This paper deals with the amalgamated basic IS-LM business cycle model with Kaldor’s growth model to form an augmented model. Pertaining to substantial evidence, IS-LM model in paradigm with a specific economic extension (Kaldor-Kalecki Business cycle model in our case) provides an adept explanation of a developing but strong economy like that of our country. Occurring in the equation of capital accumulation, the two time delays are a result of the assumption in the investment function being both income and capital stock dependent in past period and maturity period. Investigating a model combined with capital accumulation is both interesting and important. From economist point of view, production without capital is impossible to even imagine. Moreover capital accumulation is impeccable to large-scale production, specialisation and creation of employment opportunities. In our model ‘I’ the investment function, ‘S’ the savings function and ‘L’ the demand for money are depending linearly on their arguments. We adhere to a linear model, contrary to the popular belief of non- linear models being the undisputed style for modern economics. The model is first shown to be mathematically and economically poised. The local stability of boundary and interior equilibrium points has been investigated. Three cases arise, pertaining to two time delays. System dynamics exhibits mutation under the influence of time delays and may clinch or discharge its local stability when subjected to the latter. Hopf bifurcation occurs when the delay parameter crosses a critical value.

The pandemic being a health issue at its core is a multifaceted crisis encompassing both economic and epidemic factors in a twisted tale of challenges. In counteraction, we have proposed a combined epidemic–economic model that analyses system dynamics arising in the presence of an infectious disease (SARS-2-COVID-19 in our case). Dynamical analysis of the system has been performed in context to the equilibria along with local and global stability analysis of the system simultaneously visualizing the effect on capital stabilization. The global stability analysis has been performed using graph-theoretic method. Curve-Fit has been performed for the system using optimization algorithm. The relation between all the parameters and variables involved in the model has been explored by calculating sensitivity indices which gives us the proportion that a relative change in a parameter brings to the relative change in a variable. Our findings reveal that (1) Vaccination instigates economic growth (with evidence of data obtained for 24 countries). (2) Complete vaccination leads to a considerable reduction in all infections (reduction up to 90%, as per current CDC study). (3) Excessive exposure to media can facilitate spike in infections. (4) Parameter sensitivity analysis can be of immense help in policy formation.

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