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description Journal article public Economic Affairs

COVID-19 Pandemic as a Set of Economic Shocks in India: A Short Note

Bhagirath Prakash Baria
Published 16 September 2020

Abstract

Socio-economic events that fall largely outside the purview of the direct control of a given economic agent allow much more rigorous quantitative modelling of effects that such events may have on that economic agent’s decision-making and the consequent economic outcomes. The on-going Corona pandemic across the Globe presents a unique case study to extract operationally exogenous shocks that can be subjected to further rigorous research as well as to help students learn about applied economics using real-time events rather than abstract theoretical generalizations. This pandemic has thrown a huge challenge for the largest democracy in the World, namely India. The subsequent series of lockdowns in India and the consequent unlocking process have given rise to several economic shocks that require urgent attention from both the academic and policy-making circles. An overview of the microeconomic and macroeconomic events that have been sparked by the current pandemic and, the several rounds of lockdowns and social unlocking, can help the policy makers to better understand how future policy interventions can improve economic outcomes in the post-COVID era. A brief overview of various such economic shocks and their implications are highlighted in this note. The aim is to highlight the most important economic concerns so as to motivate teaching and research that is driven by real-time concerns and that can shed more light on the ways in which people and institutions react to such a crisis with some indications on the possible road ahead.

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