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India was greatly affected by the coronavirus (COVID-19) pandemic in various sectors. Intending to get hold of the situation, India announced its first nation-wide lockdown in March 2020, which led to the economic slowdown. Consequently, international trade took a huge hit as well. In April 2021, imported commodities, specifically silver, pulses and newsprint, faced more than ** percent decline compared to previous year. By contrast, in April 2022,close to all commodities saw a significant recoveries compared to the previous year.

India’s economic loss due to COVID-19

The coronavirus (COVID-19) pandemic laid additional stress on the country's already struggling economy. With a GDP growth of just percent in the fourth quarter of the financial year 2020, a drop of more than ** percent in the next quarter came as a huge blow. The markets reacted differently to the crisis, which was reflected in their growth rate. The automotive market was hit the hardest by the lockdown, as it showed the maximum negative growth. While most industries were shaken to their core, financial, real estate, and professional services were estimated to incur huge losses.

Sudden rise in unemployment

Owing to the lockdown, many Indians found themselves with no work. In May 2020, the unemployment levels reached a new high with more than ** percent of the country's labor force unemployed. However, the effects within the different parts of society varied. In April 2020, small traders and laborers suffered the most due to the coronavirus, as nearly a hundred million lost their jobs. Contrary to this, the farmers saw an increase in employment.