Authors: Anshu Narayan, Mihir Sutariya, Muskaan Singh & Nitish Shukla
Introduction
As the first lockdown took over India, a wave of financial imbalance was felt across the nation. People were returning home, layoffs started on large-scale, and many-faced salary cuts of up to 50% that also when an unprecedented pandemic was emerging. With such a huge population India surely has seen the worst economic disaster. Household income as a result showed a sharp and negative impact and resulted in a major financial crunch which we’re striving yet to curb.
Objective
To determine if COVID-19 caused financial crunch among households in country.
Data Collection
We used Primary Data collection technique to find if it justifies our chosen topic. A survey form was circulated among 100 students across ITM Business School, Kharghar which had questions-
i. I/a family member lost their job.
ii. I/family faced substantial rise in medical expense.
iii. I felt inflation in essential commodity’s prices.
iv. I/a family member faced salary cuts.
v. During the Pandemic I realised that the living standards of most people around me went down.
Data Analysis
After receiving responses, we were able to come up with following analysis-
Question No. Arithmetic Mean Standard Deviation Standard Error Z Score
i. 2.67 1.511270788 0.151127079 -2.183592793
ii. 3.67 1.333749935 0.133374993 5.023430423
iii. 3.87 1.060350619 0.106035062 8.204833239
iv. 3.45 1.459036627 0.145903663 3.084226891
v. 3.67 1.223135563 0.122313556 5.477724793
Conclusion
It can be concluded that-
i. People didn’t lose their job as largely as it was hypothesized first.
ii. People did face substantial rise in medical expenses.
iii. People found rises in the prices of essential commodity’s prices.
iv. People also faced salary cuts who were in job.
v. People observed that living standard of people around them has fallen during pandemic.