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PARIPEX - INDIAN JOURNAL OF RESEARCH | Volume - 10 | Issue - 06 |June - 2021 | PRINT ISSN No. 2250 - 1991 | DOI : 10.36106/paripex discretionary items. The main reason behind this is job losses , .org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India (accessed Jul. 02, 2020) no source of income as a result of slow down activity in various 3. Foreign Trade of India: Apr il 2020 https://pib.gov.in/Press sectors that includes retail, construction, aviation, releaseshare.aspx?PRID=1624102 (accessed Jul. 16, 2020) entertainment, etc. A panic atmosphere has now created 4. GDP Growth in India (Annual %) From 1961 to 2019, As Per World Bank & OECD NAD: https://data.worldbank.org/indicator/ NY.GDP. among people and the level of confidence of consumers has MKTP.KD.ZG?end=2019&locations=IN&start =1961&view=chart (accessed decreased significantly, due to which there is delay in Jul. 10, 2020) purchase of products. Moreover, restrictions for travel have 5. Nikhil Verma, Initiatives of to Boost up Indian Economy. Journal of Management, 5(4), pp. 496–503, 2018. severely put impact on the transport sector. Hotel businesses 6. https://indianexpress.com/article/explained/explained-how-has-covid- are also facing cancellations on large scale from routine 19-affected-theglobal-economy-6410494/ travellers and business travellers due to postponement of 7. https://www.indiatoday.in/magazine/the-big-story/story/20200323-an- economiccoronary-1654645-2020- 03-13 various events, conferences, marriages,seminars and 8. https://www.livemint.com/news/india/coronavirus-outbreak-in-india- workshops on a large scale. could-cost-theeconomy-29-9-billionadb-11583480504316.html 9. Covid-19: Impact on the Indian Economy, Indira Gandhi Institute of Development Research, Mumbai, April 2020. http://www.igidr.ac.in/ The Supply Side Impact of COVID-19 : pdf/publication/WP-2020-013.pdf Many Indian manufacturing sectors has affected due to closure and lockdown of various factories and the delayed supply of goods and products from China that source their requirements for intermediate and final product from China. Shortage of raw material and various components are noticed in different sectors of economy due to which investment and production schedules of companies of India got affected. Inspite of having an adverse impact on of requied raw materials, the slowing down of operational activity especially in China and other markets of the world is tremendously affecting India's exporting to the main parts of the country.

Need for Policy Recommendations: It is the need of the hour to chalk out strategies for economy in order to help businesses and the common public to cope up with this spread of coronavirus and the environmental crisis. Firstly, there is a need to reduce the cost of funds by reducing in policy rates and governmemt needs to increase the limit of credit for all banking accounts by 25 % so as to give relaxation and enable the factories and industries to continue their operations even with less number of laborers over longer time period of work considering all precautions for the health and safer environment. Secondly, a pay roll holiday should be provided by government of India for a quarter in order to increase liquidity ,to increase consumer confidence and to provide support demand in these stressful times. Thirdly, micro, small and medium enterprises should be given loan on concessional rates .In order to handle the economic impact of this outbreak, the government should provide financial support to different sectors especially health sector and need to design fiscal and monetary policy accordingly. Moreover, government should also provide relief from tax and give social protection in order to support various enterprises.

CONCLUSION: Outburst of coronavirus has adverse effect on the entire world including economic activity and humanlives. The present situation of depression is a totally change situation of recessions of 2008.There is a need to adapt healthy environment at workplace for protection of workers. Also, workers need to provide health access with no discrimination.Now, its time to strengthen the capabilities of government so that it becomes easy for us to face the diverse impact of this situation. Manufacturers have to face challenges on numerous fronts as we all know that COVID-19 crisis continues to expand and there is requirement to look beyond their own economic sustainability in such circumstances. Moreover, there is a need of coordination with the public sector companies to chalkout plans which are important for both safety of public and the workers at workplace taking into considerations their operational activity.Therefore, it is very important that we have to improve our capabilities so that we can face such situation of crisis and be prepared for the future events that are unknown.

REFERENCES: 1. Dr. K. Parvathi, Indian Economy During Indira Gandhi's Regime-A Study, International Journal of Social Sciences Research and Development (IJSSRD), 1(2), pp 36-42, 2019. 2. Economic impact of the COVID-19 pandemic in India https://en.wikipedia www.worldwidejournals.com 49