The Covid-19 pandemic is one of the most devastating pandemics in history. It has had a devastating impact on the world and no one has been spared by its effects. The death rate has increased dramatically around the globe. People are not only losing loved ones, but also their jobs and income. More than 100 countries have experienced economic disruptions. Some countries even requested monetary assistance from the IMF.
India’s Economy:
India is a developing country and the Prime Minister NarendraModi announced a 21-day lockdown to protect citizens. The country has experienced high unemployment and economic depression. As the new corona virus strikes India’s economic activities, India has seen a significant decrease in income growth and government revenues. A recent study found that 40 million Indians have lost their jobs, mainly in unorganized areas.
Schools and colleges have been closed; IPL sports events have been postponed. Businesses around the globe, including entertainment, hospitality and aviation, have seen major economic impacts on their economies. People were afraid of the corona virus and didn’t go out to shops to purchase daily necessities. All of these factors have had an impact on the economy.
Global growth has dropped from 2.9% to 2.4% and may drop as low as 1.5%, according to the Organization for Economic Co-operation and Development (OECD).
The main component of GDP will be affected by the lockdown in India. The disruption to global trade and supply chains will have a major impact on countries that are strong importers as well as those who are exporters.
India’s total electronic import is approximately equal to 45% of China. India imports about two-fifths and one-third respectively of Chinese machinery and organic chemicals.
In India, approximately 90% of mobiles are made from China and 65% to 70% import active pharmaceutical ingredients.
According to the World Trade Organization (WT0), there will be a global trade decline of up to 32% by 2020.
Sectorial Impacts
Sector of Labour:
This sector was the most affected as the majority of labourers lost their jobs. They were employed in construction companies and did daily wage work.
Indian factories are short of labour due to travel restrictions and Quarantine.
People have moved from the cities to the countryside in this country.
Restaurants
The NRAI, which represents many restaurants, has advised its restaurants that they should close down. According to government orders, all restaurants, bars, pubs, and cafes were ordered to close down. Online food delivery platforms like zomato or swiggy saw a significant drop of around 60% during the pandemic.
Food and Agriculture
This sector is a major contributor to GDP and the employment sector. This year will see a significant impact on the supply of agricultural products and food products like dairy products, edible oil and cereals.
Agro-chemical companies that deal with the export of finished goods and import of raw materials will also be affected.
Due to the absence of delivery vehicles, online food shopping also suffers.
The consumer demand for commodities like grapes, mangoes, and seafood has declined significantly.
Online business
The Indian economy contributes 10% to this sector. Its major segments include healthcare, personal and household care products, as well as the food and beverage sector.
People are afraid of the corona virus and have stopped stocking essential commodities like rice, flour, and lentils. This has led to an increase in sales for FMCG companies that saw trade fall due to disruptions in supply chain.
MSME:
This sector contributes between 305 and 35% to India’s GDP. According to AIMO, Maharashtra, Tamil Nadu and Madhya Pradesh have most registered MSME’s. If the closure continues for four more weeks, it will impact the employment of 114 millions people and affect the GDP.
Garments, consumer goods, and logistics have seen a decline in business. The MSMEs involved is still functional, but it is likely to isolate because of the plunging liquidity constraints and purchasing capacity.
The majority of MSMEs rely on loans from the government for funding. There has been relief since the RBI announced that there would be a three-month repayment period and a reduction in the repo rates.
These are just a few of the negative effects that the coronavirus has on India’s economy. However, this pandemic taught us many lessons. Multinational companies have shifted to online platforms for many of their operations. Many people now work from home. This pandemic gave rise to the digital world. People are now using apps such as PayTM and Google pay to make payments instead of using cash. Online classes and schools are now available through Google Classrooms, Zoom Meetings, and Google Meets. Students can access their assignments online. They can also take their exams online via various platforms. This crisis highlighted the importance to invest in technology, such as cloud data and self-service capabilities.
Tremendous things here. I am very happy
to peer your post. Thanks a lot and I am having a look ahead to touch you.
Will you please drop me a mail?
This is a topic that is close to my heart… Thank you! Where are your contact details though?
Howdy! This blog post could not be written much
better! Reading through this article reminds me of my previous roommate!
He constantly kept preaching about this. I’ll forward this
post to him. Pretty sure he’s going to have a very good
read. Many thanks for sharing!
I loved as much as you’ll receive carried out right here.
The sketch is attractive, your authored subject matter stylish.
nonetheless, you command get got an edginess over that you wish be delivering the following.
unwell unquestionably come more formerly again since exactly the same nearly very often inside case you shield this hike.
Every weekend i used to pay a quick visit this site, as i want enjoyment, since this this web page conations really fastidious funny data too.
WOW just what I was searching for. Came here by searching for website
I am really enjoying the theme/design of your site. Do you ever
run into any browser compatibility problems? A
small number of my blog readers have complained about my site not working correctly in Explorer but looks great in Safari.
Do you have any recommendations to help fix this issue?
Hello, I wish for to subscribe for this blog to get
latest updates, thus where can i do it please help out.
What a stuff of un-ambiguity and preserveness of precious know-how about unexpected feelings.
Please let me know if you’re looking for a author for your site.
You have some really good articles and I think I would be a good asset.
If you ever want to take some of the load off, I’d love to write some articles for your blog in exchange for a link back to mine.
Please shoot me an email if interested. Cheers!
You’ve made some good points there. I checked on the
web for more information about the issue and found most individuals will go along with your views on this website.
I love what you guys are up too. This type of clever work and coverage!
Keep up the very good works guys I’ve incorporated you guys to our blogroll.
Hi there! I’m at work surfing around your blog from my new iphone 4!
Just wanted to say I love reading through your blog and look forward to all your posts!
Carry on the great work!
I read this post completely regarding the comparison of
most up-to-date and previous technologies, it’s awesome article.
I love your blog.. very nice colors & theme. Did you design this
website yourself or did you hire someone to do it for you?
Plz respond as I’m looking to create my own blog and
would like to know where u got this from. thanks
Amazing things here. I’m very satisfied to peer your
article. Thanks so much and I’m looking ahead to touch
you. Will you kindly drop me a e-mail?
Hi, the whole thing is going nicely here and ofcourse every one is sharing facts, that’s really fine, keep
up writing.
You actually make it seem so easy along with your presentation however I to find this matter to be
actually one thing which I feel I would by no means understand.
It sort of feels too complicated and very extensive for me.
I am taking a look forward on your subsequent
publish, I’ll attempt to get the cling of it!
I’m really enjoying the design and layout of your website.
It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you
hire out a designer to create your theme? Fantastic work!
Hello to every one, it’s really a nice for me to visit this website, it contains helpful Information.
It is not my first time to pay a visit this website, i am visiting
this web site dailly and take pleasant information from here all the
time.
Howdy! Someone in my Facebook group shared this site with us so I came to give it a look.
I’m definitely enjoying the information. I’m bookmarking and will
be tweeting this to my followers! Terrific blog and superb design.
I got this website from my friend who shared with me regarding
this website and at the moment this time I am visiting
this site and reading very informative posts here.
I am in fact glad to read this webpage posts which contains lots of helpful facts, thanks
for providing such data.
Ahaa, its nice conversation on the topic of this article here
at this website, I have read all that, so now me also commenting here.
An intriguing discussion is definitely worth comment.
I do believe that you need to write more on this issue, it may not be a taboo subject but generally folks don’t talk about
such topics. To the next! All the best!!
Woah! I’m really digging the template/theme of this blog.
It’s simple, yet effective. A lot of times it’s challenging
to get that “perfect balance” between usability
and appearance. I must say you have done a
awesome job with this. Additionally, the blog loads super fast for me on Opera.
Excellent Blog!
As the admin of this web page is working, no doubt very shortly it will be well-known, due to its
feature contents.
I think the admin of this site is truly working hard
in support of his web page, because here every data
is quality based stuff.
This site was… how do you say it? Relevant!! Finally I’ve found something that helped me. Cheers!
No matter if some one searches for his necessary thing, therefore he/she needs to be
available that in detail, so that thing is maintained over here.
With havin so much content do you ever run into
any issues of plagorism or copyright violation? My blog has a lot of unique content I’ve either
authored myself or outsourced but it looks like a
lot of it is popping it up all over the web without my agreement.
Do you know any methods to help reduce content from being stolen? I’d truly appreciate it.
obviously like your web site however you need to check the spelling on several of your posts.
Many of them are rife with spelling problems
and I to find it very bothersome to tell the truth however
I’ll certainly come back again.