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The focus of the present study is to compare and assess the socio‐economic implications of the 1918 influenza pandemic and the COVID‐19 pandemic in India. Both pandemics are similar in the nature of their disease and spread, and have had a far‐reaching impact on society and economies worldwide. To achieve their objective, the researchers adopted the method of systematic literature review (SLR). The findings of the review have been categorised in four subsections: comparison of 1918 influenza and COVID‐19 pandemics in a global context; economic consequences of a pandemic in India; social consequences of a pandemic in India; and the pandemic mitigation measures adopted by India. The findings suggest there are similarities in the socio‐economic implications of the two pandemics and also indicate that developing countries face more severe implications of such pandemics as compared to developed countries. The research findings from the review of literature are followed by the recommendations made by the researchers. [ABSTRACT FROM AUTHOR]