What are the major economic impacts of COVID-19 pandemic on India

Explain the major impacts of COVID-19 pandemic on Indian economy and its sectors to the civil service aspirants.
The COVID-19 pandemic has had a significant impact on the Indian economy. Some of the major impacts are:
  • The shutdown of industries and businesses caused a decline in economic activity, leading to large-scale job losses and a decrease in GDP growth.
  • Small and medium enterprises (SMEs) have been hit hardest, with many shutting down permanently due to the lack of financial support.
  • The service sector, which contributes significantly to India's GDP, has also taken a hit due to social distancing measures and reduced consumer demand.
  • The agricultural sector has been less affected due to the fact that it falls under essential services and has been allowed to operate throughout the lockdowns.
  • India's government has responded with various measures such as financial packages, monetary policy, and reform measures to boost the economy.
  • However, the uncertainty of the pandemic's duration is still causing volatility and economic challenges for India and its citizens.
Civil service aspirants must be aware of these impacts and the actions taken by the government to address them as they prepare for their careers in public service.
Answered a year ago
Amrita Preparing for Civil Services