Impact of Covid-19 on Household Savings in India

Abstract

The “Covid 19” pandemic has resulted in a unpredicted loss of human life in the world and poses an unprecedented threat to “public health”, “food systems”, and the working environment. The economic activity is projected to drop drastically. The working people have been affected in two ways during the pandemic period : a) the public health crisis and, b) the economic recession that led businesses to grow at negative rate. Meanwhile, workers working hour decreases and they are either underpaid or under the pressure to leave their occupations. The epidemic had a negative impact on global trade and has impacted all economic sectors. The strict enforcement of lockdowns in advanced countries have also impacted the economic condition of countries but was reliant on many ways. The natural response of governments was to develop emergency regulations to break the spread and mitigate the risk. Government policies help to overcome with the uncertainty causes by epidemic are economic assistance packages, emergency actions or lockdowns, and travel limitations. These actions increased public concern, and feared of the unexpected sudden changes. Although the long-term effects of these policies are still being quantified.