IMPACT OF THE GREAT LOCKDOWN ON INDIAN SOCIO-ECONOMY- AN ANALYSIS

1. Department of Business Economics, Aryabhatta College, University of Delhi, India. 2. Operation Analyst at JLL India, Gurugram, India. ...................................................................................................................... Manuscript Info Abstract ......................... ........................................................................ Manuscript History Received: 05 June 2020 Final Accepted: 10 July 2020 Published: August 2020

The sudden outbreak of Corona Virus on 31st December have left people in awe about what will be the circumstances. Economists claim that it is the worst economic downturn after the great depression of 1980s. The Virus rapidly spread in most of the countries around the world starting from Wuhan, China resulting in world economic slowdown and a loss of human life. Most of the country's economy was impacted including Tier 1 countries out of which Italy is on a verge of economic crisis and hefty life loss. In the light of the current situation this article will be focusing on the impact of Covid-19 in the socio-economic perspective of India. This article discusses about Unemployment, Healthcare, Tours and Travels, etc. of Indian Economy and the impact of Covid-19 on them. This article focuses on providing a better insight in peoples mind about the current pandemic and its effects on the Indian Economy as well as the Global Economy. By conducting online survey and analyzing it, we came to know how society reacts to the typical issue of Economic Slowdown and the way people react to the pandemic situation in the country. Moreover, the aim was to prepare a report by keeping in mind societies perspective towards impacts of CoronaVirus on the society as well as Economy.

ISSN: 2320-5407
Int. J. Adv. Res. 8(08), 219-230 220 CoronaVirus have caused a loss of 1,53,822 human life and is still counting whereas almost 5,68,343 people have been recovered from this deadly disease as on April 18th, 2020. The number of CoronaVirus positive cases is rising rapidly in India and Government is taking all the precautionary measures to stop it. Till now deaths have crossed the mark of 1500 and the CoronaVirus positive patients are as high as approximately 13000 people which is a matter of great concern. Government is taking steps like a nationwide lockdown with only the production of essential items is allowed and nothing else. It is a stage of curfew in India and people are not allowed to leave their houses unless extremely necessary. Government is requesting people to be in self quarantine and use N-95 Masks to protect themselves from this deadly CoronaVirus. Schools and Colleges are being shut down and the classes are happening through online mediums just to avoid people to form a cluster and hold the spread of this disease. India is currently in Phase 2 of the CoronaVirus Pandemic and we can still get rid of it but if it reaches Phase 3 then nothing can stop this deadly Virus from killing thousands in India as it had done in Italy.
The Great Lockdown a term given by economist to the current situation of economy due to CoronaVirus outbreak. The global economic growth is as low as -5% for advanced economy and for developing economy is -1% which is a matter of grief for every nation. IMF (International Monetary Funds) have declared that almost all the emerging markets and developed economies have hit recession following the CoronaVirus pandemic. Global Foreign Direct Investment can decline by up to 15%.
Indian economy which was initially facing a slowdown had a very intense impact as CoronaVirus led to a severe downfall on imports from China and other nations as well. And so is for exports, As China is India's third Largest export partner which accounts for almost 5% share. Some sectors of Indian Market have also been impacted by the outbreak of Corona Virus in China including shipping, pharmaceuticals, automobiles, mobiles, electronics, textiles, etc. as 72% of Indian Companies are located in the eastern part of China. Thus, the supply chain is shaken up impacting almost all the trade which is linked to China. And all the Indian companies will be impacted by it.
According to CLSA report, pharma, chemicals, and electronics businesses may face supply-chain issues and prices will go up by 10 percent. The report also says that India could also be a beneficiary of positive flows since it appears to be the least-impacted market. Some commodities like metals, upstream and downstream oil companies could witness the impact of lower global demand impacting commodity prices.

Sector wise impact of CoronaVirus in India:
Tourism and Aviation: Due to the Corona Virus outbreak, the inflow of tourist from China and from other East Asian countries to India will lose that will affect the travel industry sector and income. As indicated by KPMG, the lockdown in India will sizably affect the economy for the most part on utilization which is the greatest segment of GDP. Decrease in the urban exchange can prompt a lofty fall in the utilization of trivial products. It tends to be extreme if disturbance causes by the 21-day lockdown and influence the accessibility of basic products. Due to weak domestic consumption and consumer sentiment, there can be a delay in investment which further add pressure on the growth. We can't overlook that post-COVID-19, a few economies are required to embrace de-gambling systems and move their assembling bases from China. This can make open doors for India.
Chemical Industry: Some chemical plants have been closed down in China. So, there will be limitations on shipments/logistics. It was discovered that 20% of the manufacturing process has been affected because of the disturbance in stock of Raw Material. China is a significant provider of Indigo that is required for denim. Business in India is probably going to get influenced so individuals making sure about their provisions. Nonetheless, it is a chance. US and EU will attempt to enhance their business sectors. A portion of the business can be occupied to India which can likewise be beneficial.
Pharmaceuticals Industry: In spite of being one of the top formulations of medication exporters on the planet, the pharma business of India depends vigorously on import as of mass medications. Due to the Corona Virus outbreak, it will likewise be affected.
Employment: Starting evaluations of occupation information show that the Corona Virus pandemic could have made unemployment rate to ascend to 23.4 percent, the Center for Monitoring Indian Economy (CMIE) expressed. As per a few assessments, unemployment from 8.4 percent in the week ended March 22 to 23.4 percent as of the week ended April 5. The nationwide lockdown to contain the spread of COVID-19 started on March 24. Numerous states had forced a lockdown in certain districts even before the nationwide lockdown was declared.

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Healthcare Sector: The healthcare sector is at the focal point of this extraordinary worldwide pandemic challenge, and the private sector has met the challenge at hand, by offering to the government all the help it needs, be it testing support, getting ready isolation beds for the treatment of Covid-19 positive patients and sending them to quarantine or sending equipment and staff in distinguished nodal hospitals. The Private sector incurred loss of business and this pattern is relied upon to proceed for a long time to come (at least 3-6 months), and the way that the division's expenses are dominatingly (around 80 percent) fixed, it is normal that there will be misfortunes and serious effect on incomes. The medical equipment industry has additionally endured a shot. The nation imports consumables, disposables and capital equipment including orthopedic implants, gloves, syringes, bandages, computed tomography and magnetic resonance imaging devices from China. Because of the present emergency in China, the medical devices producers across India are thinking that it's hard to get significant raw materials and electronic parts from Chinese manufacturing plants.

Effects of Covid-19 on Society & Government Measures to Tackle Them:
Focusing on the social problems the country is facing a situation which requires social distancing and as we all know the saying that 'Man is a social animal' it is very difficult for people to remain isolated.
As the situation of the Virus started getting worse the government passed the advisory to stay away from public places and follow the approach of social distancing. Apart from this the government ordered the people to either postpone or cancel any upcoming event like weddings, parties, religious gatherings etc.
Finally, when the cases didn't stop increasing the government ordered a 21-day lockdown in the country on 24th March resulting in closing of all the offices, schools & colleges temples and other non-essential work places and advised everyone to stay at home and keep themselves safe with sanitizing their environment.
Due to this the following mentioned problems were faced by the Indian economy: According to a statement given by United Nations (UN) they have stated that India can likely be amongst the two countries which can save themselves from recession, rest whole world will go in a recession because of the CoronaVirusPandemic. Various rating agencies both domestic and international have sharply slashed its projection like Crisil from 5.7% to 5.2%, Standard & Poor's from6.5% to 5.2% and Fitch from 5.6% to 5.1%.
To tackle the CoronaVirus pandemic the government of every state is doing their part starting from Kerala government which is providing two months of pension in advance, they have also announced a relief package of ₹ 20,000 crores. Delhi government isplanning to distribute the excess stock of wheat and rice through the medium of PDS (Public Distribution System). The Uttar Pradesh government distributed ₹ 1000 to all 2.037 Million construction worker and 1.5 Million self-employed cart owners, rickshaw pullers and small shop owners. The finance ministry has extended the date to fill the ITR (Income Tax Return) and theGST (Good and Services Tax) return to 30th June,2020 which can help the petty business man and give them a relief from the tax payment as the businesses are at a standstill.
Exports bucked the six-month declining spree by registering modest 2.91 per cent growth in February 2020 at $27.65 billion, even as there were fears of the CoronaViruseffect on outbound shipments. All the major foreign exchange earners such as petroleum products, engineering goods, and electronic items registered expansion in the month year-on-year. For January, it is expected that there will be a current account surplus, and for 2019-20 and 2020-21, it is expected that there will be a current account deficit that would be limited to $22-24 billion.
After the 21-day lockdown was completed, on 15th April the government announced an extension in the lockdown for further 19 days till 3rd of May.
This extension was done because the cases in the country were not going down and were increasing rapidly. Spots of strict assembling, for example, sanctuaries, mosques and holy places can be bunches for CoronaVirus transmission in India, where the travel industry and social affairs for commending celebrations are tremendously high alert spots for spread of the Virus. ISKCON, one of the well-known Hindu associations running sanctuaries that pull in remote fans, is accounted for exhorting outsiders from the Corona Virus-influenced nations not to visit for two months, as a prudent step. Agra, another mainstream hotspot for visitors including outsiders, so to stay away from that administration has suspended all the travel industry exercises. One more crown infection bunch in India is 222 weddings where the normal visitor tallies run from scarcely any hundreds to in excess of a thousand have likewise been kept on stop.
But to see the bright side of CoronaVirus we can say that the environment is recovering itself as the pollution level have dropped significantly in many places in the world including India. Adding to that people have much more time to spend with their families which otherwise they don't have resulting in increased family bonding. The water in rivers are getting better since all the industries are closed. The beaches are cleaner than before due to less human activity in crowded areas. People have much more time to learn and develop new skills which they otherwise can't because of time constraints. Moreover, the crime rate has significantly fallen in India amid the lockdown due to the pandemic. The carbon emission has seen a 5% drop because of less traffic on the roads and lesser usage of fossil fuels.The customers will also not rely on Chinese products which can boost the Indian Market and can help the "MAKE IN INDIA" campaign by the Indian Government a success. The craftsman of India will have a boost in sales which will help them grow without the fear of the cheap Chinese products which have captured the Indian Market.

Literature Review:-
In a study conducted by Barclays India, they have clearly stated that Indian economy to hit recession as it was already in a slowdown phase with one of the backbone industries being in recession. It is a must that India should come up with some good ideas to avoid recession or it is inevitable. According to Barclays, the GDP growth rate of India which was as high as 6% in 2018 fell to mere 2% in February,2020. The article also states that as China's economy is in a slowdown phase India can have much more perspective to gain from Barclays. In a research done by KPMG, they stated that due to the CoronaVirus, India is on a lockdown till 3rd May which can cause a significant impact on consumption. Large Scale cancellation will lead to a loss of ₹ 85 Billion due to travel restrictions caused upon foreign nationals as well as domestic tourists. Adding to that as both International and Domestic travel is at halt demand of turbine fuel will relatively decline impacting the travel industry drastically.
Raw material supply can also be challenged because of disrupted supply chain. Production of non-essential items can suffer the brunt caused by Covid-19. E-Commerce market is also impacted due to the permanent lockdown in the country as people are not ordering the non-essential items online. Pharmaceuticals industry will suffer the most as there is a 40-50% rise in prices of raw material imported from China. Moreover, the production is also in a slowdown phase as requisite labor force is not available. Demand rose multifold as people started stocking up essential medicines but the supply chain suffered as the supplies are less which created a havoc.
The Indian textile industry will also see a phase of downturn as the major raw material comes from China which is stopped due this pandemic; hence the textile industry might go in recession. The production of textile industry is expected to decline by 10-12% in the Apr-Jun quarter and textile industry being a backbone industry of Indian Economy will negatively hit the GDP.
Reserve Bank of India took some measures to tackle the negative impacts of CoronaVirus on Indian Economy as they announced a 25 basis points cut in reverse repo rate taking it to 3.75%. RBI Governor also announced that they have ₹ 50,000 crore special financial facility for financial institutions and banks. RBI also stated that the liquidity coverage ratio is reduced to 80 percent which was initially at 100 percent. And will be restored back in April 2021. In relief of loan defaulters, RBI said the 90-day non-performing assets (NPA) norm will not apply to the moratorium granted on existing loans by banks.
An article stated that the Covid-19 Pandemic will result in 0.2 percentage points to 4.8% for the fiscal year 2020. Moody's have also slashed India's growth from 5.3% to 2.5% in 2020. Goldman Sachs has cut India's real GDP to 1.6% from 3.3% for the financial year 2020-2021.The apex bank of India (Reserve Bank of India) have denied to give the growth projection of India which is an Indicator of bad news. The government is also facing a fall in revenue collection amid the lockdown, this is because of fall in oil prices. The current account deficit is also being impacted by the oil prices as the initial price which was at a whooping price of US$64 per barrel have reduced to US$30 per barrel have given Indian Government extra reserve which can either be used to benefit the pharmaceuticals sector or increasing oil reserves. In a graph by capital economies, they said that India's GDP growth forecast for the year 2020 is slow to just 1% which is the lowest in 40years this shows how CoronaVirus can impact India as it is the fastest growing economy. Stock Market is in a bear phase as Both Nifty and Sensex fell considerably following the Indian stock market crash.

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Another article stated that the trade impact of the Corona Virus epidemic for India is estimated to be about 348 million dollars and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report.
The overall impact was negative for the economy and society. Moreover, the poultry industry in different parts of the country has been hit hard amid rumors that the novel Corona Virus can transmitted through consumption of chicken, the prices of which have fallen considerably as a result. The employment of the industry was affected as the producers were incurring losses due to low demand.
Due to this 90% of the people stopped consuming fish, meat, chicken, etc. as a result the prices of these commodities were fallen as down as 70 percent.
An article states that due to the curfew in India the foreign tourist arrival into India have started to soften from February, following that the Indian Government have suspended all the visas till 3rd May, furthermore the majority of the future travel bookings for winter i.e. October-March the boom period of Indian Tourism which are majorly done in summers, have largely evaporated. The RevPAR will witness a significant decline by 31% to 36.2%.
According to an article on education sector, Unfortunately, in the same way as other different areas of economy, CoronaVirus is disturbing Higher Education segment as well. All India Council for Technical Education (AICTE) has asked all its subsidiary foundations to train undergraduate students not to go for summer internships in different associations as India is under lockdown. Numerous scholastic commitments like Exchange Program that are focused on Experiential Learning have been required to be postponed. Justifiably, Admission Deadlines have been pushed and Admission Processes are being adjusted.
Among this, MBA Aspirants are reasonably inquiring as to whether MBA experience of Class of 2020 is probably going to be less more extravagant with progressively online Classes, less Experiential Learning and Exchange Opportunities, and maybe more vulnerable Placements.
Undergraduate students who will be taking summer temporary internships in 2020 in organizations to take part continuously extends have been denied the open door by AICTE because of the nationwide lockdown by virtue of Covid-19 worldwide flare-up.
The All India Council for Technical Education has requested that its associated establishments teach undergrads to not take up summer internships in different companies. In actuality, it has additionally requested that the foundations give their undergraduate students entry level positions in which they can telecommute.
Tweeting about the mandate, AICTE stated, " AICTE guides all its Approved Institutes to train undergraduate students NOT to take up any Summer Internships outside associations. Rather schools/foundations should give testing issues as entry level position which should be possible From Home." Adding further AICTE stated, "Be that as it may, continuous temporary positions, where organizations are permitting undergraduate students to telecommute, will proceed." Undergraduate students consistently anticipate the summer Internships in great organizations and make a solid effort to get the best chance. Numerous undergraduate students have said that the Internships are significant for their profession and have mentioned AICTE not to drop entry level positions, rather defer it till the circumstance improves.
AICTE has additionally explained that it will give further requests once the circumstance improves in regards to the consistence of its obligatory Internship strategy.
The majority of top B-Schools in India have postponed their convocation as well as admission processes which left student in a dilemma of what will happen next amid the current situation of lockdown.The schools and universities offering graduation have also been closed and government is trying to take a measure of having online classes through various platforms like Zoom, google hangout, Microsoft teams etc. Some of the school students got promoted without examination just to stop the delay in further procedures, moreover the board exams have also been postponed due to the CoronaVirus outbreak, adding to that university examination have been postponed until further 224 notices. Moreover, the domestic effect of CoronaVirus is due to lockdown as the businesses are at a standstill and job losses so this hinders the purchasing power of people. This have also impacted the demand as people are demanding less packed products in the country. The restaurants and food outlets are impacted the most since the people are avoiding outside food and are preferring food which is homemade and hygienic. The demand of outside food has fallen considerably and the National Restaurant Association of India (NRAI) have asked all the restaurants affiliated to it to close the dine-in operations to avoid the spread of CoronaVirus. NRAI have also stated that the restaurants can experience a business drop of approximately 30-35 Percent in the coming quarter, with the restaurants located in Malls will experience a sharp drop in sales.
The Indian Economy might see contraction after four long decades due to the increase in lockdown till 3rd May, the output loss will increase up to 8 percent. Some economists feel that the recession in India is inevitable. Extension in lockdown also means the overall economic loss of US$234.4 Billion. As the lockdown increased the expected GDP growth rate which was initially 2.5% have also fallen to 0% in the current fiscal year. Whereas the growth rate for the next fiscal year which was expected to be 3.5% have also been declined to 0.8% after the lockdown extension was announced. To sum up the particular effect on major industries are much lower than expected which can hinder the growth rate severely. This means that the extension in the lockdown due the CoronaVirus Pandemic will cripple the Indian Economy which can further lead to job loss and other major economic issues.

Methods:-
This study uses a quantitative approach to explain the key aspects which drastically impact the Indian Economy occurred due to the CoronaVirus pandemic during the period of 31st December, 2019 to 16th April, 2020. The quantitative method arises due to recent pandemic situation and every citizen is brutally affected by this. We followed the procedure of Primary Research using the sampling technique: -"Snowball Non-Probability Random Sampling" using the method of online forms sent through online mediums like WhatsApp, LinkedIn and other social media platforms. Our target audience was general public above the age of 18years. Data from respondents is compared and analyzed, and we found that majorly everyone believes that CoronaVirus can lead to a global economic slowdown. We got responses from "257 participants" which includes 113 Females and 144 Males.

The study contains three stagesof research:
First being the identification of the research topic. This is a crucial decision as it sets direction of the research process including studying pre-evaluated data and theories related to the topic.
Second being the data collection as we conducted online survey using the medium of social networking sites. We conducted survey from all the age groups including diversified fields of expertise such as Journalism, Self Employed, Students, Analysts, Government Officials etc.
Lastly, the compilation of data is done to reach a final conclusion using the methods of analysis and pictorial presentation in the form ofPie charts, clustered columns to compare answers of two different outcomes and come to a final conclusion.

Results:-
According to the research, several questions have been framed for the survey. These questions were made to focus on the core areas of the research and to find out the general public's point of view towards it. After completing the research following is the question wise result and outcome received from the survey. From the survey conducted online the findings can be accumulated as follows which show the negative impact of CoronaVirus on Indian Socio-Economy as this leads to an already slowdown economy to a verge of recession and increased unemployment and decreased money supply. Despite government taking all the majors to help people overcome this extraordinary situation of Covid-19 Outbreak. CoronaVirus have shown major impacts on both Imports and Exports as well as the flourishing Indian Market. The GDP growth rate of India is likely to decline which is a situation to worry about as it will take us years to get back to the position where we are now and have the same GDP growth rate as before. According to the survey majority of the population believes that this Pandemic will brutally affect the global economic process as well as the Indian Economy. The Employed crowd believes that the share of GDP given to Healthcare will still remain in the range between 0-5% which was initially being 2%.

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Secondly majority of the crowd aged between 18-30years of age thinks that the unemployment rate will rise 11-15% which was initially 7.8% in 2019 this shows that people believe that due to the CoronaVirus pandemic the companies will fire most of the people as they will start incurring losses which will lead to more disruption in economy. Now for the prices of essential items both Male and Females believes that they will rise because of increase in Demand and decline in production which will ultimately lead to a decline in supply.
The first question we asked was about the most severely affected sector from the CoronaVirus pandemic.
From the responses we can clearly state that majority of the population believes that Economy is the sector out of Society, Economy and Political which will be having the worst impact with approximately 63% responses whereas society comes second having approximately 37% responses. Given the data we can say none of the respondents from the population feels that political sector is the most impacted by the outbreak of CoronaVirus.
Source: obtained from primary data.
The second question we asked was related to the unemployment rate which was at a rate of 7.8%. People believe that the unemployment rate will remain between 11-15% post outbreak period which shows that most of the people think that CoronaVirus will lead to an increase in unemployment because the multi-national companies will start incurring losses so they will start firing people to overcome losses. 50% of the population believes that the unemployment rate will remain between 11-20% which is a matter of concern since this will impact both society and economy.
Source: obtained from primary data.

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Thirdly we asked them about the price of essential items such as milk, breads, eggs etc. according to the research we can clearly state that three-fourth which is 70% of our population believes that the prices will likely rise as the demand is relatively higher than the supply because due to the lockdown people started stocking up essential items for future purposes. Whereas approximately 23% of the population believes that the prices of essential items are likely to fall. Moreover, approximately 7%of the population thinks that CoronaVirus will have no impact on the prices of the essential goods.
Source: obtained from primary data.
The next we asked people about how much share of GDP can healthcare industry get after the lockdown is over which is currently at 2%. As for the share of GDP that healthcare industry can get is a matter of concern looking at the current situation still more than 50% people thinks that it will remain between 0-5% this states that people think the share given to healthcare industry will be similar to that of before, whereas 35% of the population believes that the share will increase to 6-10%. With a positive attitude almost 11% of the population thinks that the share can even rise even more than 10%.
Source: obtained from primary data.
Lastly, we asked the respondents about the impact on the CoronaViruson the Travel Industry. More than 90% population thinks that the impact will be negative this is because due to lockdown domestic as well as international According to the Survey, Majority of our population believes that CoronaVirus will have a negative impact on travel industry, pharmaceuticals industry as well as unemployment rates which can lead to a severe downturnin Economy as well as Society as they both will be directly impacted by this Pandemic.

Discussion:-
As the outbreak started in December 2019 the world got alerted about the consequences which can come out of it. After the spread of the Virus started to hit other countries for example Italy the government took a step to stop the spread by shutting down the cities which were detected to be infected by the Virus. As the world travels from country to country in mere 2 months the Virus almost caught every country in the world and shaking the individual economies of every country and thus giving a massive hit to the world economy.
According to the research as India is a neighbor of China (The origin of the outbreak) there was maximum chance of the spread in the whole country. Though India was very much confident about the situation as they stopped international flights from and to infected countries and put a strict quarantine for people coming from other countries near the infected area. Adding to that Indian Government started deboarding the foreign nationals to their own respective country just to avoid the spread of the CoronaVirus.
Everything was going fine until it was found that there were 14 people in the national capital which are positive for the Virus.
The government had the clue that the Virus will affect the country and its economy therefore without wasting any time the search and advisories were issued to take precautions and help the government to stop the spread of the Virus.
Before the situation got out of control the government found a temporary solution for the safety of society by issuing an advisory to issue a nationwide lockdown in the country, which accordingly had a negative effect on the Indian economy.
The lockdown was issued for 21 days which made all businesses go on a shutdown mode which led to losses for the owners, and due to this the company fired their employees resulting in the increasing rate of unemployment and less money supply in the country.

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On the other hand, the priority for the government was the health and safety of the society and not the economic slowdown as the slowdown can be taken care of once the situation is under control.
According to the research and its result it was found that the society has a futuristic approach towards the situation and is aware of what is going on in the socio-economic sectors of the country.
Most of the people said that there will be rise in unemployment and the government should spend more share of the GDP towards the healthcare sector in this particular situation.
Another result showed that most of the people were sure about the rise in the prices of essential item as they know that the business is on a shutdown mode and people started stocking items for future resulting in lower supply and higher prices.
The research showed that most people believe that theMulti-National Companies (MNCs) will fire their employees to cover their losses as they cannot bear them which will cause a situation of distress amongst people.
There were other views which said that the government might put acap on the prices of essential items if they started increasing rapidly and gets out of control to bring stability in the Economy and Society. Moreover, as there is a fall in the price of crude oil, government can take measures for the benefit of the people.
Getting to a final discussion the global economy will get a negative effect from this situation and talking about India the lockdown is said to be a temporary solution to the situation and once it is over the situation will again start to get worse.
Not only India but the world is contributing towards getting rid of this situation and trying to get a possible permanent solution to the problem and get the economic and social sectors back on track. The below graph shows how different genders feels about the impact of CoronaVirus outbreak on unemployment. Source: obtained from primary data.
As majority of males says that the unemployment rate will stay between 11-15% but a large number of females who outnumber males say the unemployment rate will stay in between 16-20%. across the globe and in their own country. People think that the prices of essential commodities like bread, milk, etc. will rise because of excess demand and shortage of supply which is caused due to disruption in supply chain. They have a keen insight of the current spectrum of economy and know that the CoronaVirus can lead India as well as world economy in recession which can cause a massive amount of unemployment in the country resulting in low GDP per capita and less income in the society. The FDI is also going to reduce resulting in a negative impact on businesses, due to the lockdown the small and medium scale industries are already at a verge of bankruptcy due to less or no production. Required skilled workers are not available as all the educational institutions are closed amid of the outbreak to stop the spread of this deadly respiratory disease which is killing thousands of people.

Conclusion:-
The research also shows that most of the Indian population thinks that the companies will start firing their employees in order to overcome the losses they might face due to this pandemic and closing down of businesses all over the world. The travel industry will be suffering the most as the domestic as well as the international tourism is banned in all the countries which creates a massive loss in the hospitality and aviation industries. The prices of crude oil will also fall because of lesser demand and ample supply. The pharmaceuticals industry is also facing a slowdown as China being the main supplier of raw material is on a shutdown and the imports are on halt. Moreover, requisite skilled labor is not available to manufacture different drugs.