One of those once-in-a-lifetime disasters that affects everyone on the earth and upends our lives is the COVID-19 pandemic. Despite the fact that the virus poses a threat to people's daily lives on several levels, the pandemic, which has claimed millions of lives worldwide, is placing unprecedented pressure on governments to maintain essential social and health services as well as their economy. Following the spread of COVID-19, several countries have shuttered their seaports and airports. Importing and exporting are prohibited activities. This study aims to assess the pandemic's long-term economic effects by calculating its costs using official global and Indian economic statistics. It also looks at the measures the central government and Reserve Bank of India have so far announced to mitigate the shock and provides a number of policy recommendations for different industries. This study also proposes possible political, social, and economic paths for a post-pandemic society.

Materials and Methods: This review paper summarizes and tracks the economic development of the COVID-19 pandemic from its inception, synthesizes and evaluates recent data from reliable sources, and gives a comprehensive evaluation.

Results: In the short and long run, the epidemic surely harmed many people's economy and living situations. Despite estimates of the destruction's enormity, its exact extent is still unclear. But given the massive uncertainty the pandemic has created, it seems likely that the recovery will be erratic, drawn out, and delayed.