Skip to main content

Corona Virus Impact On Economy


                 



Coronavirus (CoV) is a large family of viruses that causes illness. It ranges from the common cold to more severe diseases like Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). WHO is working closely with global experts, governments, and other health organizations to provide advice to the countries about precautionary and preventive measures.  In imports, the dependence of India in China is huge. Of the top 20 products (at the two-digit of HS Code) that India imports from the world, China accounts for a significant share in most of them. India’s total electronic imports account for 45% of China. Around one-third of machinery and almost two-fifths of organic chemicals that India purchases from the world come from China? For automotive parts and fertilizers, China’s share in India’s imports is more than 25%. Around 65 to 70% of active pharmaceutical ingredients and around 90% of certain mobile phones come from China to India. Therefore, we can say that due to the current outbreak of coronavirus in China, the import dependence on China will have a significant impact on the Indian industry. In terms of export, China is India’s 3rd largest export partner and accounts for around 5% share. The impact may result in the following sectors namely organic chemicals, plastics, fish products, cotton, ores, etc.
We also can’t ignore that most of the Indian companies are located in the eastern part of China. In China, about 72% of companies in India are located in cities like Shanghai, Beijing, provinces of Guangdong, Jiangsu, and Shandong. In various sectors, these companies work including Industrial manufacturing, manufacturing services, IT and BPO, Logistics, Chemicals, Airlines, and tourism.
It has been seen that some sectors of India have been impacted by the outbreak of coronavirus in China including shipping, pharmaceuticals, automobiles, mobiles, electronics, textiles, etc. Also, a supply chain may affect some disruptions associates with industries and markets. Overall, the impact of coronavirus in the industry is moderate.

According to CII, GDP could fall below 5% in FY 2021 if policy action is not taken urgently. It is said that the government should take some strong fiscal stimulus to the extent of 1% of GDP to the poor, which would help them financially and also manage consumer demand.
Ficci the survey showed 53% of Indian businesses have indicated a marked impact of COVID-19 on business operations. And 42% of the respondents said that up to three months could take for normalcy to return.



                                                      Read more

Labels:

Comments

Post a Comment

Popular posts from this blog

why online presence is important during lock-down ?

                                        IMPORTANCE OF ONLINE PRESENCE DURING LOCKDOWN With people across the globe practicing social distancing — or in some cases, on a national lockdown — traditional media channels have taken a bit of a hit. Subsequently, there has been a huge spike in people spending time online — reading the news and using social media platforms.   The team at social media tracking service, amaSocial, discusses the effects the national lockdown has had on the social media industry.  According to ComScore, the number of minutes spent by readers on news sites has increased by 46% in the same period last year. And since people can’t hang out with their friends in real life, they’re connecting virtually — on every platform possible. It’s not only Facebook, Twitter, YouTube, and Instagram seeing increased traffic — Zoom and Skype user numbers have skyrocketed sinc...
Post a Comment
Read more

Why Merchandising Is Important

Merchandising is the practice and process of displaying and selling products to customers. Whether digital or in-store, retailers use merchandising to influence customer intent and reach their sales goals. In both brick-and-mortar and digital stores, a variety of merchandising techniques are used to arrange products, communicate their value, and create an optimal customer experience. Many disciplines fit under the umbrella of merchandising, and there are a variety of  merchandise types . These include, but are not limited to: ·          Product merchandising ·          Retail merchandising ·          Visual merchandising ·          Digital merchandising ·          Omnichannel merchandising ·          Merchandising is cru...
Post a Comment
Read more

HOW TO CREATE A FACEBOOK MARKETING STRATEGY?

HOW TO CREATE A FACEBOOK MARKETING STRATEGY ? We probably don’t need to tell you that mastering Facebook marketing is a must for any brand that hopes to succeed in 2020. You already know that Facebook has a huge audience. A whopping 2.4 billion people use it every month. Potential customers are already looking for a business like yours on Facebook. A clear focussed Facebook marketing strategy is the only way to tap into this existing audience.          Now we will look at some Facebook marketing ideas to help you build a solid strategy for this powerful social tool. First of all, you have to define your audience. To engage your audience effectively, you have to first understand who your target audience is. Use Audience insights to drill down into the nitty-gritty about potential customers. You can use this tool to find information on things like: ·        Age ·       ...
Post a Comment
Read more