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 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.
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a year ago