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| Indian economy |
Union Trade and Development (UNCTAD) has reported that India is also one of the 15 largest economies in the world affected by the Corona virus.
The decrease in production in China has also impacted trade with India and due to this, India's economy may have to suffer losses of up to $ 348 million.
Europe's Organization for Economic Co-operation and Development (OECD) has also reduced the growth forecast of India's economy by 1.1 percent in 2020-21.
The OECD had earlier estimated that India's economy would grow at 6.2 percent, but now it has reduced it to 5.1 percent.
The Government of India is assuring the people of the country that they have no need to panic.
However, opposition parties have started asking the government questions about the effect of corona virus on the Indian economy.
Telugu Desam Party (TDP) MP Jayadev Galla expressed his concern about this in the Lok Sabha. Galla had said, "We have to understand what effect the corona virus will have on our country's economy."
Which sectors were affected the most?
Image copyright AFP
Pharmaceutical companies
This is not just a matter of income of pharma companies. Any bad influence also has a human value. There is a shortage of medicines in medical stores. Chemists, sanitizers and masks are being ordered in all the big cities, but they are not getting the delivery of the goods in a week.
Now when many Indians are depositing medicines, sanitizers and masks, these goods are being sold at a price higher than the maximum retail price.
Hemant Yewale of JK Medical, based in Malad area of Mumbai, told the BBC, "We had ordered N-95 masks only last week but we have not received those masks so far. The same is with sanitizers. We have small There are no bottles. The demand for sanitizers and masks has increased this week and I think this demand will increase in the coming time. "
Bichandra Yadav of Noble Plus Pharmacy in Khar area of Mumbai also tells us the same things. Bichendra Yadav says, "We have masks but it is not written that these are N-95 masks. Still people are buying them. We have 500 ml bottles of sanitizers but, new stock is not coming Is. We have sold a lot of stock. Still, the demand of the people is not decreasing. "
Hemant Yewale of JK Medical, based in Malad area of Mumbai, told the BBC, "We had ordered N-95 masks only last week but we have not received those masks so far. The same is with sanitizers. We have small There are no bottles. The demand for sanitizers and masks has increased this week and I think this demand will increase in the coming time. "
Bichandra Yadav of Noble Plus Pharmacy in Khar area of Mumbai also tells us the same things. Bichendra Yadav says, "We have masks but it is not written that these are N-95 masks. Still people are buying them. We have 500 ml bottles of sanitizers but, new stock is not coming Is. We have sold a lot of stock. Still, the demand of the people is not decreasing. "
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| Indian economy |
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caption market has started the shortage of sanitizers and masks
Dhawal Jain of Mumbai spent the entire time after midday on Friday in search of masks in all the medical stores located in Bandra area.
Dhawal says, "I usually wear masks to protect myself from pollution. But now I am getting the same masks at three times the price. I am willing to pay this price too, but I am not getting those masks There is no mask at any medical store. I ordered the N-95 mask online. They said that it will arrive on Monday, but now this week is going to end and I have not got that mask yet. The lights. "
According to TradeIndia.com, the largest Indian company in the wholesale online business, the demand for sanitizers and masks has increased by 316 percent in the last three months. Trade India COO Sandeep Chhetri told the BBC, "India's manufacturing industry has increased its production manifold to meet this demand. Demand for such other personal protective products is increasing in India as well as in the rest of the world. So the manufacturing sector is trying to take advantage of this. "
India is the world's largest supplier of generic drugs. Taking a precautionary step due to the cease of production in China, India has banned the export of some medicines so that India does not face any shortage in meeting its requirements.
Therefore, the export of paracetamol, vitamins B1, B6 and B12 as well as other APIs and formulations are banned.
Union Minister of Shipping, Chemicals and Fertilizers Mansukh Mandavia said, "It has been suggested to create a task force to prevent shortage of medicines in the country. A permanent group of ministers is constantly assessing the conditions. We are active pharmaceutical ingredients. (API) and intermediary exports as well as imports. "
"If exports continue, some API cases are expected to pose a crisis in India in the future. That is why we have put restrictions on the export of such APIs for a short time, which can be used to treat the corona virus." "
In fiscal year 2019, India imported 68 percent of its total API from China.
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Tourism industry
Due to the outbreak of the Corona virus, guidelines and advisories have been issued for the precaution since restrictions have come and gone, Ashwini Kakkar's phone has not stopped ringing since then.
They are constantly receiving calls from corporate customers and personal customers. The callers want to cancel their trip or postpone it further.
Ashwini Kakkar has been in the business of tourism for the last thirty years. He says that he has never seen such a bad time in his business.
He says, "I have never seen a bigger medical emergency in my life than this. There is nothing ahead of SARS, MARS and the swine flu crisis. As bad as the corona virus has been, Outbreak of the disease did not happen. At least 20 percent of outgoing tours are either canceled or postponed. 30 percent corporate visits will be impacted in the coming three months. Security fix. Most of either of them to cancel their trips, or shall now we have even tried postponed will. Hereafter. "
Ashwini Kakkar also said, "It is also very difficult to estimate the visits of tourists coming to India. Because the government is announcing new policy every day and we do not know which other countries citizens are prohibited from coming to India. Can be planted. "
caption Health workers are informing tourists about ways to prevent corona virus.
As a precaution, the government has asked people coming from Korea and Italy to bring a certificate from their official lab that they are not infected with the corona virus.
According to a press release issued by the Ministry of Health, "Any visa and e-visa issued to citizens of Italy, Iran, South Korea and Japan on or before March 3, 2020 and who have not yet entered India, All visas are suspended with immediate effect. The government has also advised citizens to travel to China, Italy, Iran, Republic of Korea, Japan, France, Spain and Germany. Don't do it unless it's very important. "
The government is regularly updating travel related guidelines. There is an atmosphere of uncertainty among those who travel on this journey.
Ashwini Kakkar said, "Occupancy of hotel rooms has dropped by 20 to 90 percent. Many international events are being canceled all over the world. The worst effect is on Destination Wedding."
Recently, PR officer Anu Gupta, who got married, was planning to go to Thailand on a long honeymoon but had to cancel her plan due to the outbreak of the virus.
Anu says, "It would have been my first trip abroad. We had booked all the tickets. Booked the hotel. I had made a plan to go around. But now we cannot go. And I don't even know that Whether our money will come back or not. "
The Travel and Tourism Council and Oxford Economics are studying the impact of the corona virus on the world's tourism industry. Their initial estimates indicate that the world's tourism industry will suffer about $ 22 billion in damages due to the corona virus epidemic.
The International Air Transport Association (IATA) estimates that the aviation industry could suffer at least $ 63 billion in passenger business. This estimate does not include damage to the freight trade.
Another bad effect of the Corona virus on the tourism industry is that many events are being canceled, many celebrations are being postponed due to fear of virus infection. Travelers coming from outside and people coming from here are canceling their trips.
"Around 10,000 events organized by different trade organizations across the country have been canceled," CAIT general secretary Pravin Khandelwal said in a statement to the media.
Some of the major events that have been canceled in India recently are as follows-
automobile industry
The Society of Indian Automobile Manufacturers (SIAM) says that about 37 million people work in India's automobile industry. The auto industry in India was already a victim of economic slowdown. Now due to the recession in China, the auto industry of India is also facing shortage of parts.
Nirmal Garg is an auto dealer in West Bengal. He has four showrooms across the state. Nirmal Garg says, "The condition is getting worse with each passing day. We were already going through a recession and now people are even more worried about the future. That's why they don't want to invest in a new car Huh."
Vinny Mehta, director general of the Automotive Component Manufacturers Association of India, told the BBC that there was no panic.
Vinnie Mehta says, "We are not a victim of panic right now but are worried. The big players in the market have told us that they still have stock till March. If supplies do not start from China in April, then The situation can be worrisome. Then we will have to start exploring new options for ourselves locally. "
Many big companies in the auto industry have said that they are having problems in the supply of spare parts. Tata Motors, TVS Motors, Hero Motor Corp and Bajaj Auto have said that they are keeping an eye on the effects of the corona virus.
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| Indian economy |
Effect on jewelery business
Another industry which is affected by the outbreak of Corona virus is the business of gems and jewelery. The Corona virus is expected to cause damage to the sector by about one and a quarter billion dollars.
China and Hong Kong are the biggest centers of India's export of polished and polished diamonds, and the virus has been badly affected in both these places.
Kirti Shah is the founder of Surat-based diamond cut company, Necklace Diamond.
Kirti Shah told the BBC, "We have a lot of small businessmen who give us diamonds and gems and we pay them. We are not getting any payment from China and Hong Kong. We Trying to contact our customers in these places. This is a big challenge. We are not able to pay our small suppliers. Money is stuck on both sides. "
Kirti Shah said that businessmen do not have much money to give to their employees. If there are similar market conditions, it will be very difficult for them to do business.
Similarly, Colin Shah, vice-president of the Gem and Jewelery Export Promotion Council (GJEPC), told the BBC, "Under these circumstances, the entire diamond and gems industry in India may suffer a further loss of a billion dollars as the head of their exports Centers are victims of virus outbreaks. "
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