Disparities in the Economy conditions of Indian states in both Rural and Urban areas to overcome COVID-19 situation with the help of Scheduled Commercial Banks (SCBs)

Abstract

In the present pandemic situation entire world is locked and under pressure economic conditions. Nature has its own strategy in changing the life styles of the world and economy conditions. Many countries has faced various disasters and somehow succeeded in stabilizing their economy conditions with their own strategies that might appropriate to their cultural activities. When compare to other countries India has different cultures and tradition in the name of unity in diversities, with these situation Indian administrators has to think in an innovative way to overcome the drained economy with this unknown pandemic called "COVID-19". Economy Development and Financial Inclusion are the main bastions for faster growth and better income distribution in an economy of the country. Irrespective of location i.e. Rural and Urban, timely credit with affordable costs of funds to the Priority Sectors in improving their living standards is the responsibility of the financial institutions in India. India’s economy encompasses of two main sectors, namely, Priorities and Non Priorities in both Rural and Urban areas. This research paper describes the inequalities in the economy conditions among Indian states and also the disparities between rural and urban areas of the country. The most positive way of gearing our economy to be sustainable for long-run is through organised institutions; preferably with through Commercial Sector Banks.