Global Economic impact of COVID 19, with particular reference to India

Abstract

The Coronavirus pandemic appears as a nightmare in the global scenario.  The virus spread over 199 countries across the globe, infected over 23 lakhs people, and over 150000 fatalities. These numbers are mounting from time to time. Most of the developed countries are in a helpless state to contain the spread of the virus except imposing lockdown and ensuring social distancing. The outbreak is negatively impacting the world economy by affecting the global trade activities, from tourism, world value chain, medical supply, electronics, financial markets to energy, and a wide range of social activities. The world leads to a significant economic recession. It is expected that the global economy caused by the coronavirus outbreak is likely to cost at least 2 trillion USD. The outbreak of the Coronavirus has a severe impact on the Indian economy. All economic activities are halted due to 21 days lockdown triggered the outbreak. India’s massive dependence on China for imports is, mainly, going to impact the Indian economy. The paper attempts to analyze the global economic impact of the Coronavirus pandemic. It also tries to study the impact of the COVID-19 on the Indian economy and make an assessment of India's response to the crisis.