COVID-19 AND ITS IMPACT ON THE MIGRANT CLASS GROWTH, IN THE INDIAN ECONOMY (IN THE PRESENT CONTEXT)
Dr. Venkatachalapathi H S
Assistant Professor, GFGC HOSAKOTE, BENGALURU NORTH UNIVERSITY
The Indian economy and growth has been hit hard by the ongoing Carona virus or Covid 19 pandemic and led to global crisis. A health crisis worldwide has generated a global economy standstill, and tertiary sector which provides a GDP contribution nearly 60 percent for the Indian economic growth. Indian economy is facing four major challenges. First is to save the country from the spread of Covid 19, which has hit hard in second wave of the pandemic to the Indian economy. Second is to save the economy from the unfolding economic and business crisis due to the dual effects of the Coronavirus pandemic. Third is to provide a flexible relief package to migrant workers, who are vulnerable in this crisis in different states in India & the world in this global and national lockdown. If we observe the world scenario, countries around the globe are facing serious consequences and damages to economies. According to the International Monetary Fund (IMF), many economies may face negative per capita income and political growth in 2020 and may continue still further in 2021 annual year, due to the Corona virus pandemic & unavailability of labour which has led to migrant crisis. In its recent forecast the World Trade Organisation (WTO) indicated a clear fall in world trade between 13 per cent and 32 per cent in 2020, perhaps the highest fall since the â€œGreat Depression of 1930`sâ€. In its recent world economic Outlook, IMF does project a rebound in the growth of the Indian economy in 2021, at a rate of 7.4 per cent. But India is one of the fastest developing country in the world depending on migrant and unorganised sector workers for construction works, service-related jobs, due to Coronavirus pandemic most of the migrant workers are finding hard to live in the cities else move to their natives.
Keywords: Migrant workers / depressed labour, Covid 19 pandemic, Economic and business growth.
Journal Name :
EPRA International Journal of Multidisciplinary Research (IJMR)
Published on : 2021-12-24