We are witnessing how the superpowers are already striving hard to cope up with an economical shutdown & falling demand for consumer products. The strongest economies are worried about how to drive growth amidst the corona virus scare in the country. Quite a few Indian sectors have reached a critical state & are hoping for relief funds soon. Major job losses have taken place in the critically affected sectors to say the least. Though, the negative impact has been felt by most sectors in the country. This pandemic has an aftermath effect like that of a the Great Depression once.
After USA being exponentially being infected by Corona, India has been walking similar path. As per a global rating agency, India’s GDP projection for FY21 has been predicted at 0.8 per cent. This virus has been a business destructor for so many industries & sectors specially with its massive spread.
Indian Industries impacted by COVID-19
If not all, the prime contributors of India’s GDP have been dethroned like never before. We keep hearing of job losses, unpaid leaves and other important concerns being reported on a regular basis. At the same time, the unemployment rate in India has also spiked since the month of April. The situation is surely to get worse if the coronavirus is not tackled with a vaccination or other controllable measurs.
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MSME Sector
The Micro, Small and Medium Enterprises (MSMEs) form the essential pillars of all Indian sectors and are usually into the two most important activities- manufacturing and exports.
And now most of these MSMEs are out of business either due to funds or sufficient manpower. This is chocking all production activities within the major firms & sectors. We get to read news articles which reveal MSMEs are struggling due to the covid19 crisis and have no financial assistance to support.
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Tourism and Hospitality Sector
Tourism sector is the worst hit by the impact of Covid-19 and will also be the last to witness a revival. Towards the end of the pandemic, it will be unveiled as the lost industry.
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Aviation Sector
Even the aviation sector has witnessed a downfall as it connects nations around the globe. There have been a flood of job terminations & pay cuts. A few employees have also been asked to go for unpaid leaves by the aviation company which also has been hit hard equally as the hospitality sector.
Also read: 5 Ways Covid 19 is Making A Positive Impact
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Automobile Sector
The automobile sector has been directed to halt their manufacturing operations and reduce in production volumes which lead to lower sales.
So, with the giant plans being shutdown, automobile companies have cut down salaries & have been waiting for resumption of good dealerships.
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Real Estate Sector
At last, even the real estate sector has suffered badly due to coronavirus & the lockdown. This lockdown was announced to contain the spread of this deadly virus.
The Govt has already announced relief packages for the real estate industry, though it’s hard to ensure if the benefits are reaching all.
Under such a scenario, the government may announce a job security plan for all regular employees similar to what’s been done abroad. Though, we have 5 sectors primarily which require immediate attention however, other sectors in India are also deteriorating.
Additional read: How the Aarogya Setu App became Compulsory for Travel?
