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Scientific Study from the year 2020 in the subject Economics - International Economic Relations, grade: 10.0, , language: English, abstract: This paper discusses the impact of the COVID-19-Pandemic on economy in India. As the new budgetary year starts, the Coronavirus has tainted over a million people above 200 nations a scourge defying the entirety of humankind. It affects ways of life, organizations, economies, and the supposition of regular prosperity that we all have to a great extent underestimated. Indeed, even before the beginning of this pandemic, the worldwide economy was going up against choppiness by interruptions in exchange streams and weakened development. The circumstance has now been bothered by the interest, flexibly and liquidity stuns that COVID-19 has dispensed. When the pandemic is controlled, the shape and speed of the recuperation in the U.S. what is more, China will among the key variables deciding the nature and footing of worldwide monetary recuperation. It is our desire as of now that the course of monetary recuperation in India will be smoother and quicker than that of numerous other propelled nations.
This book offers a comprehensive analysis of the pre-Covid-19 and post-Covid-19 situation and public policy measures needed to revive the economy in the light of the recent initiatives by the state government, including a committee to suggest post-Covid-19 revival strategy. This collection of essays by specialized author/s in her/his/their area of research examines the impact of Covid-19 in the larger context of economic and developmental context of Punjab, ranging from basic developmental transformation analysis to the specific policy issues in each sector and policy domain, including the larger developmental crisis in the context of the regional economy and society of Punjab. The sectors analysed include: agriculture including dairy sector and agricultural markets, industry, services, education, health, besides fiscal, banking, diaspora, gender, governance, and sustainability challenges the state economy faces. It dwells on sector specific issues as well as ways forward for betterment of livelihoods of those engaged, especially farmers and industrial and service sector informal workers.
1) This is a comprehensive book on the impact of the Covid-19 crisis on the Indian economy. 2) It discusses various socio-economic issues related to economic policies, labour, environment, and education. 3) Timely, and written by experts, this book will be of interest to departments of South Asian studies and political economy across UK.
The health and economic impacts of COVID-19 on India have been substantial, with wide variation across states and union territories. This paper quantifies the impact of containment measures and voluntary social distancing on both the spread of the virus and the economy at the state level during the first wave of the COVID-19 pandemic. We construct a de-facto measure of state-level social distancing, combining containment strigency and observed mobility trends. State-level empirical analysis suggests that social distancing and containment measures effectively reduced case numbers, but came with high economic costs. State characteristics, such as health care infrastructure and the share of services in the economy, played an important role in shaping the health and economic outcomes, highlighting the importance of adequate social spending, health care infrastructure, and social safety nets.
This book provides a multidisciplinary analysis of the many socio-economic challenges posed by COVID-19 pandemic across international boundaries, disrupting the economic system and life styles globally. It starts by setting the historical context of the pandemic and proceeds to describe the impact on the Indian economy, how certain sections of the population have become economically and psychologically vulnerable. International experts from diverse fields—development economics, macroeconomics, corporate finance, history, sociology, psychology, public policy, and urban studies—contribute to this exciting analysis of an Indian and global society at the crossroads. The book examines emerging themes related to global economic revival, intellectual property rights over the vaccine, and rupturing of the global supply chains. It discusses the response of institutions and markets to the global pandemic. It closes with a futuristic look at the new society and global system that may emerge out of the chaos. A valuable resource appealing to a wide readership across the social sciences and the humanities. Readers include undergraduate students, postgraduate students, researchers and academic teachers, and also public policy experts.
How India's COVID-19 lockdown is creating an unprecedented humanitarian disaster With the advent of COVID-19, India’s rulers imposed the world’s most stringent lockdown on an already depressed economy, dealing a body blow to the majority of India’s billion-plus population. Yet the Indian government’s spending to cushion the lockdown’s economic impact ranked among the world’s lowest in GDP terms, resulting in unprecedented unemployment and hardship. Crisis and Predation shows how this tight-fistedness stems from the fact that global financial interests oppose any sizable expansion of public spending by India, and that Indian rulers readily adhere to their guidance. The authors reveal that global investors and a handful of top Indian corporate groups actually benefit from the resulting demand depression: armed with funds, they are picking up valuable assets at distress prices. Meanwhile, under the banner of reviving private investment, India’s rulers have planned giant privatizations, and drastically revised laws concerning industrial labor, the peasantry, and the environment—in favor of large capital. And yet, this book contends, India could defy the pressures of global finance in order to address the basic needs of its people. But this would require shedding reliance on foreign capital flows, and taking a course of democratic national development. This, then, is a pursuit, not for India’s ruling classes, but a course of struggle for India's people.
With strong macroeconomic fundamentals, the Indian economy was well-placed on trajectory of high growth rate in early 2020 when outbreak of coronavirus epidemic in China was reported. On March 11, 2020, the World Health Organization (WHO) declared the epidemic as a pandemic, plunging the world into an unprecedented medical crisis. When countrywide lockdown was announced from March 25, 2020, most of the economic activities came to a grinding halt in urban areas. However, rural India continued to be normal in view of the exemption from restrictions allowed to farmers to conduct farming operations, including harvesting and transporting their produce to grain markets with the general conditions of face covering, hand hygiene and social distancing. These exemptions helped to maintain continuity in supply chain, especially in view of harvesting and sowing season.To deal with the economic challenges caused by the pandemic, Prime Minister Narendra Modi announced the creation of 'COVID-19 Economic Response Task Force' under the Union Finance Minister. Similarly, PM CARES Fund was created to deal with any kind of emergency or distress situation.On May 12, 2020, the Prime Minister announc
This book explores the unparalleled adversities and strain that the COVID-19 pandemic caused on the social and economic lives of people. The book allows readers a glimpse into the experiences of death of near and dears, loss of livelihood, psychological trauma, restrictions on movement and social life, shifts in international relations, and effects on big and small industries caused by the pandvnemic. It focusses on the major shifts caused within communities and highlights how politics, power dynamics, and socio-cultural systems have been reset and recovered during recent times. The volume also offers suggestions to offset economic hardships the pandemic has caused especially to the poor and marginalized as well as policy changes to help governments and communities to build more resilient economic and health infrastructure and support systems. With interdisciplinary contributions, this book is an essential read for students and researchers of public health, social sciences, health economics, healthcare management, development studies, public policy, and South Asian studies.
This book looks at the institutional and governance issues faced by India during the first and second wave of the COVID-19 pandemic and its adverse impact on the vulnerable sectors and groups. The book is split into four parts, with preceding chapters informing later ones. Part One outlines the approach of the study, in particular their examination of policy responses and the effect of the pandemic. Part Two delves into the governance challenges in containing the pandemic while giving the theoretical rationale for institutional responses. Part Three looks at how the pandemic affected economically vulnerable households, workers, and small industries. The effect of pandemic on the informal sector is also detailed. Lastly, Part Four examines the impacts and responses of Indian public infrastructure and services to the pandemic, in particular the impact of the COVID-19 pandemic on health care and schooling. It also explores the challenges caused by infrastructure inadequacies in Indian cities. The book closes by looking at how businesses in the private sector have responded to the COVID-19 pandemic, with a focus on Corporate Social Responsibility. The book will be a useful reference to researchers, policymakers, and practitioners who are interested in institutions and development, especially in the context of India.
'Desperate times call for desperate measures.' The outbreak of COVID-19 aptly justifies this expression as the world faces an unprecedented situation. But what is so unusual about the coronavirus, especially since viral attacks-H1N1, Ebola and Nipah-have taken place earlier as well? How has it affected India and the world? What are the socio-economic implications for India? How has India's response been to the coronavirus? What is more important-life or livelihood? How can India recover from the sudden economic shock caused by the pandemic? This book is an attempt to answer these and many more such questions. The coronavirus hit the world in December 2019 like a hurricane. What started as a medical emergency soon turned into an economic one. No global financial crisis has ever hit humanity as hard as COVID-19. The world, therefore, was caught ill prepared when the pandemic struck. The situation, to say the least, is worse than a war. The situation in India is no different: In terms of the number of cases reported, it is second only to the United States. This book highlights the enormity of the impact of the coronavirus pandemic on India. It critically examines the government's efforts to control the disease and mitigate its adverse effects on Indian economy and society. Making a compelling argument that an economy is not like a rubber ball, which, if dropped on a hard surface, will bounce back to its original position, the author provides incisive reasons to why economic recovery will be slow and not 'V-shaped'. He, however, cogently suggests that good governance, a robust public-health system, and clean and representative politics are key to bringing India's economy back on track.