Economic Impact of Novel Corona Virus Disease (Covid-19) on Migrant Workers, Rural Economy of India and Tourism

Abstract

Present world is crippled with pandemic COVID-19 that has caused innumerable economic damages and claimed lakhs of lives of people worldwide. There is so much fear among masses, economic activities are shut down, preventive measures are being taken worldwide. World has witnessed many epidemics and pandemics in the past too but it is first time in the history that economies are in complete “lockdown” world over. The lockdown or closure of economies is causing innumerable economic damages worldwide. The present paper aims at to analyse the impact of COVID-19 on total Indian economy in general and rural economy of India in particular, its impact on daily wage earners and migrant workers. In addition to this, the paper also makes an attempt to analyse the impact of COVID-19 on travel & tourism study in India as well as across the globe. The major conclusion drawn from the study is that the Indian economy is going through its one of the worst times and this has put migrant workers in an uncertain situation. Tourism, hotel industry, transport, manufacturing, agriculture etc. sectors are witnessing massive economic damage. The tourism industry is worst affected in India as well as across the globe due to the outbreak of COVID-19 pandemic and around 100 million direct tourism jobs are at risk. The growth rate of GDP in India is expected to contract to around 2% in financial year 2020-21. This indeed will be a big cause for worry and drastic economic efforts will be needed from all the quarters to restore balance to Indian economy.