Impact ofCOVID-19on Indian Economy with special reference to Business

Abstract

In January 2020 the World Health Organization (WHO) declared the outbreak of a new corona virus disease, COVID-19, to be a Public Health Emergency of International Concern. WHO stated that there is a high risk of COVID-19 spreading to other countries around the world. In March 2020, WHO made the assessment that COVID-19 can be characterized as a pandemic. WHO and public health authorities around the world are acting to contain the COVID-19 outbreak. So far, India had played well against COVID-19, but the result is still pending. To fight against this outbreak, there is a requirement of huge economy apart from social-distancing and lock-down. Since, during lock-down most of the production units were shutdown, except the production units of essential goods, our country is bearing a huge loss per day. We have researched on different sectors of business industry and analyzed the situation of India’s economy during and after this pandemic situation. We have focused on sectors which are affected severely as well as sectors which got chance to flourish in this Corona virus outbreak. According to our analysis there is high probability, that within a few weeks on reopening, how the affected sectors will return on track along with the suffering economy. We have also analyzed the opportunities and innovations that can be adopted by business sector and which will help India to emerge as a new brand across the world that will definitely benefit in upgrading GDP status.