Financial Impact of COVID-19 in India-Critical Review

Abstract

Investment and savings is the pillar for people to safeguard them during the crisis. It is important to
say that, Indians are grown up with the habit of these investment and savings. India is stabilized its
financial position during the Global Financial Crisis in 2007-2008 speedily because of its investment
and savings pattern in various form of reserves. But COVID-19 hit the economical position of the people
very much because of its prolonged lockdown throughout India. This article covers the financial impact
of COVID-19 on people in various dimensions. The researchers collected the data from websites and
telephonic conversation with the people living in various states of India to understand the impact of
COVID-19 on their financial planning. The researchers found that COVID-19 made a vulnerable
impact on financial pattern of people, so recommendations were made to the people to safeguard them
from this financial crunch.