Coronavirus is taking everyone into its grip, day-by-day. Industries, health workers, and govt officials, each one of these is affected severely. However, the industrial sector is the one which will take a long time to recuperate from the impact of coronavirus.
The Indian government is doing its best to fight the coronavirus, by taking tough measures, yet there are some industries that are facing the effects of the deadly disease.
Impact of coronavirus on 5 important sectors
This article will make you aware of the important sectors that are getting affected the most by coronavirus. Let’s see these sectors one by one.
The automobile sector contributes heavily to India’s GDP and plays a significant role in giving a boost to the Indian economy. But due to the introduction of coronavirus in India, the automobile sector is going to see around 7-8% of contraction.
The reason being, the import of automobile parts from china has slowed down in the past month. This has created a turbulent automobile market. Also, the exports of automobile parts from India to neighboring countries are decreasing. Hence, affecting the balance of trade.
Because of the fewer imports of medicines and drugs from developed countries, India’s stock of medicines is reducing. As a result of this, India is not in a position to deliver antibiotics and anti-bacterial medicines to other countries.
The supply chain management of the medicines is decreasing as there is less stock and due to dependence on other countries. It was reported by various pharma agencies that India will take a lot of time to recover its pharma business.
When the govt of India announced the complete lockdown of 21 days to tackle the spread of coronavirus, All the flights were canceled immediately. Railways, buses, hotels and inter-state travel were closing one after another.
Because of this move, Tourism got affected severely. Crores of rupees were lost, due to lockdown and have rendered 2-3 crore people jobless. Because of the increasing spread of coronavirus, it is expected that the tourism industry will remain affected for a long period of time.
As most of the work in electronics industries is carried out in factories and electronics establishments, due to the lockdown, the work has stopped. Also, the demand has become less and the workers are facing a severe wage issue.
Moreover, the prohibition on the selling of mobiles, laptops and other electronic items, has put the e-commerce companies on backfoot. It is reported that crores of rupees have been lost due to the coronavirus pandemic.
Information technology sector
The information technology industry plays a significant role in contributing to India’s economy. Because of lockdown and quarantine procedures, The IT giants are not able to use the manpower to the best. The majority of the work is remaining unfulfilled and the developed economies are looking for other countries for providing services.
Though the government is trying its best to eliminate the presence of coronavirus from India, still it has to come with a new strategy to save the major industries from going down into a spiral.