Socioeconomic impact due to COVID-19: An empirical assessment

Gupta, Vedika, Santosh, KC, Arora, Rameshwar, Ciano, Tiziana, Kalid, Khairul Shafee and Mohan, Senthilkumar (2022) Socioeconomic impact due to COVID-19: An empirical assessment. Information Processing and Management, 59 (2): 102810. ISSN 3064573

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Starting from December 2019, the novel COVID-19 threatens human lives and economies across the world. It was a matter of grave concern for the governments of all the countries as the deadly virus started expanding its paws over neighboring regions of infected areas. The spread got uncontrollable, thereby leaving no choice for the nations but to impose and observe nationwide lockdown. The lockdown further sorely hit many sectors, which in turn impacted the economy. Manufacturing, agriculture, and the service sector - the three pillars of the economy - have been adversely affected giving a major slow down to the economy belonging to every nation. Several schemes and policies were introduced by different state and central governments to absorb the impact of subsequent lockdowns on individuals. In this paper, we present a then and now analysis of the economy using a socioeconomic framework focusing on factors- unemployment, industrial production, import-export trade, equity markets, currency exchange rate, and gold and silver prices. For all these, we consider India as a case study because the Indian sub-continent has a wide landscape and rich cultural heritage presenting itself as a potential hub for economic activities. A thorough assessment has been made for the period January 2020- June 2020. The assessment will be beneficial to observe the long-term impact of any infectious disease outbreak such as COVID-19 locally and globally.

Item Type: Article
Keywords: COVID-19 | Economy | GDP | Industrial production | Stock market | Unemployment
Subjects: Social Sciences and humanities > Economics, Econometrics and Finance > Economics
Social Sciences and humanities > Social Sciences > Social Sciences (General)
Social Sciences and humanities > Social Sciences > Health (Social sciences)
JGU School/Centre: Jindal Global Business School
Depositing User: Mr. Syed Anas
Date Deposited: 11 Jan 2022 08:29
Last Modified: 23 Mar 2022 08:16
Official URL:
Additional Information: The authors of this paper are thankful for the data on the Index of Industrial Production made public by the Ministry of Statistics and Programme Implementation (MOSPI), the Government of India, Reserve Bank of India (RBI), and Database of Indian Economy (DBIE) for providing transparent and well-processed data on International trade of goods and services, Rupee’s exchange rate, Gold and Silver prices. Also, the authors would like to extend their gratitude towards the Directorate General of Commercial Intelligence and Statistics (DGCI&S) for providing data for import-export trade of different commodities, National Stock Exchange (NSE) for making stock market prices accessible to the general public. Also a special thanks to the center for Monitoring Indian Economy(CMIE),20 which forms a part of all material related to unemployment rates in which the information is included.


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