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Impact of Covid-19 on Macroeconomic Developments: Recession, Recovery and Assessment

In: Contextualizing the COVID Pandemic in India

Author

Listed:
  • Manoj Panda

    (Formerly at Institute of Economic Growth)

Abstract

This chapter examines the macroeconomic developments covering the recession and recovery in India during Covid-19. It begins with a brief introduction of the global environment since the outbreak of Covid-19 and the spread of the pandemic during March 2020 to March 2023. It discusses the closure of production units following the lockdown and the government’s policy response to ameliorate the adverse effects. It examines the macroeconomic developments during fiscal 2020–21, the year of recession when GDP witnessed an absolute fall by 5.7%. It documents the impact of recession on sectoral value added, unemployment, consumption, investment, fiscal and trade parameters during the recession. It also briefly describes the movements of these variables during 2021–22, the year of recovery and 2022–23, the year of global conflict. Next, the chapter makes an assessment of the policy measures and the likely impact of recession on different income groups and incidence of poverty. It hints at reorienting certain macroeconomic and human development policies to equip the economy and the people to meet a pandemic like situation in future.

Suggested Citation

  • Manoj Panda, 2023. "Impact of Covid-19 on Macroeconomic Developments: Recession, Recovery and Assessment," India Studies in Business and Economics, in: Indrani Gupta & Mausumi Das (ed.), Contextualizing the COVID Pandemic in India, chapter 0, pages 1-22, Springer.
    • Handle: RePEc:spr:isbchp:978-981-99-4906-9_1
    DOI: 10.1007/978-981-99-4906-9_1
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