The Economic Impact of a Global Pandemic on India and Ways to Improve the Economy of Odisha
Subhra Parida
Subhra Parida, Research Student, KIIT University, Bhubaneswar.
Manuscript received on 03 March 2021 | Revised Manuscript received on 29 March 2021 | Manuscript Accepted on 15 April 2021 | Manuscript published on 30 April 2021 | PP: 17-21 | Volume-1 Issue-1, April 2021 | Retrieval Number: 100.1/ijml.A2005041221
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The impact of a global pandemic has displayed extremely catastrophic consequences affecteing 206 countries in the recent days. Not only has it affected human lives but also the political and economic stability of various nations. The great philanthropist and Corporate Giant Bill Gates had stated that the worst pandemic in modern history was the Spanish flu of 1918 which killed tens of millions of people. Today we stand at the threshold of another pandemic waiting for it to end with bated breath. If only the epidemic could havebeen anticipated before its attack, the impact would have been less or probably negligible as compared to the devastating situation witnessed in the recent times. Apart from the tragic loss of human lives, the nations have endured the cost of shutting down core economic activities and offices temporarily in order to circumvent the spread of epidemic. This epidemic has displayed a negative impact on the normal growth curve demographically and economically as well. Given the fact that over 3,148,709 people have been affected by COVID-19 disease all over the world and over 219000 deaths (as of 28th April 2020)[1], it is important to control the spread as well as keep the economy running. With the rising social disharmony and prevalent economic shock it has been estimated that India might run into the state of recession. Given the pace of growth any shock or political unrest can take us 20 years back in terms of development. Other countries in South East Asia and Africa who are in the same stage of development as India is, will also have to face the ramifications of global pandemic. Undoubtedly the pandemic has struck us in the form of a biological weapon. This paper aims to find out the reason behind such pathological developments and bring out applicable solutions to expurgate the economic ordeal caused by the biological hazard.
Keywords: Economic shock, Novel Coronavirus, Pandemic, Recession, Social Disharmony.