Impact of COVID-19 Pandemic on, Balance of Payments of Indian Economy with Special Emphasis on Exports and Imports

Abstract

Purpose – International trade has always been a medium of interaction of economies to satiate their  demand in terms of goods and services .As none of the economies are self sufficient in every product and services required for sustainable growth and development. So their reliance on exports and imports has increased considerably. Due to which economies are exposed to external risks prevalent, May it be financial crisis or pandemics. This research article focuses upon unprecedented effect of COVID-19 pandemic on current account of balance of payments of Indian economy and  the impact it had on various constituents of current account.

Design/methodology/approach –

To respond to the global COVID-19 outbreak, the social economic implications of COVID-19 on specific dimensions of the global economy are analyzed in this study. The situations of COVID-19  has certainly impacted global trade and Indian economy was not an exception to it. Moreover, insights about the effects of the pandemic on trade and transaction during the span in which impact of pandemic was severe has been addressed through this research article. These insights may support strategic decision making and policy framing activities for the top level management in private and government sectors.

Findings – With insecurities of a new recession and economic crisis, key moments such as these call for strong and powerful governance in health, business, government, and large society. Instant support measures have to be initiated and adapted for those who can drop through the cracks. Mid and long-term strategies are required to stabilize and motivate the economy during this recession.

Originality/value –

 A comprehensive export and import analysis that consists of report taken from various sources such as , Ministry of commerce, UNCTAD, RBI, IMF . In order to  analyze the impact COVID-19 had on a selective parameters of current account of balance of payments of Indian economy.