“A STUDY ON IMPACT OF COVID-19 IN THE INDIAN

ECONOMY”

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 INDEX

CHAPTER NO. CONTENTS PAGE NO.

LIST OF TABLES 5-6

LIST OF CHARTS 8-9

CHAPTER 1 INTRODUCTION 10-13

CHAPTER 2 REVIEW OF 14-29

LITREATURE

CHAPTER 3 HISTORY AND 30-32

PREVIOUS
OUTBREAK OF
COVID-19
CHAPTER 4 DATA ANALYSIS 33-53
AND
INTERPRETATION

CHAPTER 5 FINDINGS, 54-59

SUGGESTIONS AND
CONCLUSION
BIBLIOGRAPHY 65

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 LIST OF TABLES
TABLE NO. TITLE PAGE NO.

4.1 Showing the age of respondents. 33

4.2 Showing the gender of respondents 34

4.4 Showing the immediate concerns in 36

the wake of COVID-19.

4.5 Showing the recovery of economy 37

from slowdown.

4.6 Showing the details about job crisis in 38

the economy.
4.9 Showing the number of respondents 40
who can return to their work after the
pandemic.

4.10 Showing whether the respondents 42

were able to learn or work from home.
4.11 Showing the support received from 43
institutions and employers.

4.14 Changes in rate of loan during Covid- 45

19.
4.15 showing whether the E-Commerce 46
gets caught up in the rules.
4.17 showing the data of what new digital 47
communities the respondents shifted
to during lockdown.

4.19 Data of the respondents about the 49

need to visit a health center.

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4.21 Showing whether the lockdown was 51
necessary for reducing the spread of
coronavirus.
4.22 Data of from which country the 52
respondents think that India should
take lessons from in fighting the
coronavirus.

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 LIST OF CHARTS
FIGURE NO. TITLE PAGE NO.

4.1 Showing the age of respondents. 33

4.2 Showing the gender of respondents 34

4.3 Showing the occupation of 35

respondents

4.4 Showing the immediate concerns in 36

the wake of COVID-19.

4.5 Showing the recovery of economy 37

from slowdown.

4.6 Showing the details about job crisis in 38

the economy.
4.7 Showing the details of people who 39
were working in other state or country
and returned home due to pandemic.

4.8 Showing the sectors in which the 40

people work and returned from the
other state during lockdown.
4.9 Showing the number of respondents 41
who can return to their work after the
pandemic.

4.10 Showing whether the respondents 42

were able to learn or work from home.
4.11 Showing the support received from 43
institutions and employers.

4.12 Number of respondents visited bank 44

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4.13 showing the data about practicing 44
social distancing at the banks.

4.14 Changes in rate of loan during Covid- 45

19.
4.15 Showing whether the E-Commerce 46
gets caught up in the rules.
4.16 Data of respondents engaged in new 47
digital communities during lockdown.

4.18 Showing the changes in consumption 48

of junk food.
4.19 Data of the respondents about the 49
need to visit a health center during
lockdown.

4.20 Data of response towards the 50

statement: ―I trust that government is
responding effectively to the ongoing
crisis.‖
4.21 Showing whether the lockdown was 51
necessary for reducing the spread of
coronavirus.
4.22 Data of from which country the 52
respondents think that India should
take lessons from in fighting the
coronavirus.
4.23 Stress and anxiety level changes 53
during covid-19.

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1.1. Introduction

The Indian economy was in a distress at the brink of the country‘s

Independence. Being a colony, she was fulfilling the development needs not of
herself, but of a foreign land. As the country was riding on the promises and
vibes of national fervor, many important and strategic decisions were taken by
1956, which are still shaping India‘s economic journey. Today India ranked the
seventh largest economy and third largest in terms of purchasing power partly.
The GDP per capita income is equivalent to 16% of the world‘s average. India
has emerged as the fastest growing major economy in the world and is
expected to be one of the top three economic powers in the world over the next
10-15 years, backed by its robust democracy and strong partnerships.

In the middle of all success, there will be some risk or some intermission. The
COVID-19 pandemic in India is part of the worldwide pandemic of corona
virus disease 2019 caused by severe acute respiratory syndrome SARS-COV-2.
The first case of COVID-19 in India, which originated from China, was
reported on 30th January 2020. India currently has the largest number of
confirmed cases in Asia and has the third highest number of confirmed cases in
the world after the United States and Brazil.

The economic impact of the pandemic in India has been largely disruptive. No
one has been spared of its ill effects. India‘s growth in the fourth quarter of the
fiscal year 2020 went down to 3.1% according to Ministry of Statistics.
Notably India had also been witnessing a pre-pandemic slowdown, and
according to the World Bank, the current pandemic has ―magnified pre-existing
risks to India‘s economic outlook.‖

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1.2 Statement of Problem
The study is conducted to show the impacts of COVID-19 in the Indian
economy. A virus has ravaged the world, we have never seen or heard a crisis.
There is an unprecedented crisis but India will neither get tired nor give up the
fight against corona virus. We have to protect ourselves and move ahead as
well.

1.3 Objectives of Study

1.3.1 Main objective
 To understand the impact of COVID-19 on overall Indian
Economy.

1.3.2 Sub objective

 To understand the impact of COVID-19 on different sectors.
 To find out challenges for different sectors in Indian economy.
 To compare the economy before and after COVID-19.

1.4 Research Design

1.4.1 Nature of Study
This is a descriptive study.

1.4.2 Nature of Data

The nature of this data is primary and secondary.

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1.4.3 Sources of Data
Both primary and secondary data is used.

Primary data is collected from the respondents by administering

structures, open and closed ended questionnaire also through observation,
interview and discussion with management teams.

Secondary data is collected through research books, journals, records

of commercial banks, websites etc.

1.5 Sample Design

1.5.1 Nature of population
Nature of population is students of Christ College, Irinjalakuda.

1.5.2 Sample Unit

Sample unit represents students of Christ College, Irinjalakuda.

1.5.3 Method of Sampling

In this study, I have taken the help of questionnaires to understand the
impact of COVID-19 on Indian economy and various sectors. And I have
used ―Simple Random Sampling‖ for this purpose.

1.5.5 Size of the Sample

The sample size is 50.

1.6 Tools for Analysis

The tools for analysis used here is graphs, pie charts etc.

1.7 Limitations
 Sample size is large.
 It is not possible to cover a large area to get the exact results.

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1.8 Chapterization
Chapter 1: Introduction, statement of problem, scope and significance of
study, objectives of study, research design, sample design, tools for
analysis, and limitation of study.

Chapter 2: Conceptual review and Empirical review.

Chapter 3: The history of corona virus and previous outbreaks of corona

virus.

Chapter 4: The data analysis in a detailed manner. The data is represented

in graphs, pie charts etc.

Chapter 5: Findings and conclusions from the data analyzed.

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 2.1 CONCEPTUAL REVIEW

COVID – 19
COVID – 19 is disease caused by a new strain of corona virus. ‗CO‘ stands for
corona, ‗VI‘ for virus, and ‗D‘ for disease. Formerly, this disease was referred
to as ‗2019 novel corona virus‘ or ‗2019- nCOV.‘ In other words, we can say
that, a type of virus that causes diseases in humans and animals. In humans, it
usually causes respiratory infections that are not serious, but that can
sometimes cause more serious infections that can kill people.
Definition given by Oxford Dictionary, ―Any of a group of RNA viruses that
cause a variety of respiratory, gastrointestinal and neurological diseases in
humans and other animals.‖
So far, India is among the Asian economies that are not deeply impacted. With
the number of Covid-19 cases nearing 9,533,471 cases and the death toll
topping 138,657 (as per December 3rd, 2020), the impact of the virus on global
sentiment, economic and otherwise, has been immense. While new afflictions
have been declining in China – the epicenter of the outbreak – since the end of
February, it is spreading fast outside. New cases outside China now surpass
those in China, with Italy, Iran and South Korea being the worst affected. With
more than 160 countries reporting confirmed cases of Covid-19, its
implications on the global economy are more threatening than envisaged a
month ago.

The factors influencing epidemiological characteristics of COVID-19 are listed

below:

Virulency of novel Corona virus

Virus virulence is the disease-causing capability of a virus which depends on

various factors like those allow it to replicate and spread inside a host by
modifying host defenses, and breaking host cells and damaging tissues. The
new 2019 novel Corona virus-2 or SARS-CoV-2 is identified as beta corona
virus. Virus virulence is basically due to its genes responsible for viral
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replication, genes which help to escape from host immune system, those which
are involved in the transmissibility and genes coding toxic products in host
cells. The current virus seems to be very contagious and has quickly spread
globally.

Host defense potential

It directly correlates with the disease defense potential of an individual,

specifically the innate and adaptive immune responses against pathogens.
Humans are generally and specifically immune to various kinds of viruses.
During the initial phase of Corona viral infection, the upper respiratory tract
will be infected and the host immune power is the determining factor for
disease progression. A weakened immune defense may fail to compete with the
viruses leading to lower respiratory tract infections, which on that stage may
worse at a faster rate leading to lung fibrosis, shortness of breath and finally
death. Genome studies have reported that a protein called nsp3 in the novel
Corona Virus-2 causing COVID 19 is meant for blocking host innate immune
response and promoting cytokine expression. The Immune-compromised
persons are in a highly susceptible group as their host defense is very poor.

Underlying health conditions

People with underlying health conditions like high Blood Pressure, diabetes,
stroke, cardiac or kidney diseases, aged individuals, and people with weakened
immune system face higher risks if COVID 19 like infections happens to them.
If people are challenged with COVID 19 after a recent viral infection, their
defenses are already down and that could result in increasingly poor prognosis
for them from this virus. This is mainly because of low levels of immune cells
and high cytokine levels in body fluids. Cytokine release syndrome (CRS) is an
acute systemic inflammatory syndrome characterized by fever and multiple
organ dysfunctions. In some cases, viral infections can illicit excessive immune
reactions like ‗cytokine storm‘ leading to tissue damage. This is mainly

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mediated by a chemical interleukin 6 (IL-6) produced by our immune cells. It
was observed that other than viral infections, IL-6 level will also increase
during cardiovascular diseases, infections, some forms of cancers,
inflammatory and autoimmune disorders. COVID 19 often leads to CRS if
other systemic health complications were previously present in a patient, a
major cause of death. That is the reason why the people with underlying
diseases are requested to stay safe otherwise they may not be able to cope with
the excess IL-6 levels upon infection which can lead to cytokine release
syndrome (CRS) and even death.

Host behavior and number of contacts

Since the current pandemic can be spread by aerosol transmission from person
to person, with direct or indirect contact, intentional and thoughtful acts are the
necessity of the time as Governments, communities, citizens, media, and other
key influencers have an important role to play in preventing and stopping the
pandemic which is highly influenced by host travel and other host behaviors
leading to direct contact and spread of COVID 19. The WHO guidelines
restricting international travel from affected areas, clinical or home isolations
and other advices and recommendations are having prime importance as they
are meant to be strictly followed to reduce number of direct contacts and the
general risk of transmission of this acute respiratory infection. In addition to
this, behavioral differences like restricted stay in indoors during winter can also
have an effect on Corona viral spread.

Other factors include social distancing and community consciousness, age,

atmospheric temperature, population density, airflow and ventilation, personal
hygiene practices, humidity etc.

WHAT ARE THE PARTS OF CORONAVIRUS?

Corona viruses are a large family of viruses, some of which infect humans. The
corona virus at the root of COVID-19 is the newest known member of this

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family. And like other corona viruses that infect people, the new corona virus
causes respiratory disease, among other symptoms.

At their core, corona viruses contain a genetic blueprint called RNA (beige),
similar to DNA. The single-stranded RNA acts as a molecular message that
enables production of proteins needed for other elements of the virus.

Bound to this string of RNA are nucleoproteins— (dark blue discs)—proteins

that help give the virus its structure and enable it to replicate

Encapsulating the RNA genome is the viral envelope (teal), which protects the
virus when it is outside of a host cell. This outer envelope is made from a layer
of lipids, a waxy barrier containing fat molecules. As well as protecting the
precious genetic cargo, this layer anchors the different structural proteins
needed by the virus to infect cells. Envelope proteins (dark blue dots)
embedded in this layer aid the assembly of new virus particles once it has
infected a cell.
The bulbous projections seen on the outside of the corona virus are spike
proteins (red-orange). This fringe of proteins gives the virus its crown-like
appearance under the microscope, from which the Latin name corona is
derived. The spike proteins act as grappling hooks that allow the virus to latch
onto host cells and crack them open for infection. Like all viruses, corona
viruses are unable to thrive and reproduce outside of a living host.

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Let‘s discuss about the various advantages and disadvantages COVID-19 in the
Indian economy.

ADVANTAGES:
Social Benefit
• Corona virus brought a big change in our society like people understood their
fundamental duties (to defend the country and render national service when
called upon to so) toward society. Whether any person suffering from the
disease, all countrymen showing kindness and stood together to help them.
• When the fund was required to recover from disaster, many charity heroes of
the country supported the government and donated their hard earnings.
• In this difficult time, our country‘s doctors, policemen, sweepers, NGO‘s and
their volunteers are working hard to protect the people from the spread, risked
their lives to perform duties, on which the whole country is feeling proud. The
social benefit from Corona is that today the whole country is fighting together
from Corona.
Cultural Benefit
• India is a destination of different traditions. Indian Culture and traditions are
something which has now become renowned all across the world.
• Namaste is one of them adopted by the whole world to greet anybody in this
corona crisis. Even the prime minister of Israel Mr. Benjamin Netanyahu asked

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their people to say ‗Namaste‘, which was the proud moment for India.
• We all know that in the early era whenever people coming home from outside
should have to wash their hands and legs first before entering, the reason
behind this was the hygiene.
Technological Benefit
In the year 2000, India‘s software technicians solved a dangerous Y2K problem
faced by the world, after which Indian software industries were grown
worldwide. Now, the Corona virus is the problem and as we are the 2nd largest
manufacturer in the pharma sector we have to provide a solution to the world.
For that, to deal with the current scenario again we are moving towards
technological advancement like:
• DRDO has developed an Ultra Violet disinfection tower to destroy the corona
virus.
• HCARD an automated robot invented by the team of Indian scientists at the
Central Medical Engineering Research Institute (CMERI) aims at helping
frontline healthcare workers avoid contact points while treating Corona
patients.
• IIT Bombay student team develops low-cost ventilator ―Ruhdaar‖
• The Pune based Mylab was the first Indian company to provide Covid-19 test
kits which were providing result within 4 to 5 hours.
• Indian pharma industries are continuously trying to invent corona vaccines,
collaboration with foreign companies.
• And many more examples are available, which makes India proud.
Economic Benefit
The corona became the darkest hour for the world including the Indian
economy. To overcome the crisis Indian government continuously take the
necessary economic measures & try to safeguard the nation from the spread of
the virus:
• The largest fall in crude oil price helps India to save approx. 50 billion dollars
from oil imports in the next financial year, which is beneficial for the country.
• As we already know the COVID- 19 outbreak began from Wuhan, China. So,

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the US, Australia, Japan, and other affected countries trying to pressurize China
to answer about their irresponsible move regard corona virus. For that, they are
trying to punish China economically by exiting companies out of China and
shift it to other countries like India, Vietnam, Indonesia, Thailand, etc.
• To grab the opportunity, India have already started to build a strategic
infrastructure to attract FDI‘s. For that, our Finance Minister announced an
economic package of Rs.20 Lakh Crore to boost domestic production with
consumption to increase capabilities of MSME.
• In February, India imported PPE kits from China because we had no local
PPE manufacturing capability. But when joint efforts were taken by various
Ministries like the Ministry of Textile with country‘s private manufacturer,
India became world‘s 2nd largest PPE kit producer in just two months as well
as world‘s first reusable PPE suits.
The positive mind brings positive vibes and positive vibes bring positive life.
You know, ―China took 30 years to set up a well-defined assembling line of
manufacturing.‖ We can also set up the same type of manufacturing units and
become an export-driven economy which will provide ample job opportunities
for India. Only we have to give our full-pledged support to our country.

DISADVANTAGES:
The Marginalized at Risk:
To the extent, economic class and social identity (e.g., race, ethnicity or caste)
overlap, this suggests that socially marginalized groups would be at higher risk
of mortality due to COVID-19. The risks extend beyond mortality as the
economic consequences of the current pandemic are likely to be most
concentrated among the low wage earners and less educated workers, segments
of the labour force where racial and ethnic minorities are over – represented.
Early evidence from the United Kingdom and the United States reveals that
racial and ethnic minorities are indeed the ones most likely at the risk of
unemployment.

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The Indian Shutdown:
The key element of the pandemic control strategy was that everywhere has
been shut down, economic and social activity, and to impose social distancing
with varying degrees of strictness. India‘s lockdown, imposed in the last week
of March 2020, was among the most stringent. The first month of the severe
lockdown, April 2020, witnessed a sharp rise in unemployment.
Education as Factor:
The global evidence suggests that job losses associated with COVID-19 are
much more concentrated among individuals with low levels of education and
those with vulnerable jobs with no tenure or security. We find that individuals
with more secure jobs, i.e., not daily wagers, and those with more than 12 years
of education, were much less likely to be unemployed in April 2020 than those
with less than 12 years of education and with daily wage jobs, relative to their
pre-pandemic employment status. Thus, education did turn out to be a
protective factor in the first wave of immediate post-lockdown job losses.
Issue of Technology:
Differential access to information technology, as well as disparities in the
ability to invest in technology will be critical in shaping access to online
education, if the pandemic forces schools to close for a substantial period of
time.

Impact on Tourism, Aviation and Retail:

The tourism industry is the worst affected due to the COVID crisis,
internationally. The World Tourism Organization estimations depict a fall of
20–30 per cent in international tourist arrivals. These figures too are based on
present circumstances and are likely to increase or decrease in future. Millions
of people associated with industry are likely to lose their jobs. In India, the
travel and tourism industry is flourishing and is contributing sizably to the
economy.

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The aviation sector in India had contributed US$72 billion to India‘s GDP.
Foreign tourist arrival has been down in the first quarter. The lockdown had a
significant impact on arrivals in the second quarter. If we estimate a
conservative 25 per cent decline in the contribution of the aviation sector, it
will amount to 18 billion. Railways contributed US$27.13 billion in 2019 to
GDP. A 21-day lockdown period had brought down the revenue by US$1.56
billion.

The Indian retail industry was worth US$790 billion in FY 2019. It accounts
for over 10 per cent of the country‘s GDP and around 8 per cent of
employment. In the past few years, online retail has seen a very rapid growth
and the market projections had indicated a 30 per cent growth in online. In the
retail sector, the suppressed demand has a tendency to revive very fast and this
will enable the sector to recover the losses once the lockdown is lifted. Online
retail was operational in some parts of the country during the lockdown period
and this will help in offsetting some of the losses for the industry.

Impact on GDP Growth Rate:

The UN warned that the coronavirus pandemic is expected to have a

significant adverse impact on global economy, and most significantly, GDP
growth of India for the present economy is projected to decline. Similarly, the
UN ‗Economic and Social Survey of Asia and the Pacific (ESCAP) 2020
reported that COVID-19 would have extensive socio-economic consequences
in the region with inundate activities across borders in the areas of tourism,
trade and financial linkages.

In second scenario where India controls the virus spread but there is a
significant global recession, the growth may be between 4 per cent and 4.5 per
cent. Motilal Oswal research suggests that a single day of complete lockdown
could shave off 14–19 basis points from annual growth. Barclays reported the
cumulative shutdown cost to be around US$120 billion, or 4 per cent of GDP.

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Mr Yashwant Sinha, former Finance Minister of India, estimated the cost of
21-day countrywide lockdown at 1 percentage point of GDP. The global
recession and uncertainties of future might make a 2percentage point decline in
growth rate (for 2020–2021) possible.

Impact of COVID-19 Pandemic on Migratory Labour:

The International Labour Organization in its report describes the coronavirus

pandemic as ‗the worst global crisis since World War II‘. About 400 million
people (76.2% of the total workforce) working in the informal economy in
India are at a risk of falling deeper into poverty due to catastrophic
consequences of the virus. As half of the world is in lockdown, it is going to be
a loss of 195 million full-time jobs or 6.7 per cent of working hours globally.
Many are in low-paid, low-skilled jobs where sudden loss of income is
catastrophic (International Labour Organisation, 2020).

Seasonal migration of labour for work is a pervasive reality in rural India. A

migration of millions of people happens from rural areas to industries, urban
markets and farms. Major migration corridors in India are from UP and Bihar,
to Punjab, Haryana, Maharashtra and Gujarat. Newer corridors from Odisha,
West Bengal and North East to Karnataka and Andhra Pradesh, from Rajasthan
to Gujarat, from MP to Gujarat and Maharashtra and from Tamil Nadu to
Kerala are also being created. These migrant workers are employed in the
construction sector (40 million), domestic work (20 million), textile (11
million), brick kiln work (10 million), transportation, mining and agriculture
(IIPS, 2001). During lockdown, 92.5 per cent of labourers have lost 1 to 4
weeks of work. A survey done by Jan Sahas, of 3196 migrant workers across
northern and central India, between 27 March and 29 March, reveals that 80
per cent of migrant workers feared that they will run out of food before
lockdown ends on 14 April and will not get their job back thereafter.

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The crisis witnessed a horrifying mass exodus of such floating population of
migrants on foot amidst the countrywide lockdown. Their worries primarily
emanating from loss of job and absence of a social safety net. Despite
assurance from the government, they continued to walk back to their homes. It
is a saga of inequality, poverty and social exclusion of vulnerable populations
struggling to overcome this sudden crisis.

The Supreme Court sought a status report from the Centre on the measures
taken to prevent the mass exodus of migratory labourers to their villages. A
sudden displacement of workers due to coronavirus will have far-reaching
effects on the Indian economy. Some of these workers may not return to work
in the industrial towns of Gurugram, Surat and Mumbai. They may seek
employment in their marginal farms or in the nearby areas. The consequences
of behaviour changes forced by lockdown will put pressure on MSMEs and
farm sector, as labour will not be available soon after lockdown. If not properly
addressed through policy, the social crisis created by the COVID-19 pandemic
may also increase inequality, exclusion, discrimination and global
unemployment in the medium and long term.

Implications on Capital Markets, Global Oil Market and its Impact on

India:

Coronavirus fears have sent shock waves across global financial markets.
Indian capital markets are envisaging a funds flow to Western capital markets,
owing to rate cuts and fall in the stock markets the world over. As per the
NSDL data, Foreign Portfolio Investors (FPIs) have withdrawn huge amounts
from India—₹247.76 billion from equity markets and ₹140.50 billion from debt
markets in a short span of 13 days, that is, from 1 to 13 of March 2020. There
will be a lot of volatility in the capital markets in the next 6 months, owing to
rapid flow of capital from one market to another in the world. A historic drop
in demand for oil has dropped the crude oil prices to an 18-year low of US$22

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per barrel. If capital outflows from India continue, rupee (INR) may depreciate
further in the coming days.

Impact on Start-Ups and Micro, Small and Medium Enterprises:

Micro, Small and Medium enterprises, which have created more than 90 per
cent of the jobs in India, employing over 114 million people and contributing
30 per cent of the GDP, are at the risk of having a severe cash crunch due to
lockdown. Many of these MSMEs have loan obligations and monthly EMIs to
pay. Many of them might just disappear if their cash cycle is disturbed because
of the lockdown, with fixed costs dangling over them in such a situation. They
need a moratorium for loan repayments. RBI has released funds to non-banking
financial corporations, some of whom provide finance to MSMEs. In addition
to that, movement of perishable goods is hampered and thus, these businesses
stare at huge losses. India cannot have a real and sustainable growth without
having a thriving MSME sector. The COVID-19 crisis will also test the
resilience of start-ups in India. Start-ups have to rely on cross-border fund
raising. Several founders are seeing their businesses grinding to a halt.
Receivables are spiralling and they have to undertake painful cost-reduction
measures in their ventures. Government will have to make funds available to
this sector, as venture capital firms may take a little longer to come and support
because of the restricted global capital flows.

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 2.2 EMPERICAL REVIEW
Empirical review is a research using empirical evidence. It is a way of gaining
knowledge by means of direct and indirect observation or experience. Many
researchers combine qualitative and quantitative forms of analysis to better
answer questions which cannot be studied in laboratory settings, particularly in
social sciences and in education.

2.2.1 Sunil et al (2020), The trade impact of the corona virus epidemic for
India is estimated to be about 348 million dollars and the country figures
among the top 15 economies most affected as slowdown of manufacturing in
China disrupts world trade, according to a UN report. Whereas according to
Asian Development Bank (ADB) the Covid-19 outbreak could cost the Indian
economy between $387 million and $29.9 billion in personal consumption
losses. A survey by FICCI (2020) found that most industry respondents did not
foresee positive demand account during the entire fiscal year. Demand side
impact on tourism, hospitality and aviation is among the worst affected sectors
that are facing the maximum burnt of the present crisis. Consumption is also
getting impacted due to job losses and decline in income levels of people
particularly the daily wage earners due to slowing activity in several sectors
including retail, construction, entertainment, etc. Some sectors like
automobiles, pharmaceuticals, electronics, chemicals products etc. are facing
an imminent raw material and component shortage.

2.2.2 S. Udhaya Kumar et al (2020), The corona virus disease (COVID-19)

pandemic, which originated in the city of Wuhan, China, has quickly spread to
various countries, with many cases having been reported worldwide. The
financial crisis that has emerged owing to the worldwide lockdown reflects its
adverse effect on several industries and the global supply chain, which has
resulted in the GDP dropping to 4.2% for FY20, which was previously
estimated at 4.8%. This article also mentions the preventive measures to be
taken by government as well as individual to avoid the virus transmission.

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2.2.3 Monika Chaudhary et al (August 11, 2020), A micro virus has eroded
wealth and corroded investor confidence, slowed-down private consumption
and investment, disrupted workplaces and distorted markets. Economic Survey
2019–2020 had laid out a plan to promote exports of network products, to
integrate ‗assemble in India for the world‘ into Make in India and to create 40
million jobs by realising the aspiration of a 5 trillion economy by 2025. A rise
in demand for commodities, if the virus does not get contained, will increase
prices, even when there is a global supply shock and unemployment rates are
high, and that is when stagflation sets in. And the article concludes by
mentioning that,‖ the COVID-19 pandemic has a clear message for the Indian
economy to adopt sustainable developmental models, which are based on self-
reliance, inclusive frameworks and are environment friendly.‖

2.2.4 Venkatesh Athreya (July 23,2020), argues that the government of India,
did not respond seriously for nearly two months, from January 30 till the last
week of March, waiting for Trump‘s visit and the BJP master-minded change
of government in Madhya Pradesh to be successfully completed. It finally
responded on March 24 in a most ham-handed manner by imposing a
national lockdown, giving less than four hours‘ notice. This had a
devastating impact on millions of migrant workers, leaving them stranded in
various cities, far from their families, with no place to stay and no income. It
destroyed access to livelihoods and incomes for nearly 80% of our
households, as business establishments closed down across the country. The
government has continued to make a complete mess of handling the
pandemic as well as its economic consequences. In this article, the author
provides an overview of the Modi government‘s economic policies and their
consequences during the period of the pandemic and lockdown.

2.2.5 Ajay Kumar Poddar & Brijendra Singh Yadav (June 15, 2020), The
situation of COVID – 19 is aggravating the financial health of the country
even more worsen. As per the UN report, India will be impacted by $348 mn

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on its trade due to Corona Virus. The figure shall increase even further
depending on the period of lockdown, locally and globally. It is expected that
in the short term that the price of logistics, transportation, freight and many
other services will rise. The government is taking all possible measures to
handle it efficiently however the exact impact shall only be known once the
corona period is over.

2.2.6 Tanisha Mukherjee et al (October 20, 2020), Referring to the recent

happenings and data, the unorganised sector excluding this likely to suffer a
great downfall in the coming days as the job generation is going down in an
alarming rate with the prolonged lockdown and weak GDP. With the
commencement of 2020-21 financial year the effects of corona virus have
affected the stability of the economy of 150 countries - jeopardising their
lifestyle, economy, impacting business and assumption of common wellbeing
which we had taken for granted. The lockdown has adversely have affected
service sector like banks, restaurants, food vendors, and food delivery
providers at par with providing health safety and medical sustenance. The
article also discusses about the health of the sickening economy by mobilizing
the resources and make plans of job creation and job continuity.

2.2.7 Dr. Kishore Kumar Das & Shalini Patnaik (2020), Article – ―The Impact
of COVID – 19 in The Indian Economy‖ released in International Journal of
Electrical Engineering and Technology, Volume 11, Issue 3, May 2020 has
attempted to critically analyse the impact of COVID 19 in various sectors
considering the data which are secondary in nature, different appropriate
statistical tools and techniques are applied for analysis and conclusion. On the
basis of finding recommendations are suggested to overcome these adverse
situations.

2.2.8 Anya Kumra (august, 2020), This study showed the impact of the novel
corona virus on various macroeconomic factors of the Indian economy. This

25
study also shows the impact of Covid-19 on one of the most vulnerable sectors
of the economy- the medium, small and micro enterprises- with the help of a
case study. The research also analyses various policy measures taken by the
Reserve Bank of India and the Central Government of India, to ameliorate the
economic shock and make a promising recovery of the Indian economy.

2.2.9 Sandeep Kumar M. et al (10 July 2020), This study focused on the
situations of COVID-19 that will certainly have an adverse effect over and
above health care. To overcome all the above issues, Internet of Things (IoT)
devices and sensors can be used to track and monitor the movement of the
people, so that necessary actions can be taken to prevent the spread of corona
virus disease. Mobile devices can be used for contact tracing of the affected
person by analyzing the geomap of the travel history. This will prevent the
spread and reset the economy to the normal condition.

2.2.10 J.D. Sonkhaskar (2020), The article gives an overview of the Covid-19
situation in India, Indian economy before the pandemic, its impact on different
sectors and the policy recommendation and strategies designed by the
government to lower the financial crisis.

26
 3.1 THEORETICAL FRAMEWORK

3.1.1 History of Corona Virus

How did ―SARS-CoV-2‖, the new corona virus that causes COVID-19, come into
being?
Experts say SARS-CoV-2 originated in bats. That‘s also how the corona
viruses behind Middle East respiratory syndrome (MERS) and severe acute
respiratory syndrome (SARS) got started. SARS-CoV-2 made the jump to
humans at one of Wuhan‘s open-air ―wet markets.‖ There where customers
who buy fresh meat and fish, including animals that are killed on the spot.
Some wet markets sell wild or banned species like cobras, wild boars, and
raccoon dogs. Crowded conditions can let viruses from different animals swap
genes. Sometimes the virus changes so much it can start to infect and spread
among people. Still, the Wuhan market didn‘t sell bats at the time of
the outbreak. That‘s why early suspicion also fell on pangolins, also called
scaly anteaters, which are sold illegally in some markets in China. Some corona
viruses that infect pangolins are similar to SARS-CoV-2. As SARS-CoV-2
spread both inside and outside China, it infected people who have had no direct
contact with animals. That means the virus is transmitted from one human to
another. It‘s now spreading around the globe, meaning that people are
unwittingly catching and passing on the corona virus. This growing worldwide
transmission is what is now a pandemic.

3.3.2 Previous Outbreaks of Corona Virus

―Those who cannot remember the past are condemned to repeat it.‖

- George Santayana

All human corona viruses have originated from animals. SARS‐CoV, MERS‐
CoV, SARS‐CoV2, HCoV 229E, and HCoVNL63 have originated from bats,
whereas HCoV OC43 and HCoVHKU1 originated from rodents.

27
Let us discuss the different previous outbreak of corona virus in the world:

 The pathogenicity of corona virus was recognized way back in 1960

when it was identified as a cause of common cold. Till the year 2002, it
was considered as a non-fatal virus not severely pathogenic to humans.
Later in 2002, researchers found a group of similar human and animal
viruses and named them after their crown-like appearance.

 The one that causes SARS emerged as the first corona virus outbreak
which started in the form of severe atypical pneumonia in November
2002 in Guangdong Province of Southern China and quickly spread to
28 other countries. More than 8,000 people were infected by July 2003,
and 774 died.

 A small outbreak in 2004 involved only four more cases. This corona
virus causes fever, headache, and respiratory problems such as cough
and shortness of breath.

 Almost a decade later, in the year 2012, a new corona virus emerged in
the Middle East that caused an illness similar to SARS. First case of
infection was reported on 13 June, 2012 in Jeddah in Saudi Arabia.
Similar to SARS, it spread rapidly to healthcare workers suggesting
human to human transmission. The disease had a fatal outcome in
immunocompromised patients and had a high mortality rate of 33% and
was named as Middle East Respiratory Syndrome (MERS). It rapidly
spread to adjacent countries Qatar, Kuwait, Bahrain, Tunisia, and
Jordan. The disease has been identified in 26 countries with 1621
confirmed cases and 584 deaths, with maximum cases in Saudi Arabia.
It has the same respiratory symptoms but can also cause kidney failure.
Though there is an association between bats and coronaviruses, studies
have shown that MERS‐CoV is not transmitted through bats. Studies
done on camels using anti‐MERS‐CoV antibodies have supported the

28
 theory that dromedary camels are the main source of transmission to
humans.

 Just a few years after the MERS outbreak, history repeated itself in a
belligerent way in December 2019 in Wuhan, the largest metropolitan
area in China's Hubei province, where a cluster of patients were
admitted to hospital with a diagnosis of ―pneumonia of uncertain
etiology.‖ The first case was reported to the WHO country office in
China on December 31, 2019. By January 2, 2020, 41 patients were
identified as having the novel infection which was later identified and
named as COVID‐19, an acronym for corona virus disease 2019. Due to
the speed and scale of transmission of the virus, WHO was forced to
declare it as a pandemic.

Three major epidemics in the last two decades have left many questions
unanswered. Apart from the research questions regarding the pathogenesis
and spread of disease, we really need to introspect whether urbanization and
globalization are disturbing the nature's balance? In this era, any infectious
disease can spread on a massive scale within days to cause global threat.

29
Table 4.1 showing age of respondents.

AGE Number of respondents Percentage

Below 20 years 9 18%

20 years – 30 years 39 78%

Above 30 years 2 4%

Total 50 100%

Figure 4.1 showing age of respondents

Age Respondents
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Below 20 years 20 years- 30 years Above 30 years

Age Respondents

30
Table 4.2 showing gender of respondents.

Gender Number of respondents Percentage

Male 21 42%

Female 29 58%

Other 0 0

Total 50 100%

Figure 4.2 showing gender of respondents

Gender Respondents

Male Female Other

31
Figure 4.3 showing occupation of respondents

Percentage of occupation

Others

Student

Teaching sector

Law enforcement

Information Technology

Health sector

Agriculture

Engineering and construction work

Charity and voluntary work

Accountant,banking etc

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Percentage of occupation

32
Table 4.4 showing the immediate concerns in the wake of COVID-19

Concerns Response Percentage

Health Services and 12 24%

Job Stability

Education 23 46%

Social Interaction 12 24%

Others 3 6%

Figure 4.4 showing the immediate concerns in the wake of COVID-19

Immediate Concerns
50%
45%

40%
35%

30%

25%

20%

15%

10%
5%

0%
0 0.5 1 1.5 2 2.5 3 3.5 4 4.5

The biggest concern, however, on everybody‘s mind is the effect of the disease
on the education sector. The pandemic has significantly disrupted the education
sector, which is a critical determinant of a country‘s economic future.

33
Table 4.5 showing recovery of economy from slowdown

Options Response Percentage

Yes 30 60%

No 8 16%

Can‘t say 12 24%

Figure 4.5 showing recovery of economy from slowdown

Recovery from slowdown

70%

60%

50%

40%

30%

20%

10%

0%
Yes No Can't say

Recovery from slowdown

Among 50 respondents, 60% feels that there is being a recovery from economic
slowdown, 24% respondents can‘t say about the recovery and 16% respondents
does not feel about recovery. And yes, the economy is showing encouraging
signs of recovery.

34
Table 4.6 showing the details about job crisis in the economy

Options Response Percentage

Yes 37 74%

No 3 6%

Can‘t say 10 20%

Figure 4.6 showing the details about job crisis in the economy

Job crisis
80%

70%

60%

50%

40%

30%

20%

10%

0%
Yes No Can't say

Job crisis

Among 50 respondents, 74% feels that there is a severe job crisis in all sectors
of the economy in the pandemic days, 20% respondents can‘t say about the job
crisis and 6% doesn‘t feel any job crisis in the economy. Thus, the outbreak of
the COVID-19 pandemic has led to a sudden shift in the dynamics of
workforce behavior.

35
Figure 4.7 showing the details of people who were working in other state or
country and returned home due to pandemic.

In percentage

Yes No

Among 50 respondents, 84% respondents are who or whose relatives work in

Kerala itself or does not returned home during the pandemic days and 16%
respondents are who or whose relatives work outside Kerala and returned home
during the pandemic days.

36
Figure 4.8 shows the sectors in which the people work and returned from the
other state during lockdown.

Sector

Others

Public

Private

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Sector

Among 50 respondents, only 4% people work in Private sectors in other state

or country, 6% work in public sector and 90% people have a different answer.

Table 4.9 shows the number of respondents who can return to their work after
the pandemic.

Options Response Percentage

Yes 13 26%

No 4 8%

Don‘t know 22 44%

No answer 11 22%

37
Figure 4.9 shows the number of respondents who can return to their work after
the pandemic.

In percentage
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Yes No Don't know No answer

In percentage

Among 50 respondents, 26% can return back to their work after the pandemic
comes to normal, 8% cannot return to their work, 44% does not know whether
they have to return or not and 22% have no answer.

38
Table 4.10 shows the data about whether the respondents were able to learn or
work from home.

Options Response percentage

Yes 29 58%

No 7 14%

Sometimes 14 28%

Figure 4.10 shows the data about whether the respondents were able to learn or
work from home.

Percentage

Yes No Sometimes

Among 50 respondents, 58% were able to learn or work from home, 28% feels
only sometimes and 14% were not able to learn or work from home. We are
being forced into the world‘s largest work and learn from home experiment and
its not that easy.

39
Table 4.11 shows the data about the support received from educational
institutions and employers.

Options Response Percentage

Yes 28 56%

No 7 14%

Sometimes 15 30%

Figure 4.11 shows the data about the support received from educational
institutions and employers.

Percentage

Sometimes

No

Yes

0% 10% 20% 30% 40% 50% 60%

Percentage

Among 50 respondents, 56% respondents received support from their

respective institutions, 30% respondents received sometimes and 14% does not
receive any support. We're all in this together and want to do everything we
can to get us all through these challenging times.

40
Figure 4.12 shows the number of respondents visited bank during pandemic
days.

Percentage
90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
Visited Not visited

Among 50 respondents, 80% visited bank during the pandemic days and 20%
did not visit the bank.

Figure 4.13 shows the data about practicing social distancing at the banks.

Series 1
70%

60%

50%

40%

30%

20%

10%

0%
Yes No Sometimes

Series 1

Among 50 respondents, 66% feels that banks practice social distancing, 20%
does not feel social distancing and 14% feels only sometimes.

41
Table 4.14 shows the data regarding the rate of loan during Covid-19

Options Response Percentage

Yes 7 14%

No 19 38%

Can‘t say 24 48%

Figure 4.14 shows the data regarding the rate of loan during Covid-19

Rate of loans

Yes No Can't say

Among 50 respondents, 14% respondents feels that rate of loans have become
cheaper during Covid-19, 38% does not feel so and 48% respondents are not
able to feel whether the rates have increased or decreased. Banking channels
are working round the clock to cater to the needs of the public as well as
financial market.

42
Table 4.15 shows whether the E-Commerce gets caught up in the rules

Options Response Percentage

Yes 31 62%

No 7 14%

Can‘t say 12 24%

Figure 4.15 shows whether the E-Commerce gets caught up in the rules

E-Commerce

Can't say

No

Yes

0% 10% 20% 30% 40% 50% 60% 70%

E-Commerce

Among 50 respondents, 62% feels that E-Commerce gets caught up in the

rules, 14% does not feel so and 24% are confused whether E-Commerce gets
caught up in the rules or not. Since the norm of social distancing has been
initiated for almost the entirety of 2020, the scope of E-Commerce is expected
to surge.

43
Figure 4.16 shows the data of respondents engaged in new digital communities
during lockdown

New Digital Communities

80%

70%

60%

50%

40%

30%

20%

10%

0%
Yes No

New Digital Communities

Among 50 respondents, 72% feels that they are not engaged in new digital
communities during lockdown and 28% feels that they have entered into new
digital communities. Online communities are emerging and proving to be
extremely valuable. Whether showing new value, maintaining connections, or
sharing knowledge and skills, online communities have become a necessary
resource during COVID-19.

Table 4.17 shows the data of what new digital communities the respondents
shifted to during lockdown.

Options Response Percentage

Google meet, Zoom app 6 12%

Instagram, WhatsApp 3 6%

OTT and others 2 4%

No answer 39 78%

44
Figure 4.18 shows the data of changes in consumption of junk food.

Junk food consumption

60%

50%

40%

30%

20%

10%

0%
Decreased Slightly decreased Similar Slightly increased Increased

Junk food consumption

Among 50 respondents, 50% respondents have decreased their consumption of

junk food during Covid-19, 14% have slightly decreased, 16% respondents
have no change in the consumption of junk food, 10% have slightly increased
and 10% have increased their consumption of junk food. Eating habits
modification may threaten our health. Maintaining a correct nutrition status is
crucial, especially in a period when the immune system might need to fight
back.

45
Table 4.19 showing data of the respondents about the need to visit a health
center during lockdown.

Options Response Percentage

Yes 15 30%

No 23 46%

Sometimes 12 24%

Figure 4.19 showing data of the respondents about the need to visit a health
center during lockdown.

Visiting Health Center during lockdown

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Yes No Sometimes

Visiting Health Center during lockdown

Among 50 respondents, 46% respondents do not feel to visit a health center

during lockdown,30% respondents felt the need to visit a health center and
24% respondents felt frequently. Faced with challenges on a scale never
experienced before, healthcare workers everywhere, have had quickly adapted
the new realities of a COVID-19.

46
Figure 4.20 showing the data response towards the statement: ―I trust that
government is responding effectively to the ongoing crisis.‖

Response

Strongly agree Agree Neutral Disagree Strongly disagree

Among 50 respondents, 40% respondents feel sometimes the government is

taking effective measures and sometimes not, 38% agree with the statement,
12% strongly agree with the statement, 6% disagree with the statement and 4%
strongly disagree with the statement. We are in this together and we will get
through this together.

47
Table 4.21 showing the data about whether the lockdown was necessary for
reducing the spread of coronavirus.

Options Response Percentage

Yes 38 76%

No 5 10%

Sometimes 7 14%

Figure 4.21 showing the data about whether the lockdown was necessary for
reducing the spread of coronavirus.

Response

Sometimes

No

Yes

0% 10% 20% 30% 40% 50% 60% 70% 80%

Response

Among 50 respondents, 76% feels that lockdown was necessary to reduce the
spread of coronavirus, 10% feels that lockdown was not necessary and 14%
respondents are neutral. Things don‘t always go the way you planned them.
This too shall pass.

48
Table 4.22 showing the data of from which country the respondents think that
India should take lessons from in fighting the coronavirus

Options Response Percentage

China 3 6%

New Zealand 8 16%

Japan 2 4%

Canada 2 4%

Italy 2 4%

Others 33 66%

Figure 4.22 showing the data of from which country the respondents think that
India should take lessons from in fighting the coronavirus.

Countries
70%

60%

50%

40%

30%

20%

10%

0%
China New Zealand Japan Canada Italy Others

Countries

Among 50 respondents, 6%,16%,4%,4%,4% chose China, New Zealand,

Japan, Canada, Italy respectively and 66% chose other countries like Germany,
UK, America, Russia etc.

49
Figure 4.23 shows the changes in stress and anxiety level of respondents during
Covid-19

In Percentage

Increased

Slightly increased

Similar

Slightly decreased

Decreased

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

In Percentage

Among 50 respondents, 40% respondent‘s stress and anxiety level have slightly
increased, 30% have no change in anxiety and stress level, 16% have slightly
decreased their anxiety level,10% have increased and 4% have decreased their
anxiety level. The COVID-19 pandemic has had a major effect on our lives.
Many of us are facing challenges that can be stressful, overwhelming, and
cause strong emotions in adults and children. Learning to cope with stress in a
healthy way will make you, the people you care about, and those around you
become more resilient.

50
 Findings

It is revealed that when the global economy is on a slowdown mode no

emerging economy can grow at its normal pace. The Indian economy was
grappling with its own issues and COVID-19 made the matters worse. The
industry was facing demand problems, due to which business houses were
reluctant to undertake capex plans, unemployment was at its peak and exports
which were consistently down for several months. India has the problem could
be more acute and longer lasting, the economy was in parlous state due to
Covid-19 struck. Due to the measures adopted to prevent the spread of the
Coronavirus Disease 2019 (Covid-19), especially social distancing and
lockdown, non-essential expenditures are being postponed. This is causing
aggregate demand to collapse across the India. In addition to the demand
reduction, there will also be widespread supply chain disruptions, as some
people stay home, others go back to their villages, imports are disrupted, and
foreign travel is stopped. This will negatively affect production in almost all
industries. Gradually the shock will spread to manufacturing, mining,
agriculture, public administration, construction – all sectors of the economy.
This will adversely affect investment, employment, income, and consumption,
pulling down the aggregate growth rate of the economy. Like India, several
international economies are becoming cognizant of the risk they face by being
overly dependent on one market.

Making the current situation a learning opportunity, the findings from the data
received are:

Among 50 respondents,

1. 18% of the respondents are below 20 years, 78% are between 20 years
and 30 of age and 4% are of the age above 30 years.

2. 42% are males and 58% are females.

3. 84% are students, 4% belongs to health sector, 4% belongs to

engineering and construction work, 4% belongs to accountant and
51
 banking sector, 2% belongs to teaching sector and 2% belongs to other
sectors

4. 46% shows immediate concern in education sector, 24% in social

consideration, 24% in health services and job stability and 6% shows
immediate concern in other factors.

5. 60% feels that there is being a recovery from economic slowdown, 24%
respondents can‘t say about the recovery and 16% respondents does not
feel about recovery.

6. 74% feels that there is a severe job crisis in all sectors of the economy in
the pandemic days, 20% respondents can‘t say about the job crisis and
6% doesn‘t feel any job crisis in the economy.

7. 84% respondents are who or whose relatives work in Kerala itself or

does not returned home during the pandemic days and 16% respondents
are who or whose relatives work outside Kerala and returned home
during the pandemic days.

8. 4% people work in Private sectors in other state or country, 6% work in

public sector and 90% people have a different answer.

9. 26% can return back to their work after the pandemic comes to normal,
8% cannot return to their work, 44% does not know whether they have
to return or not and 22% have no answer.

10. 58% were able to learn or work from home, 28% feels only sometimes
and 14% were not able to learn or work from home.

11. 56% respondents received support from their respective institutions,

30% respondents received sometimes and 14% does not receive any
support.

12. 80% visited bank during the pandemic days and 20% did not visit the
bank.

52
13. 66% feels that banks practice social distancing, 20% does not feel social
distancing and 14% feels only sometimes.

14. 14% respondents feels that rate of loans have become cheaper during
Covid-19, 38% does not feel so and 48% respondents are not able to feel
whether the rates have increased or decreased.

15. 62% feels that E-Commerce gets caught up in the rules, 14% does not
feel so and 24% are confused whether E-Commerce gets caught up in
the rules or not.

16. 72% feels that they are not engaged in new digital communities during
lockdown and 28% feels that they have entered into new digital
communities.

17. 12% uses google meet or zoom app, 6% uses Instagram or WhatsApp,
4% uses OTT and others and 78% does not shift to any new digital
communities.

18. 50% respondents have decreased their consumption of junk food during
Covid-19, 14% have slightly decreased, 16% respondents have no
change in the consumption of junk food, 10% have slightly increased
and 10% have increased their consumption of junk food.

53
19. 46% respondents do not feel to visit a health center during
lockdown,30% respondents felt the need to visit a health center and 24%
respondents felt frequently.

20. 40% respondents sometimes feels that the government is taking

effective measures and sometimes not, 38% agrees with the statement,
12% strongly agree with the statement, 6% disagree with the statement
and 4% strongly disagree with the statement.

21. 76% feels that lockdown was necessary to reduce the spread of
coronavirus, 10% feels that lockdown was not necessary and 14%
respondents are neutral.

22. 6%,16%,4%,4%,4% chose China, New Zealand, Japan, Canada, Italy

respectively and 66% chose other countries like Germany, UK,
America, Russia etc. These are the countries that respondents feel India
should learn from to fight against corona virus.

23. 40% respondent‘s stress and anxiety level have slightly increased, 30%
have no change in anxiety and stress level, 16% have slightly decreased
their anxiety level,10% have increased and 4% have decreased their
anxiety level.

54
 Suggestions

Here are a few suggestions that can be considered to deal with the economic
crisis.

1. The first measure must be to protect the workers in the informal sector, who
will be badly affected, and yet have little savings to tide them over the shock.
This will not be easy to do, but there are two mechanisms that could be utilised:
MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and
Jan Dhan accounts.

2. For organised sector, the objective should be to make the banks somewhat
less risk averse in their overall lending, while preserving their authority to
distinguish between viable and non-viable firms.

3. To increase liquidity and increase consumer confidence, the Government of

India should provide a pay roll tax holiday for a quarter to help support demand
in these stressful times.

4. MSMEs should be provided concessional working capital loan, equivalent

to one to three month‘s (based upon the extent of disruption) average turnover
of last year. To support them, when the supply chains have been impacted
globally, MSMEs should also be provided concessional finance at a rate of 5%
for three months through SIDBI. The interest payment for such financing can
be adjusted over the next three years as part of GST.

5. CSR spending by corporate organisations should be directed towards a

response fund dedicated for the management of the pandemic.

6. A disaster management framework focused on managing disease outbreak

will become essential in the large and densely populated country.

55
 Conclusion

In India, life has not yet started in a systematic manner and needs to be
prioritised alongside. Necessary measures to combat the economic impact from
the rapidly spreading coronavirus, the Government policymakers would need to
implement a substantial targeted fiscal, broader monetary stimulus, and policy
rate cuts to help normalize the economic situation. As the COVID-19 crisis
continues to expand, manufacturers will likely face challenges on numerous
fronts. They will need to coordinate closely with the public sector to forge
plans that are essential to both public safety and the solvency of their
workforce, while keeping the lights on in their operations. Some will be
austere, but austerity measures should be tempered to preserve long-term
objectives.

The survey is based on ―impacts of Covid-19 in the Indian economy‖ with

regard to Christ College students. There were 50 respondents in which there
were 21 males and 29 females. The survey mainly conducted to know how
much the economy was affected due to Covid-19. It was found that all the
sectors are equally affected due to the pandemic. Many have lost their job,
many have shifted to various digital communities, many have suffered from
various mental and physical issues, many of the people found it difficult to pay
their loans and debt. We are only at the beginning of this crisis, but it is
challenging us in ways that are unprecedented in modern times.

The survey really helped me to get more knowledge about the impacts of
Covid-19 in different sectors of the Indian economy. I was also able to
understand the problems faced by the people due to this severe pandemic.

“IT MIGHT BE STORMY NOW, BUT RAIN DOES NOT LAST

FOREVER.”

56
QUESTIONNAIRE ON IMPACT OF COVID-19 IN INDIAN
ECONOMY
Dear students,

As part of academics, we are conducting a study on ―Impact of Covid-19 in the

Indian Economy‖ among the students of Christ College, Irinjalakuda. If you
could sacrifice some of your valuable time to fill in the questionnaire, it would
help in the completion of our study.

1. Age

2. Gender
 Male
 Female

3. Occupation

 Accountancy, banking and finance, business, consulting,

management, marketing, advertising

 Charity and voluntary work, creative arts and design.

 Engineering and construction

 Agriculture

 Health sector

 Information Technology, media and internet

 Law enforcement and security

 Teaching sector

 Student

 Others

57
4. What are your immediate concerns in the wake of COVID-19 Pandemic
scenario?
 Health Services and Job Stability
 Education
 Social Interaction
 Others

5. Do you feel economy is recovering from slowdown?

 Yes

 No

 Can't say

6. Do you feel a severe Job crisis in almost all the sectors of the economy?
 Yes
 No
 Can't say

7. Are you a person or is there any of your family member who was working
in other state or country and returned home due to the pandemic?
 Yes
 No

8. If yes, what sector were you/he/she working in?

_

58
9. Will you/he/she be able to return to your/their work after situations return to
normal?
 Yes
 No
 Don‘t know

10. Have you been able to continue learning or working from home during the
pandemic days?
 Yes
 No
 Sometimes

11. Were your educational institutions or employers provide any type of

support to you during the Covid-19 days?
 Yes
 Sometimes
 No

12. Did you visit the bank for any purpose during the pandemic days?
 Yes
 No

13. If YES, was anyone practicing social distancing at the bank?

 Yes
 No

59
14. Do you feel loans have become cheaper during the Covid 19 days?

 Yes

 No

 Can't say

15. Do you feel E-commerce gets caught up in rules?

 Yes

 No

 Can't say

16. Were you engaged in new digital communities during the lockdown and if
so what kind of communities?
 Yes
 No

17. During COVID pandemic, how has your consumption of junk food/fast
food and fried food changed?
 Decreased
 Slightly decreased
 Similar
 Slightly increased
 Increased

60
18. Have you felt the need to visit a medical facility ever since the lockdown
began?
 Yes
 No
 Sometimes

19. How much do you agree with this statement ―I trust that government is
responding effectively to the ongoing crisis‖?
 Strongly agree
 Agree
 Disagree
 Strongly disagree

20. Do you think that the lockdown was necessary for reducing the spread of
the coronavirus?
 Yes
 No
 Sometimes

21. Which country do you think India should take lessons from in fighting the
coronavirus?

22. During COVID pandemic, how have your stress and anxiety levels
changed?
 Decreased
 Slightly decreased
 Similar
 Slightly increased
 Increased

61
Bibliography

Websites:

1. Indian Economy: An Overview. (2021). Retrieved 16 March 2021, from

https://www.investindia.gov.in/team-india-blogs/indian-economy-
overview

2. India, Economy, I., & Statistics, A. (2021). Indian Economy: Overview,

Market Size, Growth, Development, Statistics...IBEF. Retrieved 16
March 2021, from https://www.ibef.org/economy/indian-economy-
overview

3. COVID-19 pandemic in India. (2021). Retrieved 16 March 2021, from

https://en.wikipedia.org/wiki/COVID-19 pandemic in India

4. Factors influencing the epidemiological characteristics of pandemic

COVID 19: A TISM approach. (2021). Retrieved 16 March 2021, from
https://www.tandfonline.com/doi/full/10.1080/20479700.2020.1755804

Journals:

5. Das, D., & Patnaik, S. (2021). The Impact of COVID-19 in Indian

Economy – An Empirical Study. Retrieved 16 March 2021, from
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3636058

6. Effect of COVID-19 on Economy in India: Some Reflections for Policy

and Programme - Monika Chaudhary, P. R. Sodani, Shankar Das, 2020.
(2021). Retrieved 16 March 2021, from
https://journals.sagepub.com/doi/full/10.1177/0972063420935541

7. (COVID-19), C., Health, E., Disease, H., Disease, L., Management, P.,
& Conditions, S. et al. (2021). Coronavirus History: Origin and
Evolution. Retrieved 16 March 2021, from
https://www.webmd.com/lung/coronavirus-history

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