Coronaviruses are a group of related viruses that cause diseases in mammals and birds. In humans, coronaviruses cause respiratory tract infections. The Novel COVID-19 outbreak was first reported in Wuhan, China on 31 December 2019. In terms of export, China is India’s 3rd largest export partner and accounts for around 5% share.
The trade impact of the coronavirus epidemic for India is estimated to be about 348 million dollars and the country figures among the top 15 economies most affected as the slowdown of manufacturing in China disrupts world trade, according to a UN report.
India is among the 15 most affected economies due to the coronavirus epidemic and slows down production in China, with a trade impact of 348 million dollars.
The epidemic can disrupt the global supply of goods, making it harder for Indian firms to fill orders.
It has adversely waylaid workers in India, reducing labor supply on one end & on the other hand, slows the demand for products and services.
outbreak has affected hundreds of thousands of people. Also, having a growing impact on the global economy.
The virus not only has an impact on the business but also on the festivals. India is a country with the most number of religions thus festivals which are not been celebrated in Societies and communities due to the Lockdown.
There are many Industries in India affected by COVID-19 viz, Vehicle Industry, Tourism Industry, Pharmaceuticals Industry, Materials Industry, Hardware Industry, IT Industry, Textiles Industry, Aviation Industry, Chemical Industry, Ayurveda Industry & Healthcare Industry.
There are other industries like online retailing that were experiencing growth but recently the Government has completely shut the Deliveries and Logistics sectors to avoid & control the outbreak of the virus, on the other hand, there is the healthcare industry wherein disrupted supplies of pharmaceuticals, medical equipment, and biotechnological devices threaten growth prospects.
Being the CEO of Birla Ayurveda, I look forward to helping everyone with Ayurveda Herbs which can be bought online to boost immunity. My Centers are all shut thus, participating in Social Distancing & contributing to the fight against the virus & ensuring the safety of the people.
Due to the Disease, prices of a few things have become much cheaper like Petrol/Diesel, Airfares, Meat/seafood, Tea.
On the other hand, the prices of a few have things that have increased like: Masks and sanitizers, Medicines, Gold, Phones.
Currently, there is no cure for the virus & entire India is in crisis which will lead to a recession if it still continues. If we are not able to come up with the vaccine the situation will worsen. Let us pray hopefully, it will end very quickly, but if not, the impact can be severe.