INTRODUCTION:

Economy of any country is being judged out by the standard of the people residing in that area. This concept is being prevalent from the past and still holds good. But in 2019 the breakthrough in this concept came with the intervention of the CORONA (COVID-19). This pandemic disease has exaggerated the universe as a whole and almost all the sectors of the working as well as non-working groups have been affected by it. In the past too, many diseases such as flu (1918), Influenza (1957), have affected the globe but not on such a large scale and for such a long period of time. History suggested that from 1720 -2020 there are four pandemics that have ravaged humanity. These includes great Plague of Marseille (1720-1723) which originated from France and reported around 1,00,000 deaths. In 1817-1824 Asiatic cholera advanced as a pandemic starting from Calcutta and resulted in the hundreds of deaths. 1918-1920 the Spanish flu came as the pandemic disease and resulted in death tolls from 17-50 million as reported. But with the advancement of medical and technological field the Covid-19 is proving to be the worst pandemic disease as per now. This disease has been originated in Wuhan, China in December 2019 and so far, has shown mutation to such a great extent that its treatment has become a mystery till date^1-10. The number of researchers from all over the globe is highlighting the different aspects of Covid-19 along with its progression and possible treatment^11-35.

Table 1 Progressive Extent of Covid-19 in India³⁶

S. No.	Cases	Dec 2019-July 2021
1.	Total cases	3,13,32,159
2.	Active cases	4,08,977
3.	Recovered Cases	3,05,03,166
4.	Deaths	4,20,016

Table 2 Global Progressive Extent of Covid-19³⁷

S. No.	Cases	Dec 2019-July 2021
1.	Total cases	194,258,282
2.	Active cases	13,787,483
3.	Recovered Cases	176,306,749
4.	Deaths	4,164,050

In the current scenario, Indian is in a deep trouble to combat the 3^rd wave of the COVID-19. The vaccine is being utilized to the numerous numbers of persons so far but the enormous population is still holding this effort. The reports and the data on the government website suggested that the vaccination is going on at a very rapid rate since June 2021 but still to cover the whole population with the two vaccine doses is still a big challenge. The active cases in comparison to the vaccination numbers are still on the higher side (Table 3)

Table 3 State Wise Current Covid Scenario³⁶

S. No.	State	Estimated Population (2021)	Confirmed Covid cases	Vaccinated (July 2021)
1	Uttar Pradesh	23 Crores	1708152	43813753
2	Maharashtra	12.44 Crores	6258079	40856283
3	Bihar	12.30 Crores	724390	21716355
4	West Bengal	9.8 Crores	1522833	27341488
5	Madhya Pradesh	8.45 Crores	791738	26859290
6	Tamil Nadu	7.65 Crores	2546689	20727939
7	Rajasthan	8 Crores	953522	30117834
8	Karnataka	6.70 Crores	2893556	28559712
9	Gujarat	7 Crores	824683	31024902
10	Andhra Pradesh	5.27 Crores	1952513	19473722
11	Odisha	4.55 Crores	965715	15244784
12	Telangana	3.80 Crores	640659	0
13	Kerala	3.55 Crores	3254064	17976323
14	Jharkhand	3.85 Crores	346918	8577241
15	Assam	3.50 Crores	557437	9534775
16	Punjab	3 Crores	598741	9104405
17	Chhattisgarh	2.95 Crores	1001037	11352836
18	Haryana	2.95 Crores	769717	10941702
UT1	Delhi	2 Crores	1435844	9603697
UT2	Jammu & Kashmir	1.34 Crores	320491	5735365
19	Uttarakhand	1.14 Crores	341673	5498610
20	Himachal Pradesh	74 Lakhs	205017	4841257
21	Tripura	41 Lakhs	79315	2921580
22	Meghalaya	33 Lakhs	60597	987302
23	Manipur	31.65 Lakhs	91460	1155884
24	Nagaland	22 Lakhs	27240	7241280
25	Goa	16 Lakhs	170416	1243867
26	Arunachal Pradesh	15.33 Lakhs	45703	806781
UT3	Puducherry	15.71 Lakhs	120227	674540
27	Mizoram	12.16 Lakhs	31145	796828
UT4	Chandigarh	12 Lakhs	61922	731391
28	Sikkim	6.77 Lakhs	24823	624999
UT5	Dadra & Nagar Haveli and Daman & Diu	6.20 Lakhs	10637	597192
UT6	Andaman & Nicobar	4 Lakhs	7525	275389
UT7	Ladakh	2.97 Lakhs	20296	248685
UT8	Lakshadweep	68000	10127	63558

Economical Breakdown During COVID-19:

The Indian economy has been badly affected by the covid 19 scenario. Indian trade market has been affected in dual manner import as well as export. Further, the middle-class trades and retailers are not finding the ways till date to recover from the effect of covid 19. The GDP (Gross domestic product) of the country has been sharply dropped to the maximum in the history so far. This still cannot make the proper estimate of the economic damaged uncured by the poor households. The reports published by the finance ministry in Indian suggested that the GDP has dropped to 24.4% in the April-June 2020 when the COVID-19 was on peak. The further decrease of 7.4% in the Indian GDP was observed from July-September 2020. The next two quarters October-December 2020 and January-March 2021 provided some healing effects as far as GDP is concerned with recovery rate of 0.5% and 1.6% respectively. These results when complied for the full financial year 2020-21 reveals the fact that the net drop in GDP was 7.3% in the whole financial year. Before that the Indian economy has not suffered such a huge loss as the 1980 the record drop in GDP was 5.8%. This drop in the GDP of the Indian economy is very large too in association with the world GDP drop which is estimated to be 3.3%. The stock market too is being at its worst during the covid 19 scenario (figure 1) This poor performance of India has affected the rate of unemployment too. In 2020 the rate of unemployment in the country was quite large in terms of world average. But the unemployment was more a mute one as the 50% and 75% salary scenario was prevailing in the country predominantly in private sector³⁸.

Figure 1: Impact of Covid-19 On Stock Market³⁸

Inspite of the efforts of the Government and the WHO the budgetary allocation and safety measures to the pandemic group was low in comparison to the other countries. Though, the government in 2021 look upon this budget allocation which proves to be meaningless once the inflation has taken into account. The snapshot of the Indian economy is being high lightened by macroeconomic statistics which put forward the fact that both income and wealth has been affected. According to a financial status in 2020 it is estimated that 42.5% of the total wealth lies with the top 1% of the population (already rich) and rest 2.5% lies with the rest 50% of the population. There is also on section of the population which is now totally devoid of the wealth and is responsible for suicides cases.

The second wave of corona took away the jobs of the people leading to business and mobility across many parts of the country. According to published data by Centre for Monitoring Indian Economy (CMIE) around 7.35 million people lost their jobs by April 2020.This factor keeps on grading and by the end August 2020 around 12.2 crore gets unemployed as reported by India Today magazine. Coronavirus pandemic has made India's unemployment rate shoot up³⁹.

The vast population around 40% of the total working sector lost the job by the end of April 2020. The major challenge posted by this sector is of re-employment. The majority of people who lost their job after the 1^st wave are unable to find the job even after the year or so. Bihar, Uttar Pradesh and Jharkhand are among the major state where the unemployment occurred in cluster as the major population belongs to labor sector. According to the survey conducted by London School of Economics and Political Science around 2% of the people stop looking for the job and approximately 14% of the people who got re-employed are being paid 50% less than the actual wages⁴⁰. Moreover, the EPFO also stated that most of the population has withdrawn the money from their account due to the COVID-19 pandemic and economic crisis. In this covid effect the younger generations between the ages of 18-25 years are primarily affected with job losses, zero hours, zero earning. Most of the population under this criterion is either paid 50% of the salary or is not being paid from the last 4-5 months or more. This problem is also being witnessed in private education sector too where the faculties are being paid less in the name of covid and the number of such cases are being reported in the regulation with the reporting rate of around 5 cases per day⁴¹.

Economical breakdown is also being a part of educational sector. The students are not being able to join the institution with the loss in the education along with the financial status. The online education policy by the government was by far for the betterment of society meanwhile to overcome its expenses the students and the families suffer a huge loss. In response to that many families have to procure 3 or more mobile and laptop which is a great loss from the economical pockets. The teachers too are unable to deliver more impactful lecture as done earlier. With the digitalization the mobile sector expanded a lot but the most of the purchase is by online mode. This too negatively impacted the local market retailers with financial losses. If the genuine reports are taken into account than it is felt that the Indian and the global scenario is badly affected by the impact of Covid 19.

CONCLUSION:

The reviews suggested that the when it comes to Covid 19 the local or global market is surely affected a lot. It hardly matters which sector of the society is involved in it. This economical loss will not be recovered in the next 10 years or so. Moreover, the condition is still not clear till what time this pandemic condition will affect us. The population all over the world is facing this problem of economic crisis which is further designing the platform for the coming future. The upcoming generation is getting educationally weak as a result of digitalization with no proper implementation and lack of sources. This weaker generation will always have a negative impact (both socially and economically) on the upcoming future.

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Received on 10.01.2023 Modified on 13.02.2023

Research J. Science and Tech. 2023; 15(3):169-172.

DOI: 10.52711/2349-2988.2023.00028