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The recent global pandemic COVID-19 besides health crisis, has also created devastating social, economic and political crises for many countries. Indian Government and other strict measures followed lockdown as a remedial measure to fight against the coronavirus outbreak. It resulted in temporarily suspension or significantly reduction in industrial operations of major companies in India like, L and T, Bharat Forge, UltraTech Cement, Grasim Industries, Aditya Birla Group, BHEL and Tata Motors. It severely affected the economy with an expected loss of Rs 32,000 crore ($ 4.5 billion) every day. Under complete lockdown, less than a quarter of India’s $ 2.8 trillion economic movement was functional. Indian stock markets are also witnessing major breakthrough during this period. Prime Minister Mr. Narendra Modi has announced an overall economic package of Rs 20 lakh crore in this context. Major emphasis is on making India as a self-reliant nation and to promote young startups. This paper is an attempt to analyze the impact of COVID-19 on the Indian economy. Special emphasis has been made on the sectoral analysis in this context and an attempt has been made to highlight the socio-economic perspectives of the lockdown as a strategy to combat the effects of pandemic.
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