How Covid-19 impacted India's economy

Covid-19 pandemic has tested resilience of the economies across the world. Just like our body should have adequate immunity to fight covid-19, our economy too should be resilient enough to withstand covid-19 restrictions, so the suffering to the public and monetary loss in the economy can be minimized. In absence of other measures, Government across the world used lockdown and restrictions as a tool to manage the spread of covid-19. Though people suffer everywhere, but the level of suffering and hardships that Indians faced was unmatched because, unlike developed countries, there is huge poverty in India. Millions of people are daily wage earners in India. Their livelihoods depend on their daily wages. Likewise, people such as private teacher/home tutor, street vendors, mining workers, construction laborers etc. have lost their livelihoods. Overall, each dimension of the economy has been badly hit. GDP for the first times since decades, seen negative growth. There has been pay cuts and layoffs on large scale across all the sectors, further worsening the job crisis. Millions of people plunge into severe poverty, eroding gains that India made in the last decades by uplifting people out from poverty. High inflation caused by supply side owing to lockdowns, and low-income due to job loss sandwiched the public between dual hardships. It is safe to say that the covid-19 has devastated India’s economy, causing huge loss and hardships. Now, it is time to for India to focus on recovery and prepare itself to face such pandemiclike events. It is time to rethink, redesign and rebuild supply-chains for making India’s economy resilient against such shocks in future. Besides, India now need to build world class healthcare infrastructure that should not be just confine to big cities and but also reaching to the villages.