The outbreak of COVID-19 in China in December 2019 has brought the whole world on its knees and has adversely affected the global economy. This is a secondary reseach/review work wherein aim is to study the potential impact of the outbreak of novel COVID-19 on Indian economy. In dept analysis of the impact has been conducted for four sectors, which are, Aviation & Tourism sector, Education& skilling sector, Food & Agriculture sector, and Pharma & Medical device sector. The methodology adopted includes in-depth review and analysis of various published journals, book chapters, newspaper reports, articles, and World wide web(WWW) search. The study concludes that the economic impact of COVID-19 is long term and adverse. There is need to introduce various policy reforms and implement them at grassroot level to mitigate the adverse economic effect of COVID-19.