The world had faced many epidemics before such as swine flu, small pox, malaria, dengue etc.

and
everytime with this comes the two kinds of crisis : the health crisis and the economic crisis. Human
race since years is fighting with the tiny creatures The microorganisms. With due course of evolution
these microorganisms are evolving and resulting in a new variation everytime causing harm to the
human beings . A new variant can affect the life of hundreds , one such variant of corona virus family
was SARS COV 2 or simply COVID-19 which attacked India in the year 2019 effecting the lives of
many. Due to this pandemic a nationwide lockdown was announced and all were locked inside the
walls of their houses. many countries now face multiple crises—a health crisis, a financial
crisis, and a collapse in commodity prices, which interact in complex ways.This lockdown not
only affected the mental health but also left huge impact on the nations economy. The economy
contracted 6.6% in fiscal 2021 on account of the pandemic and then staged a mild recovery
in fiscal 2022, when it grew 8.7%In the worst-case scenario, global GDP could shrink by 0.9
per cent in 2020 instead of growing a projected 2.5 percent. the data given by indian
government . People were locked inside their houses, not able to continue there work for about 2
years , the main cause of dent was sudden break of travel, hospitality, tourism ,entertainment and
all this play a crucial role in country’s economy For the first time since the Great Depression both
advanced economies and emerging market and developing economies are in recession . Also
during the pandemic the indian government provided food and shelter to many people which led to
the decrease in the stocked resources. Also On 12 May, the Prime Minister announced an overall
economic stimulus package worth ₹20 lakh crore which helped a lot of people around the
country. during the pandemic the government focused more on saving the lives of people rather
than saving the money which showed the humanity among the people of our country. But at the
end India is facing a great effect on its economic development. With large cancelation of travel
plans by both foreigners and Indians there has been a great drop in the GDP of the country.
Although,everything is now restarted india will soon recover but proper measures must be taken
in order to overcome the dent in short period of time. Measures such as control of private
institutions, taxation, public employment and private employment can help upto some extent
but initiatives such as improvement in the field of science and technology can also help to a
greater extent. . Also shutdown of factories and resulting delay in supply of goods from other
countries had affected the manufacturing sector of india. Beside this negative impact of import
many countries such of Europe and asia have eradicated supply from china and initiated to receive
indian goods which has resulted in profit too. Daily wage workers and other informal workers were
hit hard by the lockdown and are still facing problem after this lockdown is relaxed. Also many
people have lost their jobs during the pandemic government must provide them with some jobs in
order to stop the decresing economy and would probably be helpful in improving the nations
economy. In the post-Independence period, India’s national income has declined
only four times before 2020 – in 1958, 1966, 1973 and 1980 – with the largest
drop being in 1980 (5.2%). This means that 2020-’21 is the worst year in terms of
economic contraction in the country’s history and much worse than the overall
contraction in the world If we compare India’s unemployment rate in 2020 with
other countries, India has performed relatively poorly – both in terms of the
world average and compared with a set of reference group economies (with
similar per capita incomes to India’s). Unemployment rates were more muted
within the reference group economies and were also kept low by generous labour
market policies to keep people in work. The Union Budget 2021-22 has also announced a
number of measures to support broad-based and inclusive economic development under six pillars
listed as under :Health and Wellbeing, Physical & Financial Capital, and Infrastructure,
Inclusive Development for Aspirational India, Reinvigorating Human Capital,
Innovation and R&D, Minimum Government and Maximum Governance. With all
these steps the government shall soon be able to overcome the problem of economic
depression.