract

The world came to a standstill after witnessing the global pandemic COVID-19, which adversely impacted our economy. The government’s step to initiate lockdown on 24^th March 2019, severely impacted all sections of our society including low-income workers and daily wage earners. In a developing country like ours, SMEs, agribusinesses, and middle class constitute the foundation of our economy, efficaciously contributing in varied sections industries encompassing trade, transport, commerce, infrastructure and rural businesses. In India, around 44,686,371 Covid cases have been recorded till now, but the researchers have focused on 530771 deaths. Startingly, our society has still not recovered from disastrous consequences of the pandemic thus negatively impacting our economy for a long period. The present case study attempts to investigate the main impact of COVID-19 on impacted areas economy due to successive lockdowns by organizing a thematic review of literature to provide insights from the grassroot level, aid economists in future planning and tackle recession.