Published March 25, 2021 | Version v2
Conference paper Open

Covid-19 pandemic and its likely effect on economic development: An opinion survey of professionals

Authors/Creators

  • 1. Dr. D. Y. Patil B-School, Pune
  • 2. S.N.G. Institute of Management and Research, Pune

Description

The air is full of pessimism. The impact of Covid-19 has been anticipated as more awful than the Great Depression of 1930. Consistently analysts and agency reports are plunging into new bottoms of a tumbledown in economic activities. Indian economy, however, has a somewhat slightly different story to tell at this hour of crisis. The silver lining for the Indian economy originates from a lofty fall in the crude oil costs from around $70 per barrel to a record multi-year low of $22 per barrel. They have ascended to levels of around $40 per barrel over the most recent months. This benefit increases can somewhat balance the immediate misfortunes due to Covid-19. Simultaneously, dreams like a $5 trillion economy no longer look even a distant chance. This article checks out the possible effect of Covid-19 on the Indian economic development through a survey of 400 professionals the nation over.

Files

4. Covid-19 pandemic and its likely effect on economic development an opinion survey of professionals.pdf

Files (1.7 MB)

Additional details

References

  • ADB (2020), ADB expects India GDP to slip to 4 pc in 2020-21; projects strong recovery next fiscal, accessed from https://economictimes.indiatimes.com/news/economy/indicators/adb-expectsindias- economic-growth-to-slow-down-to-4-pc-in-fy21-on-coronaviruspandemic/articleshow/74960057.cms?utm_source=contentofinterest&utm_medium =text&utm_campaign=cppst.
  • CRISIL (2020), CRISIL cuts India's FY21 growth forecast to 3.5% amid coronavirus outbreak, accessed from https://www.businessstandard. com/article/economy-policy/crisil-cuts-india-s-fy21-growth-forecast-to-3- 5-amid-coronavirus-outbreak-120032601766_1.html.
  • Economic Research (NCAER) (2020), NCAER pegs FY20 GDP growth at 4.9%, accessed from https://auto.economictimes.indiatimes.com/news/industry/ncaerpegs- fy20-gdp-growth-at-4-9/74248281.
  • Fitch (2020), Fitch slashes India growth forecast to 30-year low of 2% for FY21, accessed from https://economictimes.indiatimes.com/news/economy/indicators/fitch-slashes-indiagrowth- forecast-to-30-year-low-of-2-forfy21/ articleshow/74967144.cms?utm_source=contentofinterest&utm_medium=text &utm_campaign=cppst.
  • Goldman Sachs (2020), Goldman Sachs revised global growth forecast for 2020 to - 2% and that of US to -6%, accessed from https://economictimes.indiatimes.com/markets/expert-view/goldman-sachs-revisedglobal- growth-forecast-for-2020-to-2-and-that-of-us-to-6-prachimishra/ articleshow/75065449.cms.
  • ICRA (2020), GDP likely to grow just 2% in 2020-21, accessed from https://economictimes.indiatimes.com/news/economy/indicators/gdp-likely-togrow- just-2-in-2020-21-icra/articleshow/74847082.cms?from=mdr.
  • India Ratings (2020), FY21 GDP Growth Downwardly Revised to 3.6&, accessed from https://www.indiaratings.co.in/PressRelease?pressReleaseID=40528&title=FY21- GDP-Growth-Downwardly-Revised-to-3.6%25-.
  • India Today (2019), How can India become a $5 trillion economy by 2024, 1st July, 2019.
  • Koshle, Himanshu; and Kaur, Rabab and Basista, Ruchi (2020), Breakdown of Business and Workers in India: Impact of Corona Virus, available at: http://dx.doi.org/10.2139/ssrn.3557544
  • Kumar, Atul; Joshi, Jena and Saxena, Jini (2018), "Service Portfolio Analysis of Banking Sector: A Comparative Study", MERC Global's International Journal of Management, Vol. 6, Issue 4, pp. 180-187.
  • Moodys (2020), Moody's cuts India growth forecast to 2.5%, accessed from https://economictimes.indiatimes.com/news/economy/indicators/moodys-slashesindia- gdp-growth-in-2020-to-2-5/articleshow/74840446.cms.
  • Murugeswari, M. (2020), "Impact of Corona Virus (Covid 19) on Indian Economy: An Overview", Purakala, Vol. 31, Issue 23, pp. 424-427.
  • Pallavi, E. V. P. A. S. (2020), "Impact of COVID–19 on Indian Economy–An Analysis", Purakala, Vol. 31, Issue 21, pp. 747-761.
  • Poddar, A. K. and Yadav, Brijendra Singh (2020), "Impact of COVID-19 on Indian Economy- A Review", Horizon, Vol. 2, pp. 15-22.
  • Pratheeesh, J. T. and Arumugasamy, G. (2020), "Impact of Corona Virus in Indian Economy and Banking Sector-An Over View", Studies in Indian Place Names, Vol. 40, Issue 18, pp. 2090-2101.
  • S & P (2020), S&P cuts India GDP growth forecast for FY21 to 5.2 percent, accessed from: https://www.thehindubusinessline.com/economy/sp-cuts-india-gdpgrowth- forecast-for-fy21-to-52-per-cent/article31141675.ece.
  • Thangaraj, P. and Loganathan, P. (2020), "Impact of Corona Virus in Indian Economy–A Study", Purakala, Vol. 31, Issue 51, pp. 221-226.
  • The Economic Times, (2020), Global economy could shrink by almost 1% in 2020 due to COVID-19 pandemic: United Nations, 2nd April, 2020
  • The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020 (2020), India's GDP projected at 4.8%, Covid-19 to have adverse impact globally: UN report, accessed from https://www.indiatoday.in/business/story/india-s-gdpprojected- at-4-8-covid-19-to-have-adverse-impact-globally-un-report-1665035- 2020-04-09.
  • UBS (2020), Deep recession by July, accessed from: https://www.businessinsider.in/slideshows/miscellaneous/7-financialheavyweights- have-unveiled-forecasts-for-a-sudden-us-recession-heres-what-theyhad- to-say-about-the-economic-damage-coronavirus-will-cause- /slidelist/74748662.cms#slideid=74748678?utm_source=contentofinterest&utm_me dium=text&utm_campaign=cppst.
  • Venu, M. K. (2020), Real Cash Outgo Will Determine the Credibility of Modi's Rs 20 Lakh Crore Package, Thewire.in