Economic Epidemics in India and Its Negative Effects through the COVID-19

Author:Kanak Lata*

Abstract:
The world economy is going through an unprecedented global recession due to the outbreak and lockdown of the coronavirus epidemic in the corona period. It is feared that in the coming time the world may go into a worse state than the resolution of 1929. In this sequence, this economic epidemic in India is also causing a double crisis in the country. Due to this epidemic, the demand and supply chain in India has deteriorated badly. The decline in demand for food items and other essential items shows that the purchasing power of the common man of the country has decreased. Normally the cycle of economic activity starts with production and the producing people are paid in salary and with that money they buy goods from the market which promotes the economic activity of the market which leads to the sale of the product from which the sale Impressed entrepreneurs produce more as a result, there is an increase in employment and purchasing power. The lockdown has caused a major loss to the supply chain in the country, the transportation shutdown has disrupted the movement of goods from production to the market, leading to an increase in black marketing and inflation so that the closure of freight, vegetables, fruits and other crops from the fields Are getting wasted The farmers are facing a big crisis if they do not get the right price for the crop. The economic epidemic caused by Coronavirus where urban poverty, migrant labor crisis, declining employment of unorganized sector, closure of production cycle, pathetic condition of areas like hotels, tourism, airlines, real estate, The weakening stock market and finance sector and the increasing health challenges of the government etc. have created a long-term crisis before the Indian economy; On the other hand, India also provides an opportunity for proper management of its rural economy and self-reliance of young population benefits.

Keywords:Keywords: global recession, coronavirus epidemic, economic epidemic, unorganized sector, production cycle, self-reliance.

DOI:10.46333/ijtc/9/1/3

International Journal of Trade & Commerce (Vol: 9 Issue:1)