COVID-19 and Social Security Net in the Context of the Indian Economy

COVID-19 outbreak disrupted social and economic activity. Impacts on aviation, tourism, retail, financial markets, MSMEs and oil are assessed in this research. Travel and tourism, which contributes 9.2% of the GDP, will impact the GDP growth rate. Airlines will lose USD 1.56 billion. FPIs withdrew substantial sums from India, over USD 571.4 million, after oil fell to an 18-year low of $ 22 per barrel in March 2020.Conversely, falling oil prices will increase the current account deficit. The rupee keeps losing value. Money will be tight for MSMEs. A terrifying mass evacuation of refugees on foot occurred during the crisis, causing a nationwide lockdown. Their main concerns were job loss, everyday rationing, and lack of social security. India’s development paradigm has to be rethought. COVID 19 has also given India some unique chances. Global supply networks are opening up, and corporations lose trust in China. Labour reforms are one of the changes required to ‘Make in India’