COVID-19 and its Impact on Indian economy – A Brief Study
Authors: S.C.B.Samuel, Anbu Selvan and S. Mohamed Hussain
Pages: 9-12, 2020
The number of COVID-19 cases Increasing dangerously more than 2,00,000 and the worldwide death toll crossing more than 8,000, the World Health Organization (WHO) declared the virus outbreak a pandemic in the second week of March 2020, after four months the novel virus first made headlines. Nearly 162 countries are steadily going into lockdown, and businesses across the globe are operating in fear of an impending collapse of global financial markets. This situation, clubbed with sluggish economic growth in the previous year, especially in a developing country like India, is leading to extremely volatile market conditions. Let’s understand how the corona virus is impacting business and subsequent tax reforms in India. With rising unemployment, interest rates, and fiscal deficit, the economy in India has seen bitter days. Adding fuel to this fire is the novel Corona virus that is sending tremors down Indian trade markets dependent on China for imports.