The coronavirus pandemic has generated an unparalleled loss and disruptions all around the globe. From developed to developing, no nation has been immune from its impact. In this study, we have evaluated the effects of COVID‐19 on the economic system of India thus far. An assessment based on the available literature is done on all three sectors—primary, secondary and service sectors including the influence on migration, health, unemployment, job losses, informal economy, environment, and so forth. The entire sectors of the economy have been disproportionally affected including within a sector, there is a disproportion loss. The social repercussions are catastrophic also with lost jobs, mental issues, greater family abuse, and so forth. Some good benefits may be noticed in terms of better pollution levels, quality of water, wildlife but the durability of such influence is dependent on post‐COVID and everyone's lifestyle and future regulations connected to the environment.