We all know that how cornonavirus or covid19 has rapidly spread over the time in India. Tons of people have suffered through this virus many died and some recovered. The first case in India was spotted in Kerala on January 27th 2020. As of now in India the cases has increased to 2.98 Cr, 2.86 Cr have recovered and 3.83 L people have died. This pandemic has led to a loss of human life. This pandemic has not only affected human life but also the markets. Businesses have been shut for very long period of time. This shutting down of business, factories has damaged the supply chain. Almost every sector has seen a fall in their sales and revenues.
The Indian Economy has a loss of over Rs. 32,000 Cr ( 4.5 billion USD ) during the complete lockdown. The lockdown has largely impacted the supply chain management and the GDP ( GROSS DOMESTIC PRODUCT ) of India. In the first quarter India's GDP crashed 7.3 per cent in 2020-21. This is regarded one of the worst performance of the Indian Economy since it's independence. As of now the country's GDP is likely to be below 10 per cent. There is an inflation of 10.49 per cent on the wholesale price. The rising prices on food products, oil, goods in India and this is likely to continue more.
The fuel prices in India continues at rs 100, there is also a spike in prices of fuel. Due to this the transport cost rises and when transport cost rises the inflation increases. Many economists believe that an increase in wholesale inflation will also increase lead to an increase in retail prices.
Low consumption, low demand, low spending, high prices, salaries cut, job cut all these factors have affected the economy of India. The lockdown across the country slowed down the demand of transport fuels ( oil and gas sectors).
The Aviation and Tourism were the first industries that were impacted due to this pandemic. These two industries were affected by cash flow issues.
Unemployment is one of the major issue in this pandemic. The unemployment rate has increased by 19 per cent in a month across India. Around 140 million people across India lost their jobs during the lockdown. 45% of households has recorded an income drop in India.
Stay safe
Stay healthy
