The global economy is passing through the worst economic crisis of modern times since the beginning of 2020 due to the outbreak of an unprecedented pandemic resulting from the spread of novel Corona or Covid-19 virus. The abruptness with which this pandemic erupted and the fast pace at which its disruptive and disastrous impact spread across more than 220 countries of the world makes it a serious area of concern. The emerging challenges are even more daunting in the case of Indian economy owing to the huge population base, high population density and grossly deficient health infrastructure in India. It is against this backdrop that the present paper goes deeper into the important lessons that can be learnt from the unprecedented pandemic and analyses them from the perspective of an economist. In particular, the significance of contingency planning, building-up of reserve capacity, overcoming institutional rigidities and infrastructural bottlenecks, gradualism and cautious optimism are brought to the fore. Besides, issues relating to the demandside as well as supply-side management of an economy as also resource mobilisation for effectively tackling the pandemic are also discussed. The whole discussion provides useful insights for public policy-making that can be reasonably expected to go a long way in improving the policy environment in the times to come.