BUSINESS RESEARCH METHODS PROJECT
IMPACT OF COVID-19 ON THE MAJOR ECONOMIC
INDICATORS OF INDIA
Submitted to: Dr. Rajeev Sirohi
Submitted By: GROUP 2, (SECTION F)
Anjnay Singhania (503)
Mayank Aggarwal (506)
Shivank Aggarwal (509)
Arnav Singh (513)
Apurv Singh (514)
• The coronavirus disease, also known as COVID-19, is a variant of the SARS-COV 2 virus which is
a severe acute respiratory syndrome.
• The first cases of Covid-19 was discovered in Wuhan, China, in December 2019
• On January 27, 2020, India reported the first case in Kerala
• India has the second-highest number of confirmed cases in the world with 44,678,517 reported
cases of COVID-19 infection,
• India reported the third-highest number of COVID-19 deaths at 530,695 deaths
• India began its vaccination program on 16 January 2021 with Covishield and the
indigenous Covaxin. Later, Sputnik V and the Moderna vaccine were also approved.
• On January 30, 2022, India announced that it administered about 1.7 billion doses of vaccines
and more than 720 million people were fully vaccinated.
• The lockdown caused an immediate halt to many service activities as well as
• This impacted our country's supply chain because a sizable portion of the
labour force lost their jobs, their purchasing power fell precipitously, and this
disrupted the demand side as well.
• Our study aims to fill this gap by examining the impact of the pandemic on
various macroeconomic indicators and how they were impacted.
• we have attempted to determine the effect on our economy of changes in
macroeconomic measures such as total supply, total demand, labour
participation, and unemployment.
Our research uses secondary data analysis as the approach and
framework; it is descriptive rather than exploratory because the
key economic indicators that transmit the state of the economy
have been well established for a while. Our study examines how
the Covid 19 pandemic has affected the economy of our country.
Because it is impractical for us to collect primary data for a
situation of this magnitude and complexity, we must rely on
reliable, accurate, and easily accessible data sources like
Since it’s a non parametric data, we have used a simple statistical
tool known as Mann-Whitney U Test that computes the
hypothesis on the basis of differences in rankings of data inputs
corresponding to two different data series.
For each claim hypothesis were developed and the final
conclusion is based upon if majority of our alternate hypothesis
were true or not.
Even so, other hypotheses for various economic indicators
have been developed and are discussed separately later in
this study. The main hypothesis of all our research is that
COVID 19 had a significant impact on our economy. This can
be stated as our alternative hypothesis, and we are
interested in demonstrating its validity through our data
analysis. The null hypothesis would then be that COVID 19
had no significant impact on our economy.
Hypothesis for P-Value Test for Labour Force Participation
• H0: The Unemployment levels are identical before and after the Covid-19 pandemic.
• Ha: The Unemployment levels are not identical before and after the Covid-19 pandemic
LABOUR FORCE PARTICIPATION
Hypothesis for P-Value Test for Labour Force Participation
• H0: The Labour Force Participation levels are identical before and after the Covid-19 pandemic.
• Ha: The Labour Force Participation levels are not identical before and after the Covid-19 pandemic
Hypothesis for P-Value Test for CPI Inflation rate
• H0: No significant difference in CPI Inflation rate before and after the Covid-19 pandemic.
• Ha: Significant difference in CPI Inflation rate before and after the Covid-19 pandemic.
TOURISM AND HOSPITALITY
Hypothesis for P-Value Test for Foreign Exchange Earnings
• H0: The foreign exchange earnings are the same before and after the Covid-19 pandemic.
• Ha: The foreign exchange earnings are not the same before and after the Covid-19 pandemic.
CRUDE OIL PRICES
Hypothesis for P-Value Test for the impact of Covid-19 on Crude oil prices
• H0: Crude oil prices are identical before and after the Covid-19 pandemic.
• Ha: Crude oil prices are not identical before and after the Covid-19 pandemic.
• We reject Ho at a 95% level of confidence or at a 5% level of alpha since the P value is 0.000, which is less
IMPACT ON SENSEX
Hypothesis for P-Value Test for the impact of Covid-19 on Indian Stock Market
• H0: Stock market indicators are identical before and after the Covid-19 pandemic.
• Ha: Stock market indicators are not identical before and after the Covid-19 pandemic.
• The findings indicate that we accept Ha that there is a significant difference in SENSEX LEVELS
between the years before and after COVID 19 since P values are 0.00001
Results and Findings
Our study's findings indicate that the epidemic has had a negative impact on the Indian economy. The
following conclusions emerged from our study:
• The pandemic has significantly increased unemployment in India, driving many people to look for
work in the nonorganized sector after quitting the organized sector.
• The failure of India’s labour force participation to recover to pre-pandemic levels suggests that a
segment of the workable population may have quit the labour force, either permanently or for a
considerable amount of time.
• The tourism industry took the burden of the epidemic, being among the earliest to recover and the first
to be disrupted.
• India's inflation rate rises as well, pushing up the cost of food and health-related goods.
• The results of the non-parametric statistical test have demonstrated that the data confirms the
existence of a substantial difference between the levels of various indicators in the pre-and post-
pandemic economies, demonstrating the impact of the pandemic on our economy.
CONCLUSION AND FUTURE SCOPE
Our research leads us to the conclusion that the Corona Virus-caused Covid-19
pandemic was one of the most disruptive occurrences in the history of contemporary
civilization. It not only resulted in a significant loss of human life but also had a
negative impact on our country's economy.
The points listed below provide a summary of the future scope of our work.
1) More indicators of several types and numbers could be explored.
2) Models might be developed using other statistical techniques, such as regression
analysis, to determine whether economic variables were significantly impacted by
3) Although the effects of the pandemic on some economic sectors have not yet been
examined in our study, they may do so in the future.
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