Covid-19 impact on employment sector :
The United Nations Conference on Trade and Development (UNCTAD) reported that India is also one of the 15 largest economies in the world affected by the Corona virus. The decrease in production in China has also impacted trade with India and this may cause India’s economy to suffer losses of up to $ 348 million. Europe’s Organization for Economic Co-operation and Development (OECD) has also reduced the forecast of India’s economy growth by 1.1 percent in 2020-21. The OECD had earlier estimated that India’s economy would grow at 6.2 percent, but has now reduced it to 5.1 percent.
The Government of India is assuring the people of the country that they have no need to panic. However, opposition parties have started asking the government questions about the effect of the corona virus on the Indian economy. Telugu Desam Party (TDP) MP Jayadev Galla expressed his concern about this in the Lok Sabha. Galla had said, “We have to understand what effect the corona virus will have on our country’s economy.”
Which sectors were affected the most?
pharmaceutical companies : This is not just a matter of income of pharma companies. Any bad influence also has a human value. There is a shortage of medicines in medical stores. Chemists, sanitizers and masks are being ordered in all the big cities, but they are not getting the delivery of goods for a week. Now that many Indians are collecting medicines, sanitizers and masks, these goods are being sold at a price higher than the maximum retail price. Hemant Yewale of JK Medical, based in Malad area of Mumbai, said, “We had ordered the N-95 masks last week but we have not received those masks till now. The same is with sanitizers. We don’t have small bottles The demand for sanitizers and masks has increased this week and I think these demands will increase in the coming years. Bichandra Yadav of Noble Plus pharmacy in Khar area of Mumbai also tells us the same things. Bichendra Yadav says, “We do have masks but it is not written that they are N-95 masks. Still people are buying them. We have 500ml bottles of sanitizers but, new stock is not coming We have sold a lot of stock. However, the demand of people is not decreasing.
Dhawal Jain of Mumbai spent the whole time after midday on Friday in search of masks in all the medical stores located in Bandra area. Dhawal says, “I usually wear masks to protect myself from pollution. But now I am getting the same masks at three times the price. I am willing to pay this price too, but I am not getting those masks There is no mask at any medical store. I ordered the N-95 mask online. They said that it will arrive on Monday, but now this week is going to end and I have not got that mask yet. The lights. ” According to TradeIndia.com, the largest Indian company in the wholesale online business, the demand for sanitizers and masks has increased by 316 percent in the last three months. Trade India COO Sandeep Chhetri told the BBC, “India’s manufacturing industry has increased its production manifold to meet this demand. Demand for such other personal protective products is increasing in India as well as in the rest of the world. So the manufacturing sector is trying to take advantage of this. “
India is the world’s largest supplier of generic drugs. Taking a precautionary step, India has banned the export of some medicines due to the cease of production in China so that India does not have any shortage to meet its requirements. Therefore, the export of paracetamol, vitamins B1, B6 and B12 as well as other APIs and formulations are banned. Union Minister of Shipping, Chemicals and Fertilizers Mansukh Mandavia said, “It has been suggested to create a task force to prevent shortage of medicines in the country. A permanent group of ministers is constantly assessing the conditions. We are active pharmaceutical ingredients. (API) and intermediary exports as well as imports. If exports continue, some API cases are expected to pose a crisis in India in the future. That is why we have for a short time imposed restrictions on the export of such APIs that may be used to treat the corona virus.” In fiscal year 2019, India imported 68 percent of its total API from China.
How Tourism industry Effected From Covid-19?
Since the outbreak of the Corona virus, guidelines and advisories have been issued as a precaution since restrictions have come and gone, Ashwini Kakkar’s phone has not stopped ringing. He is constantly receiving calls from corporate clients and personal customers. The callers either want to cancel their journey or postpone it further. Ashwini Kakkar has been in the tourism business for the last thirty years. He says that he has never seen such a bad time in his business. He says, “I have never seen a bigger medical emergency in my life than this. There is nothing ahead of SARS, MARS and the swine flu crisis. The worse the corona virus is, the more Outbreak of the disease has not occurred. At least 20 percent of outgoing tours are either canceled or postponed. Its impact on 30 percent corporate visits in the coming three months It is bound to fall. Most of these will either cancel their trips, or postpone it now. After that we will have to make more efforts.
As a precaution, the government has asked people coming from Korea and Italy to bring certificates from their official labs here that they are not infected with the corona virus. According to a press release issued by the Ministry of Health, “Any visa and e-visa issued to citizens of Italy, Iran, South Korea and Japan on or before March 3, 2020 and who have not yet entered India, All visas are suspended with immediate effect. The government has also advised citizens to travel to China, Italy, Iran, Republic of Korea, Japan, France, Spain and Germany. Do not do so unless it is very important. The government is regularly updating travel guidelines. There is an atmosphere of uncertainty among those traveling on it. Ashwani Kakkar said, “Hotel rooms Occupancy has dropped by 20 to 90 percent. Many international events are being canceled around the world. The worst effect has been on Destination Wedding.
The Travel and Tourism Council and Oxford Economics are studying the impact of the corona virus on the world’s tourism industry. Their initial estimates indicate that the world’s tourism industry will be worth about $ 22 billion due to the corona virus epidemic. The International Air Transport Association (IATA) estimates that the aviation industry could suffer at least $ 63 billion in passenger business. This estimate does not include damage to the freight trade. Another bad effect that the Corona virus is having on the tourism industry is that many events are being canceled, many celebrations are being postponed due to fear of virus infection. Travelers coming from outside and people going out from here are canceling their trips. CAIT general secretary Praveen Khandelwal said in a statement issued to the media, “Nearly 10,000 events organized by different trade organizations across the country have been canceled.
How automobile industry Effected From Covid-19?
The Society of Indian Automobile Manufacturers (SIAM) says that about 37 million people work in India’s automobile industry. The auto industry in India was already a victim of economic slowdown. Now due to the slowdown in China, India’s auto industry is also facing shortage of parts. Nirmal Garg is an auto dealer in West Bengal. He has four showrooms across the state. Nirmal Garg says, “The condition is getting worse with each passing day. We were already going through a recession and now people are more apprehensive about the future. That’s why they don’t want to invest in a new car Vinnie Mehta, director general of the Automotive Component Manufacturers Association of India, told the BBC that there was no panic.
Many big auto industry companies have said that they are having problems in supply of components. Tata Motors, TVS Motors, Hero Motor Corp and Bajaj Auto have said that they are keeping an eye on the effects of the corona virus.
Covid-19 Effect on jewelery business :
Another industry affected by the Corona virus outbreak is the business of gems and jewelery. The corona virus is expected to cause a loss of about one and a quarter billion dollars. China and Hong Kong are the biggest centers of India’s export of polished and polished diamonds and the virus has been badly affected in both these places. Kirti Shah is the founder of Surat-based diamond cut company, Necklace Diamond. Kirti Shah said, “We have many small businessmen who cut diamonds and gems and we pay them. We are not getting any payment from China and Hong Kong. We are in these places. But trying to contact our customers. This is a big challenge. We are not able to pay our small suppliers. Money is stuck on both sides.
Similarly, Colin Shah, vice-president of the Gem and Jewelery Export Promotion Council (GJEPC), said, “Under these circumstances, the entire industry of diamonds and jewels in India could suffer a loss of one billion dollars more because the main centers of their exports are viruses.” Are the victims of the outbreak of. “