Impact of covid 19 on household income

Abstract

The Indian economy was already in a state of decline even before the pandemic made its arrival. Since 2016, both GDP growth and investment have decreased. The number of vehicles sold annually reported in March 2020 (i.e., prior to shutdown) was lower than it had been the previous year. Industrial production took a major faltering. Several bad financial decisions of the past have been held as the reasons for this decline. The Government didn’t earn the required revenues through taxes or through disinvestment as it had prophesized. Companies have been given permission to defer the repayments, further crippling the already damaged banking system [23]. We now look at some of the indicators and characteristics of the Indian economy before the spread of COVID-19.