Coronavirus with its Cascading Effects on Indian Economy
General News | Jul-25-2020
Have you ever imagined your life to be still or just stuck inside your home for months? Sorry, I did not, but it happened COVID 19, made it possible, the world knows what this vicious disease, & a disastrous pandemic is which came up so hard that brought the whole human race into danger.
But have you thought about what is at a higher risk?
Undoubtedly, this Coronavirus has put the India economy at a major risk
The economic impact of the 2020 pandemic in India has been largely disruptive and is causing a significant impact on an individual’s lives, business, and economy. Many economists and other experts have expressed their views about the overall effect of the Coronavirus on the economy and industry. Longer the lockdown more will be the time required for the economy and industry to bounce back.
Impact analysis of various sectors-
The lens through which we look is cloudy and it shows the dark alchemy of fear and unpredictability walks the halls of many industries. Thus, COVID 19 has proved to be the worst nightmare or event bringing both the human lives and business to a standstill in a very short period unseen or unheard of it.
Speaking about the massive effect or impact of COVID 19 on India Economy the worst-hit sector is the Hospitality Sector which generates a huge amount of revenue for the Indian economy and includes a large segment of services from restaurants to events, travels, entertainment services and many more.
Battered and bruised by the Covid-19 pandemic, the country’s travel and hospitality industry are staring at a Rs 5-trillion revenue loss over the next year
The lethal coronavirus pandemic has not just created a medical emergency but also an employment crisis across the country by direct hampering and lowering economic growth.
Massive unemployment has started hitting urban India. Thousands of young Indians are losing jobs most with minimal notice, and most companies have resorted to sacking people, asking employees to go on indefinite leave without pay, and slashing salaries.
This proves how badly and directly this COVID 19 has shaken the roots of the Indian economy and various sectors that generate huge revenue for the country.
Not to lose hope as it’s said “The Earth will Heal, Sooner or later but will heal.
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