Economic Impact of Covid in India
Covid pandemic has impacted all walks of societies across the world. It has impacted social, political as well as economical aspects of almost all countries. It has impacted developing countries like India the most, because of the nature of the economy. India is a peculiar case where though the service industry contributes highest in GDP, it employs the least number of people. Service sector has remained the backbone of Indian economy since 1991 LPG reforms. Fortunately, the service sector in India is dominated by IT services. However, non-IT services, where quick transition of work to digital platforms is not possible, is impacted hugely. Level of Digital Literacy and even access to basic infrastructure like digital devices, power, internet etc made our economy difficult to shift online immediately. And what led to exodus from the city because of lockdown related unemployment. As Prof Anup Malani discussed during in his paper titled Explaining the Income and Consumption Effects o...