The COVID-19 pandemic has had a significant impact on the Indian economy. Here are some effects:

• Businesses have been disrupted, causing severe job losses and a decline in consumer spending.
• The lockdown measures have affected manufacturing and services sectors, causing a decrease in production and lower economic growth.
• The tourism industry has been severely hit due to travel restrictions and border closures.
• India's financial markets have taken a hit with the stock market declining, and foreign investment slowing down.
• The Indian Rupee has also depreciated against the dollar.

To mitigate these effects, the government has implemented measures such as providing financial support to small businesses and farmers and initiating infrastructure projects to boost employment. The Reserve Bank of India has also reduced interest rates to encourage lending. However, more needs to be done to revive the economy, such as a cohesive economic recovery plan, increased investment, and reforms to improve the business climate.