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The recent COVID‐19 pandemic has not only resulted in the loss of human lives but also distressed economies. The impact of this crisis is even higher in emerging economies like India due to already slowing growth rates, poor health infrastructure, and a significant population living in extreme poverty. While the government is taking measures to handle this crisis, nobody can be sure if these measures are adequate, as this will depend on how soon the spread of the virus is contained in the country. However, understanding the depth of the impact of COVID‐19 pandemic on the Indian economy is vital to formulate the policy and measures to contain this economic impact. This paper attempts to understand the impact of COVID‐19 pandemic on the Indian economy by employing a qualitative research design, based on sentiment analysis to understand 15 industry experts' opinion concerning the socio‐economic impact of COVID‐19. The study makes a theoretical as well as applied contribution to the field of study. While theoretically, it contributes to the field of pandemic research, public health management, and disaster management; in an applied sense, we propose a set of measures for the policymakers based out in India, as well as in other emerging nations of the world. [ABSTRACT FROM AUTHOR]