Vol. 2 (S) Oct. 2020

Article ID. JHSSR-1064-2020[S]

Covid-19 Pandemic: Past, Present and Future Perspective of Indian Economy

Akshaya Kumar Sahu, Dasarathi Sahu and Sathya Swaroop Debasish

Abstract:

“Don’t react, but respond”

The world is struggling with modern horrors such as COVID-19, which has left the planet confused and brought the whole universe to a halt. This deadly virus, which is declared as pandemic by the World Health Organization (WHO), has taken in its grip nearly 210 countries. As our new Calendar year begins, the Novel Coronavirus (COVID-19) has infected more than 14.3 million people in more than 210 nations and territories, resulting in 6,02,000 deaths-impacting lifestyles, businesses, economies, and the assumption of common well-being that many of us have taken for granted. Though countries and businesses are struggling to understand the scope of this pandemic, there is no surprise that we are experiencing a deliberate change in living standards of the people.

The main aim of this paper is to figure out how the business today might turn towards which side of the globe. Taking advantages of these would probably help to navigate the economically and socially viable route to the better normal.

• Transition to Localisation

• Digital gains a significant push

• E-Learning platform

• Work from Home mechanism

• Switch to variable cost models

• Develop resources for sensing and managing towers

• Resilience in supply chain is vital

The crisis in short, is a story with unpredictable ending. However, what is clear is COVID-19 has established new challenges to the business environment which call for a measured, practical and informal approach from political and business tycoons. There is presently a little clarity as to how long the pandemic will last, and what its effect on the economy will be in the near future. The industries will certainly be impacted by this “black swan” event.

DOI: https://doi.org/10.37534/bp.jhssr.2020.v2.nS.id1064.p75