Introduction :

On December 31, 19, China informed the World Health Organization that an unknown disease had spread to their country. The place of origin is the city of Wuhan in Hubei Province. Which at first is taking on the shape of a lot of pneumonia. According to a statement issued by the World Health Organization on January 9, 2020, Chinese researchers have named the virus and the name is Novel Corona Virus. Later it was named COVID-19. The World Health Organization has declared Covid-19 a parasite.

The government’s step to deal with COVID :

Coronavirus is a disease that causes respiratory and cold-related physical problems and Resulting in human death and it is a deadly contagious disease. That is why the World Health Organization has looked at 1.3 billion Indians from the very beginning. Accordingly, the Prime Minister of our country declared a public curfew on March 20 and ordered a lockdown from March 21. and arranges free rations for low-income people so that no one goes hungry. He also instructed every person to stay clean and not to approach the infected person.

Corona’s impact on the Indian economy :

The lockdown has been going on in our country since March 21, which has affected the social and economic system as a whole. First of all, the number of day laborers is more in our country so the economic crisis is appearing in our country more than other countries. The lockdown has almost cut off the livelihoods of the lower class and shut down many factories, leaving many workers unemployed. According to the survey, the rate of economic growth will decline by 1%. Lack of buyers is hurting the market, aviation, tourism industry, railways are suffering huge losses. RBI chief Shaktikant Das said India would suffer less than anywhere else in the world. However, the corona is being forced to reduce GST. Product service has declined as most people have stopped earning for the lockdown. Now people have stopped buying things other than daily necessities and the government will get less income tax next year due to the declining income of the people. In this situation, the economic situation of India is in a serious crisis.

The government’s quick response to the economic crisis :

No one disagrees that the country’s economy has suffered a lot due to the corona infection. But in this situation, economist Raghuram Rajan has noticed the possibility of India’s economic development. Former RBI governor claims foreign investment could come in the post-lockdown period. In addition, the Narendra Modi government has made various financial reforms to accelerate the overall progress of the country. He has taken various steps besides supporting small and medium enterprises In the interest of the farmers, they have discussed to increase the supply of cash and to strengthen the system of loan assistance. COVID 19 seeks to increase employment by providing more opportunities to the business sector for the welfare of the working class and the general public in order to maintain financial stability in the situation, Even Dr. Jitendra Singh says that the bamboo industry will play an important role in the Indian economy after COVID. In addition, the central government has recently increased the duty on petrol and diesel by Rs 3 per liter, which will fetch Rs 40,000 crore. Our Prime Minister Narendra Modi has announced a special financial package of Rs 20 lakh crore to boost India’s economy. And named this project the Self-Reliant India Campaign. The Prime Minister thinks that this financial package will bring a huge reform in the Indian economy. “This package will try to minimize the damage to agriculture,” he said. This financial package will cover everyone from farmers to small and medium enterprises that follow the rules.

Conclusion :

India is facing the biggest problem of the century. In developing countries like India, 21 days of lockdowns have left many people without jobs, making them more likely to starve. If we look at the history of India, it will be understood that various difficult situations have repeatedly changed the economic map of India. When the economic crisis hit in 1991-92, the then government removed it. In the same way, the current difficult situation will be overcome and the economic structure will be strong. This time too it will not be otherwise.