Vol. 8, Issue 4, Part C (2022)

Abstract
In the context of India's public sector financial management, this article analyses the nature and impact of budgetary responses to the epidemic. When the pandemic hit in March 2020, India's capacity to deal with a new disaster was lacking in every area. The research is based on secondary data that was used to examine the situation of accounting, budgeting, and fiscal policy in developed and emerging market countries during Covid-19. Around the world, the COVID-19 epidemic wreaked havoc on financial markets and the real economy. These exceptional circumstances spurred major monetary and fiscal policy changes. In fiscal year 2020-21, the Gross Domestic Product was expected to fall 7.7%, compared to 4.2 percent growth in fiscal year 2019-20. Due to the reform initiatives enacted by the Centre Government, GDP growth was predicted to rebound substantially in 2021-22. The fiscal response of emerging market economies such as India is weaker than that of advanced nations. Under the Disaster Management Act of 2005, a rigorous lockdown of twenty-one days was imposed, resulting in a rise in unemployment, as well as disruptions to the trade cycle, manufacturing, and service industries. In India, the COVID-19 outbreak has primarily disrupted the economy. As a result, the findings of this study explain how policies such as fiscal policy had a substantial impact during Covid-19.