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What could be the economic challenges posed by the COVID-19 pandemic to India? Discuss what should be the focus areas and necessary actions for an economic recovery package for India and discuss the challenges associated with it.

Topic:  Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

6. What could be the economic challenges posed by the COVID-19 pandemic to India? Discuss what should be the focus areas and necessary actions for an economic recovery package for India and discuss the challenges associated with it. (250 words)

Reference: Economic TimesThe Hindu

Why this question:

The question examines the economic impact of the COVID-19 outbreak.

Key demand of the question:

The article explains the economic impact of the COVID-19 pandemic.

Directive:

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer:

Introduction:

Briefly explain the economic challenges posed by the COVID-19 on the world.

Body:

Pandemics, apart from posing major health risks, also pose economic and social risks. Pandemics have the potential to disrupt economies, and destabilize national security.

The effect of the strong clampdown measures taken by the various governments to arrest the spread of the coronavirus is being felt across the global economy.

The shutting down of industries may lead to loss of jobs and subsequently demand in the economy.

There are fears of a global recession given that the two largest economies of the world, China and the U.S. have been affected by the pandemic. The large and developed economies are expected to not merely slow down, but to contract and experience negative growth.

Present the case of India.

Conclusion:

Conclude with what should be the way forward.

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