Covid-Induced Economic Shock and its Impact on the Income of the People in India
Keywords:COVID-19, Economic Shocks, Labour Market, Income Loss, India.
AbstractThis paper empirically analyses the impact of COVID-19 and subsequent economic crises on the income of the people. The study used Log Linear Regression Model to identify the factors influencing the income changes during COVID-19. Findings of the study convey that all the categories of people under study were affected by the pandemic and the brunt is hard on the vulnerable echelons of the society. The sectoral analysis exhibits the extent of the impact of COVID-induced shocks on the informal sector. Interestingly, education continues to be a stabilising factor that acts as a shield against the shocks with a negative relationship with income fall. The paper voices for an active role the authorities have to play to help the people come out of the multidimensional issues of the pandemic.
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