ECONOMIC GROWTH AND WELFARE OF PEOPLE IN COVID-19: ASSESSMENT
Mr Soumil Goyal
UGC – NET/JRF,Research scholar, Department of Laws,Punjab University.
Dr Isha Goyal
Assistant Professor, Commerce ,GCW-14 Panchkula
Economic growth is a sign of a country’s development, and different facets of economic activity all contribute to it in different ways. But because of this, the primary, secondary, and tertiary sectors of the economy are known as the economic structure. In a democratic nation like India, where the general well-being of the populace and major progress are given top priority, When the COVID-19 epidemic spread, it altered word structures in various mollifications, making it difficult for any nation to impose suffering-related restrictions. It is difficult for the nation to keep its economic growth in step with supplying its citizens with a variety of welfare facilities. It was extremely difficult for the nation to manage the resources effectively in the wake of tragic events where numerous restrictions had been imposed covertly by the government in various forms of lackdown and curfew in this way all industrial activity, with the exception of agricultural, which was continued in a limited capacity. According to the government’s decision, businesses and industries were required to pay their employees’ salaries while under lockdown, with the assurance that they would get compensation as part of the bailout package. MANREGA, the FREE Ration Scheme, and direct financial allowance to replace the loss are only a few examples of how the government has utilized its financial allocation at different stages to cover observed loss in a certain time. Managing the financial resources while using different financial tax and non-tax sources to respond to the crisis in diverse ways is a very difficult issue. In order to better offer social services to those affected by the epidemic, the government has been trying to manage its financial resources. COVID-19.
Keywords: Covid-19, Economic Growth and Welfare of People