International business is essential for the countries to generate Economic growth or to increase in exports and reduce in imports, it encompasses all commercial and economic activities between the nations to promote the ideas, resources, transfer the goods and services, technologies across the national borders. In every country has limited resources therefore a country cannot produce all the goods and services that it requires. The present context of the world, there is imbalance in production and supply factors due to Covid-19 pandemic, which has resulted in market imbalances (demand and supply). The world economy has been hit hard by the ongoing Covid-19 pandemic, as on June end more than ten 10 million people around the globe had been affected by this pandemic, India, USA and others are worst hit countries with decrease in GDP (Gross Domestic Product) and increase in unemployment rate. It may be useful to also note that prolonged lockdowns will eventually imply production shortfalls, may lead to increase in unemployment; decrease in demand for products, slowly running out stocks. In recent forecast of World Trade Organisation (WTO) indicated a clear fall in world trade between 13 per cent and 32 per cent in 2020, perhaps the highest fall since the Great Depression of 1930s.
India and world can overcome the challenges by specific government fiscal and monetary policies, by providing economic relief packages and increase in employment opportunities by digitalisation in all the sectors of the economy to increase in accountability, convenience, and gross production, and investment, job security to casual labours or migrant workers. These factors may change the world present situation to productive or welfare economy. The purpose of the research paper is to explain Economic and Business crisis, due to covid-19 in present situation in India and the world.
KEY WORDS: C0VID-19, GDP, ECONOMY and GLOBAL CRISIS.
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