COVID-19 Crisis: India's Macroeconomic Policy Response and Future Challenges

Abstract

The Indian economy was ranked as the 5th largest economy in 2019 (Myers, 2020). The country overtook France and Germany to secure the ranks of the top five largest economies of the world. On an optimistic note, it has been growing steadily at a growth rate above 5 percent in the 2009-2019 time period. However, the world ranking is expected to change owing to the external shocks imposed by the Novel Coronavirus to all economies of the world. Coronaviruses are a large family of viruses that are known to cause illnesses ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). A novel coronavirus (CoV) is a new strain of coronavirus that has not been previously identified in humans (WHO, 2020). The real impact of this disease has been studied by various scientists after it was declared as a pandemic in January 2020 by World Health Organization. Being a Fast-spreading infectious disease, COVID-19 has taken a serious toll on human health with countries reporting an alarming number of positive cases and consequent deaths within a short period of time. Ruling Governments of all the affected countries face a serious challenge of saving lives and the economy side by side. As the majority of the affected countries imposed lockdown and work-from-home options (except the essential services and industries), the economic activities.

DOI: 10.5281/zenodo.4318258