THE IMPACT OF COVID-19 ON INDIAN ECONOMY AND NEED OF A TAILORED RESPONSE

Unprecedented health and economic crisis is unfolding across the globe. Even most developed nations are finding it hard grappling with COVID 19 menace. India, with its more than 90 per cent of workforce employed in informal sector, and half a billion daily earners, is particularly more vulnerable. Demand side shocks, supply chain disruptions, increased stresses on banking and financial sector, and weakening of rupee in the midst of global uncertainty has the potential to throw Indian economy in tailspin. Urgent times call for urgent reforms in public health sector to provide robust healthcare delivery to every citizen. Also, the time demands serious considerations of Universal basic income and urban reforms to decongest the cities.