A project report on "Effect of Covid-19 on Indian Economy" and the measures should be taken on boosting the economy......of 2020 version....based on the individual perception and lots of research taken through the official sites.....hope this will help u in doing your own study & research.......Thank u✨

1. "A PROJECT REPORT ON EFFECT
OF COVID-19 ON INDIAN ECONOMY
AND THE MEASURES SHOULD BE
TAKEN ON BOOSTING THE INDIAN
ECONOMY"
Submitted by:-Nupur Raj
Enrolment no:-18102090025
Submitted to:-proff. Sakshi keshav
Government women’s polytechnic, Ranchi

2. ACKNOWLEDGEMENT:-
 The satisfaction that is generated by the successful
completion of a task would remain unfulfilled without
mentioning people who have encouraged and guided at
every step towrds the completion of this project report. I
take this opportunity to express my sincere thans to all
those who gave me the required support to complete
this project report. I would like to extend my thanks to all
of them.
 I'm extremely grateful to Gwp,Ranchi for providing
necessary facilities to complete this project work. A
special thanks to Proff. Sakshi Keshav for her
guidance and support to made this project success, She
has been a constant source of inspiration and
motivation. Also, i'm thankful to our college's and all the
facilities' members who directly and indirectly helped me
for the successful completion of this project work.

3. INTRODUCTION
 Indian economy
 The economy of India is characterized as a developing market
economy.
 It is the worlds fifth largest economy by nominal GDP.
 India is third largest by purchasing power parity (ppp).
 India gdp last 4 years is ( Source :- IMF)
2016 = 7.1
2017 = 6.7
2018 = 7.4
2019 = 7.8
2020 = 1.9

4. OBJECTIVES
 To find the effect on Indian economy due to covid-
19 global pandemic situation.
 To find the effect on GST,GVA & GDP growth due to
covid 19 pandemic in india.
 To find that how will Indian economy and citizens
suffer during the lockdown period.
 To find the measures to boost our Indian economy
in the present scenario.

5. DEFINITION
 GDP(Gross domestic product)
 GDP is a monetary measure of the market value of all final good
& services products in specific time period & territory.
 GVA(Gross value added)
 GVA is the measure of the value of goods & services produced in
an area, industry or sector of an economy.
 Covid 19
 Corona virus disease is an infectious disease caused by severe
respiratory syndrome coronavirus 2. The disease is known as "
COVID-19 ". The disease was fond in december 2019 first time
in. Wuhan city of China. Gradually, it's spread across the world
and created a global pandemic situation.

6. SECTORS SITUATION PRE & PAST
COVID 19
 Human capital
 Human capital refers means the collective skills,
knowledge or other intangible assets of individual
that can be used to create economic value for
individual ,their employers or their community.
 As per some news report in April 2020 more than
14 crore people are unemployed due to Covid 19.
 Recently atlas cycles shut his last plant
(Sahibabad) on world bicycle day because “lack of
fund” more than 1000 people are unemployed.

7. FINANCIAL, REAL ESTATE,
PROFESSIONAL SECTOR
 Financial sector include bank, insurance, mutual fund etc.
 Real estate is property consisting of land , building along
with natural resources such as crops, minerals or water etc.
 Professional sectors are occupation in the service sector
enquiring special training in the arts or sciences. Some
professional services requires holding professional likened
such as (CA , engineers, doctors, lawyers etc).
 In 2019 these all sectors contributes in economy more than
21.3% (GVA).
 It is estimated that in 2020 this contribution decline -17.3%
(GVA).

8. TRADE, HOTELS, TRANSPORT &
COMMUNICATION
 Trade means the action of buying & selling goods & services.
 In 2019 trade, hotels, transport & communication industry contribute
18.3% (GVA) in Indian economy.
 In 2020 it is estimated that these all industry gone in minus and
contribute -9.7% (GVA).

9. MANUFACTURING
 Manufacturing refers to a large scale production of
goods that converts raw materials, part, and
components into finish merchandise using
machines.
 In 2019 manufacturing contribute in our economy
16.4% (GVA).
 But due to Covid 19 pandemic it is estimated that it
depleted with -6.3% (GVA).

10. AGRICULTURE, FORESTING,& FISHING
 Agriculture is livelihood for India's population, more
than 52% people are depend upon agriculture.
 Agriculture contributes 14.6 % in gdp in 2019.
 In 2019 agriculture sector contribute 16.1% (GVA).
 in 2020 it is estimated that agriculture sector
depleted with -1.3% (GVA).

11. MSME(MICRO, SMALL & MEDIUM)
 The ministry of Msme , a branch of government of
India, is the apex executive body for the formulation
and administration of rules, regulation & laws
relating to Msme enterprise in India.
 share of msme in GVA is 31.8% during the session
of 2016-2017.
 Approx 11.10 cr people engaged in this sectore.
 The share of msme related products in total
exports from india during 2018-2019 was 48.10% it
is almost half of total exports.

12.  It is estimated that msme decline steeply between
13% to 32% in 2020 as countries across the world
are batility with the covid 19. [Source:- WTO( world
trade organization)]

13. ELECTRICITY, GAS , WATER SUPPLY &
OTHER UTILITIES
 These factors comes under the economic sector of
the economy.
 Now days these are the essential services that play a
vital role in economic & social development and
becomes a basic & major factors for the livelihood.
 in the session of 2019, it come up with 2.8% GVA to
the Indian economy.
 And in the year of 2020, it is estimated that it
depleted with -13.9% GVA in Indian economy.

14. IT & SOFTWARE INDUSTRY
 IT industry comprise two major segment one is
information technology & second is business process
out sourcing.
 IT sector has vital role in Indian economy & its
contribution to Indian gdp is 7.7%.
 India is largest exporter of IT & software services .
79% of industry total revenue is generating from
export & IT services.
 According to India brand equity foundation rs. 114500
cr per month revenue had generated from IT sector .
In 2018-19 out of which 76% was from export activity
& rest from domestic market.

15.  As per GST applicable on export of goods &
services is zero rates so of IT services distress due
to Covid 19 then there will not be occurred loss in
terms of gst but foreign currency reserves will be
affected adversely.
 Similarly, if domestic supply of IT services distress
due to Covid 19 than GST will reduced by rs 4950
cr per month.

16. PUBLIC ADMINISTRATION , DEFENCE &
OTHER SERVICES
 Public administration, the implementation of
government policies, specifically, it is the planning,
organizing, directing, coordinating & controlling of govt.
operation.
 The defense industry of India is a strategically imp.
Sector in India.
 India has the worlds largest volunteer military of over
5.1 million.
 The total budget sectioned for the Indian military for the
financial year 2019 is $ 60.9 million.

17.  In the year of 2019 civil services i.e. public
administration, defense industry & other services
like hostility come up with 14.7% GVA in Indian
economy.
 In the present year (2020), it is estimated that these
sectors depleted with -0.4% GVA.

18. CONSTRUCTION & ENGINEERING
PROJECT
 Construction is the act or method of building or making
something.
 Construction engineering is a professional discipline that
deals with the designing, planning, construction &
management of infrastructure such as roads, tunnels,
airport, railways, bridge, dams, & other projects.
 Construction & engineering sector, which was already
reeling with multiple challenges from lack of capital and
credit avenues to multiple frauds, insolvencies &
regulatory burden under the regulation & development
act, 2016 and is now marred by the covid-19 pandemic,
with no likely relief in sight.

19.  It is estimated that this sector contributes 8% GVA
to the Indian economy.
 And now in the present year due to covid-19 its
deficit with -13.9% GVA.

20. MINING & QUARRYING
 Mining and quarrying involves taking an economically
useful materials from the grand like ores, coal,
evaporites, precious metal & stones etc. and digging
of stones and related materials from an excavation.
 These type of industries mostly works on manpower
which are not available to them due to lockdown.
 In the past year i.e, 2019 it's contribution to the Indian
economy is 2.4% GVA.
 But, in the present year of 2020 its contribution fell
down with -14.7% GVA of deficit.

21. RESULT:-
 Overall GVA ( Gross Value Added ) decrease
in the present year i.e. 2020 is -9.3%.
 Therefore, most of the sectors are in the loss
due to this COVID-19 which affect the Indian
economy worsely.
-10
-8
-6
-4
-2
0
2
4
6
8
10
GVA(%)
GVA(%)

22. MAJOR STEPS TAKEN BY
GOVERNMENT
 The govt. introduced " Aarogya Setu " app to educate
citizens about corona virus and help them make
informed decision amid the crisis.
 The government said it plans to setup a chain of 20
lakh retail shops called " Suraksha sectors " across
india which will provide daily essentials to citizens.

23.  Union Human Resource Development minister
Ramesh Pokhriyal launched a web portal to monitor
and record the initiative by the ministry to combat covid
19 with knowledge, technology & innovation (YUKTI).
 Under the ujjwala scheme, the gov. provided free LPG
refills for three month to over 8.3 crore poor women.
 The finance ministry announced to release Rs 18,000 cr
in tax refund to individuals & business.
 The govt. decided to double the collateral- free loan
amount for women in self- help groups to rs 20 lakh.
 Wages under MGNREGA to be hiked to rs 202 from
rs. 182. The move would bring in RS 2,000 in addition to
workers.

24.  Last month, finance minister Nirmala Sitharaman
announced a relief package worth rs. 1.70 lakh cr in
the wake of the covid-19 outbreak.
 The govt. had announced that individuals could
withdraw three months salary from Employees
Provident Fund(EPF) account. The EPF withdraws
have been exempt from service charge.
 Under the national social assistance programme, rs
1,400 cr has been disbursed to about 2.8 cr old age
people, widows and disabled people.
 Over 2 crore construction works received financial
support worth rs 3,066 cr under the building &
construction worker's fund.

25.  Nearly, 20 cr women Jan Dhan account holders
received rs 500 each in their account.
 The government is also providing medical insurance
covers of rs 50 lakh per person to health workers
fighting against the corona virus pandemic.
 Under the “Garib Kalyan Ann Yojana” govt. release
12 million MT of food grain.
 Under the “ PM-KISAN Scheme" rs. 13,855 cr have
gone towards payment of the first installment & PM-
KISAN account.
 The deadline for gst ( march, April, may) and income
tax returns (2018-19) has been extended to June 30,
2020 .

26.  The interest rate on delayed income tax has been
decreased to 9% from 12% and no interest will be
charged for delay GST returns ( turnover up to rs 5
cr).
 Government announces Rs 3 lakh crore collateral
free automatic loans for business including MSME.
 The govt. has also released around Rs 30,000 cr in
assistance to various sections of the society.

27. SUGGESTIONS
 Government of india has taken right actions amid
covid 19 but those actions are not well implemented
on the ground level. So, the three tyres of govt. (i.e.
central, state & local) more have to focus on ground
level implementation.
 Central government should be focus more on
domestic needs rather than foreign needs.
 Though, these above actions (taken by govt.) won't
boost economy rapidly. So we’ve to take more
strong actions for boosting economy which directly
apply on it.

28.  Central govt. should use v-shaped economy pattern to
boost Indian economy fast.
 Provide liquidity (money) to Real State for making
RERA (Real Estate Regulatory Authority, Act
2016) rigid.
 Bring more tax incentives.

29.  Deep penalizing civil provision of the act.
 Reduce GST on automobile and other sectors.
 Convert Unorganized sectors into Organized sectors.
 Motivate more startup's for Raw materials because in our
some sectors like Pharmaceuticals and other sectors use
imports raw materials from other countries.
 Increase infrastructure for easy to business or for IT
& Software sectors ( like E-Commerce ).

30.  Do more cooperation with other countries to increase
software exports.
 Celebrities , industrialists & all famous personalites
either should donate or help local citizens and govt. for
example :- Sonu sood( celebrity) has sent more than
70,000 labourers to their home. This action is really
appreciable because it not only helped govt. but also
local citizens and it also work well on ground level.
 And many more celebrities and industrialist (like
Akshay kumar & Ratan Tata) also donate funds to the
govt. and these actions should be provoked.

31. CONCLUSION
 Covid 19 has posed on unprecedented challenge for
india. Given the large size of the population, the
precarious situation of the economy, especially of the
financial sectors in the pre-covid-19 a period and the
economy's dependence on informal labour, lockdowns
and other social distancing measures should be
hugely disruptive. The central and the state govt. have
recognized the challenge & have responded but this
response should be just begining. Policy makers need
to be prepared to scale up the response as the events
unfold so as to minimize the impact of the shock on
both the formal and informal sectors and pave the
way for a v-shaped recovery .

32. At the same time they must ensure that the
responses remain enshrined in a rules – based
framework and limit the exercise of discretion in
order to avoid long – term damage to the economy.

33. LIMITATION OF REPORT:-
 This report is limited.
 The suggestion part of the report is based
on perception and personal view ( individual ).
 The data was collected through structure and
analyze based on the information given by the
business, economic and official (govt.) Websites.

34. REFERENCE
 Google.com
 Wikipedia
 Economics Time
 Times of india
 Niti ayog
 Business standard
 Statista.com
 Theprint.com
 TheDeshBhakt(Akash Banerjee)