Analysing influence of COVID-19 on Indian Economy and its Employee Market
Keywords:
COVID-19, Indian Economy, Virtual Management, Employee MarketAbstract
COVID-19 pandemic scenario is an outbreak for the entire world and their economies, but it has severely impacted our Indian economy due to either halt or slow-down across sectors and industries except a few.
The Governments at Central and various state levels have tried there level best to bring minimize the negative impact of COVID-19 on livelihood of the citizens. The means adopted were primarily focusing upon the food security to underprivileged people across the nation, dedicated extra COVID healthcare funds, development of health related infrastructure, arrangement of medical equipment’s, medicines etc. with support of various ministries and defense forces, special incentives in health sector to boost their morale and recognize their committed efforts.
However, in totality when looked upon a deficit was observed in terms of supply in comparison to the demand for several goods and services. The core reasons being unavailability / lack of labor, raw material, lock-down rules, situation of uncertainty etc., all this resulting in slowing down the economic affairs in India, severally impacting the financial economy, employees and employment at large.
The situation being so grim that either people were losing their lives due to Corona or due under tremendous pressure as a result of stress arising out of money and earnings, with many earning members no more alive or sitting idle with no employment.
With a nation of size of India, which stood tall against the so called first wave in the year 2020 was carving out path out of the crisis situation, encountered the vital second wave in year 2021 (April onwards in volume). Huge crisis of immediate supply of Oxygen and few medicines created a situation of Havoc across nation.
The current study attempted through secondary and primary data across sectors, to interpret the severity of impact of COVID-19 on overall Indian economy, with focus on analyzing aspects like use of virtual management system and employment scenario in specific.
How to cite this article:
Kumar D, Bhatia N. Analysing Influence of COVID-19 on Indian Economy and its Employee Market. J Adv Res HR Organ Mqmt 2021; 8(1&2):5-9.
References
Chaudhary, M., Sodani, P. R., & Dash, S. (2020, aug 11). sagepub. Retrieved may 18, 2021, from www.doi.org: https://us.sagepub.com/en-us/nam/open-access-at-sage?_gl=1*1hubbfr*_ga*NTQwNzYyNDA5LjE2MjEwNTQxNjk.*_ga_60R758KFDG*MTYyMTEzNDMyNi4yLjEuMTYyMTEzNDYxOS4w&_ga=2.98403478.826184532.1621054170-540762409.1621054169
Dhoot, V. (2021, June 01 ). The hindu. Retrieved from www.thehindu.com: https://www.thehindu.com/business/Economy/sbi-pares-2021-22-gdp-forecast-to-79/article34697135.ece
ET Contributors. (2020, September 29). The Economic times. Retrieved from www.economictimes.indiatime.com: https://economictimes.indiatimes.com/news/economy/indicators/how-have-indian-businesses-been-impacted-during-and-after-the-lockdown/articleshow/78382728.cms
ETBFSI. (2020, April 17). ETBFSI.com. Retrieved from www.bfsi.economictimes.indiatimes.com: https://bfsi.economictimes.indiatimes.com/news/policy/rbi-announces-rs-50000-crore-support-for-sidbi-nhb-nabard/75193995
ETEnergyWorld. (2020, December 28). ETEnergyworld.com. Retrieved from www.energy.economictimes.indiatimes.com: https://energy.economictimes.indiatimes.com/news/chemical-industry-will-play-a-crucial-role-in-indias-economic-recovery-post-covid-19/79987283
Ghosal, S. (2020, July 14). The Economic Times. Retrieved from www.economictimes.indiatimes.com: https://economictimes.indiatimes.com/news/economy/agriculture/sporadic-lockdowns-to-curb-covid-spread-push-retail-fish-and-chicken-prices-up-by-10-20/articleshow/76960229.cms
Kumar, R. P. (2021, February 01). MINT. Retrieved from www.livemint.com: https://www.livemint.com/budget/news/union-budget-2021-live-updates-nirmala-fm-sitharaman-budget-speech-highlights-11612144454923.html
kumar, D. p., & singh. (2020). Impact of lockdown on the Indian economy. COVID-19: IMPACT OF LOCKDOWN ON THE INDIAN ECONOMY, 213-214.
Malviya, S., Mukherjee, W., & Thakkar, K. (2021, May 06). The Economic Times. Retrieved from https://economictimes.indiatimes.com/: https://economictimes.indiatimes.com/industry/services/retail/consumer-demand-takes-a-hit-fmcg-electronics-auto-sales-falter-in-april/articleshow/82423080.cms
Mishra, S. (2021, June 02). ETAuto.com. Retrieved from www.auto.economictimes.indiatimes.com: https://auto.economictimes.indiatimes.com/news/industry/auto-industry-falls-on-the-second-wave-of-covid-19-and-bleeds/83164098
Phadnis, S. (2021, February 19). The Times of India. Retrieved from www.timesofindia.indiatimes.com: https://timesofindia.indiatimes.com/business/india-business/over-90-of-companies-plan-to-give-hikes-this-year/articleshow/81102306.cms
The Wire Staff. (2021, May 25). The Wire. Retrieved from www.thewire.in: https://thewire.in/economy/indias-weekly-unemployment-14-7-highest-last-one-year-jobs
WDc. (2020, may 14). google.com. Retrieved may 20, 2021, from worldbank.org: http://www.worldbank.org
