How Covid Affected Indian Economy and How to Overcome It

The impact of covid-19 on India has been widely affected the economy. Along with the loss of many human lives, coronavirus has left many sectors to fall into a devastating economic crisis. There are few major sectors that were affected vigorously along with education. The educators had to completely change the way of delivering knowledge and education to the students hence, making it difficult for the students to concentrate and understand accurately.

Auto Industry

This pandemic has hit the auto industry at great peaks. Due to lockdown, the purchase rate has plummeted. The pandemic impacts the auto industry and vehicle production making it critically disrupted. Even the falling demands and income levels have disrupted the manufacturing of automobiles resulting in the downfall of the sector. We can overcome this once the pandemic is under control. Of course, things won’t be the same so many changes can be made and new methods can be introduced. With the rise of clean and sanitized public transport, Increased work for laborers, unity, teamwork.

Tourism and Hospitality

Tourism was the first industry that has been hit significantly by the pandemic. It has been difficult to woo back visitors. Indian tourism and hospitality are staring at a potential job loss of approximately around 38 million. The major impact on tourism results to impact hospitality as well. Due to travel restrictions, hotel bookings have come o a standstill. Even if business dealers have to plan for a trip, the duration is kept short. You can overcome this by gaining people’s trust by ensuring their safety and introducing new protocols to the industry so as to ensure they will not get affected by the virus.

Pharmaceutical Industry

During the global outbreak of coronavirus, pharmaceutical companies have responded to the challenges covid created but the disruption of supply chains has brought a great loss to the industry thereby providing a limited supply of raw materials. If the lockdown continues, the manufacturers might not be able to launch products or import/export raw materials since they are procured from China. Even if they manage to launch a product, the clinical test might be delayed or consume a lot of precious time. Once the spread of the virus becomes moderate, the undone or leftover projects should be started and the people of the industry must follow the rules declared by the government. As soon as the lockdown ends, the pace of supply chains must be increased.

Aviation

The aviation sector in 2020 had to face many challenges while the airlines face losses and employees, their jobs. It has come to a standstill for two months. In India, the aircraft movements have been worse compared to other countries due to the employees being left without getting paid. As soon as the pandemic started, the scheduled flights have come halted or most probably suspended. This sector hits the highest of all sectors resulting in a massive loss of around 600 to 2,000 crores. This affected the employee’s lives more than the sector as they have defaulted on their curtailed payments. Minimizing losses and maximizing profit might help airlines to overcome the critical situation and to come out of it they need a prepare a business plan, make optimum utilization, safe and secure aircraft and the main thing is social distancing.

Agriculture

The agriculture sector has been adversely affected by the virus. This sector remains one of the main sectors in the Indian economy. Like all other sectors, it has also faced many challenges along with some labor issues. Due to the disruption in supply chains and the industry becoming understaffed, the consumption pattern was affected. They have also restricted access to markets including the increase in the prices of food commodities so to overcome this, the industry needs to change the consumer behavior and increase the income of farmers.

Businesses

Businesses have come to a halt due to lockdown. Restaurants, Jewellery, Small business organizations, IT industries have experienced 80% of loss due to the pandemic so we get a chance to recreate the business by restructuring and planning or opening up a small business until the pandemic ends. Not everything goes as planned or sometimes the plans may fail but we can learn from them and struggle to achieve the goals. Team up with the employees to make current business or new business grow.