Covid-19 has ruined every aspect of our life
Not only India, but the whole world is also fighting against the COVID-19 outbreak. This contagious virus has ruined the lives of humans. It doesn’t only impact human health but also the economy. As social distancing is the preventive measure that can keep humans from this virus, people are unable to go to work and facing financial difficulties.
What are the statistics of the Indian economy demonstrating?
The impact of COVID-19 on the Indian economy has been hugely disruptive. During the lockdown period, it has been calculated that 140 million people have lost their jobs so far. Up to 53% of businesses get significantly affected by COVID-19. Large scale companies like L&T, Bharat Forge, and Ultra tech cement have suspended the employees temporarily due to unstable cash flow and lack of business operations.
The actual position of Indian business due to COVID-19 outbreak:
Following are the actual picture of Indian business at this moment:
- As per the guidelines of the government of India, it is tough for the small and mid companies to run their business effortlessly. All their business operations are dependent on large companies. As large companies are shutting their projects due to lockdown, it is challenging for the small and mid companies to survive.
- The whole nation is suffering from health and financial issues. At this point, it is very tough to say how many years businesses will take to recover their growth.
- Many large companies have claimed that the money that is invested in the equipment purchasing, technologies are now investing on the employee safety kits, cleanliness, and health problems. In order to maintain social distancing seriously, it is essential for the companies to not allow employees in their offices.
- Working from home has become difficult for the employees due to a lack of technical resources and transparency in the business.
What types of uncertainties Indian businesses are facing?
There are many uncertainties Indian businesses are facing right now. As they don’t know the date and time when this illness is going to end permanently, it is very difficult for them to make an effective business plan that works effectively in this lockdown period. Many companies have taken a recession as a prominent solution to fight against the crises. But, the employees who are being kicked out from the companies are causing unemployment and hunger index.
Most affected India businesses:
Following are the same of industries that are entirely shut down:
Whether we talk about the small, mid, or large companies, every company is facing a huge loss. There are no new projects in the market. Many clients are unable to pay the amounts of past projects, and that makes it difficult for companies to survive.
The most affected business of India is hotels, cafes, airlines, travel companies, and the food industry. As people are not going anywhere, the transport business has shut for a while. It is very risky to eat outside food and visit hotels. So, the hotel and food industry are facing huge losses due to COVID 19 outbreak.
It is needless to say, COVID-19 has ruined everything. Right from health to the economy, it has shown an adverse impact on our lives. At this moment, it is good to stay at home and maintain social distance. Also, follow the guidelines that the government has provided to the citizens of India.