This virus has affected all are lives so seriously and changed the way we use to live, this is a pandemic which has affected more than 180 countries. We all are under stress especially all the Health Services and Police. Everything is unpredictable and uncertain. WHO is working closely with global specialist, governments, and other health associations to give directions to all the countries about preventive measures and preparation to avoid this pandemic. We have to realize the socio-economic effect of this virus. It has not only affected us in person but an economy and financial system as a whole and we all don’t know the way out to manage this pandemic. As per the renowned economist and financial institutions of world repute Indian GDP is likely to shrink between 2– 4.5 % in fiscal year 2020-21. The required data for the study is basically secondary in nature and the data is collected from the various websites. The objective of the study is to study challenges faced by different sectors due to COVID -19 and understand how to mitigate these challenges.