THE ECONOMIC CONSEQUENCES OF COVID-19 – A HOLISTIC VIEW

The world is witnessing the carnage of the novel coronavirus disease, Covid 19. There has been a significant loss of human lives and the global economy has felt the socio-economic impact severely. With the outbreak of this contagious disease, the way of life of the people, the outlook of the society and their interaction has been completely dismantled. A radical transformation occurred in the portfolio of trade, employment, transportation, education, entertainment and sports. The history of pandemic happened in the world indicated that its eradication requires a long time in spite of its chances of reoccurance. The statistics on the total number of affected cases per one million population and death claims per one million population indicates that the government of India could successfully mitigate the adverse impacts comparatively well. Proper fiscal and monetary stimulus packages are inevitable to uplift the economy from this deep crisis.