• Dr. Raghu. C

The condition of the economy, went from bad to worse, due to outburst of pandemic Covid-19. The economic impact of Covid 19 (Corona Virus) on Indian Economy has been largely devastating and disruptive. Indian Economy was shattered and faced worst scenarios. According to Ministry of Statistics, in the fourth quarter of the fiscal year 2020, India’s economy has grown at a meager 3.1%. Krishnamurthy Subramanian, the present chief economic adviser to the Government of India said that “this drop is mainly due to the corona virus pandemic effect on the Indian economy”. Unemployment rose from 6.7% on 15th March to 26% on 19th April 2020 and then back down to pre-lockdown levels by mid-June. During the lockdown, an estimated 14 crore (140 million) people lost employment, while salaries were cut for many others. More than 45% of households across the nation have reported an income drop as compared to the previous year. World bank defines this pandemic as “magnified pre-existing risks to India’s economic outlook”, because the economic slowdown was very much noticeable even during pre-pandemic. The World Bank and other rating agencies had initially revised India’s growth for fiscal year 2021, with the lowest figures, India has ever seen in three decades, since India’s economic liberalization in the 1990s. On 26th May 2020, CRISIL announced that, this is perhaps, India’s worst recession since independence. All these features indicate that the reforms strategy of development is not yielding the desired results. It has miserably failed to accelerate the process of development. It calls for better supplementary economic strategy for the development of the economy in general and rural economy in particular. This points to the necessity for rethinking in the planning and development strategy, not in terms of the size of the plan but in terms of decentralized planning as a supplement to reforms strategy. Therefore, in the present context, to set motion of the economy and to accelerate its growth process Gandhian strategy of development will be more opt and it will surely quicken the pace of development. This paper analyses the relevance and need of Gandhian economic principles to speed up economic development of pandemic affected economy.

Economic planning, Growth strategy, Five year Plans, Public sector, Supplementary policies, Pandemic, Revival.

"An Economic analysis of Gandhian principles as a tool for economic recovery", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 9, page no.d586-d592, September-2021, Available :http://www.jetir.org/papers/JETIR2109368.pdf

"An Economic analysis of Gandhian principles as a tool for economic recovery", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 9, page no. ppd586-d592, September-2021, Available at : http://www.jetir.org/papers/JETIR2109368.pdf