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    Impact of Covid-19 - Rizuwana Sultana - Mba

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    Rizuwana SuLtana
    The COVID-19 pandemic has significantly impacted Indian industry, trade, and commerce in three main ways: 1) It has affected industry by decreasing business activity, disrupting supply chains, and forcing cost-cutting measures like pay cuts and job losses. Working from home is difficult for some sectors like manufacturing. 2) It has impacted trade by slowing economic growth, disrupting demand and supply chains, and hurting sectors like retail, aviation, and hospitality. Exports and imports have declined. 3) E-commerce has seen increased demand but strained supply chains, while the lockdown initially restricted online sales to essential goods only. Overall, all sectors of the economy have been disrupted by the pandemic's effects on production

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    Impact of Covid-19 - Rizuwana Sultana - Mba

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    Rizuwana SuLtana
    17 views2 pages
    The COVID-19 pandemic has significantly impacted Indian industry, trade, and commerce in three main ways: 1) It has affected industry by decreasing business activity, disrupting supply chains, and forcing cost-cutting measures like pay cuts and job losses. Working from home is difficult for some sectors like manufacturing. 2) It has impacted trade by slowing economic growth, disrupting demand and supply chains, and hurting sectors like retail, aviation, and hospitality. Exports and imports have declined. 3) E-commerce has seen increased demand but strained supply chains, while the lockdown initially restricted online sales to essential goods only. Overall, all sectors of the economy have been disrupted by the pandemic's effects on production

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    The COVID-19 pandemic has significantly impacted Indian industry, trade, and commerce in three main ways: 1) It has affected industry by decreasing business activity, disrupting supply chains, and forcing cost-cutting measures like pay cuts and job losses. Working from home is difficult for some sectors like manufacturing. 2) It has impacted trade by slowing economic growth, disrupting demand and supply chains, and hurting sectors like retail, aviation, and hospitality. Exports and imports have declined. 3) E-commerce has seen increased demand but strained supply chains, while the lockdown initially restricted online sales to essential goods only. Overall, all sectors of the economy have been disrupted by the pandemic's effects on production

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views2 pages

    Impact of Covid-19 - Rizuwana Sultana - Mba

    Uploaded by

    Rizuwana SuLtana
    The COVID-19 pandemic has significantly impacted Indian industry, trade, and commerce in three main ways: 1) It has affected industry by decreasing business activity, disrupting supply chains, and forcing cost-cutting measures like pay cuts and job losses. Working from home is difficult for some sectors like manufacturing. 2) It has impacted trade by slowing economic growth, disrupting demand and supply chains, and hurting sectors like retail, aviation, and hospitality. Exports and imports have declined. 3) E-commerce has seen increased demand but strained supply chains, while the lockdown initially restricted online sales to essential goods only. Overall, all sectors of the economy have been disrupted by the pandemic's effects on production

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    of 2

    IMPACT OF COVID-19, THE GLOBAL PANDEMIC ON INDIAN

    INDUSTRY, TRADE AND COMMERCE


    The year 2020 has been in the news for the crucial and the ever-increasing Global Pandemic
    Corona Virus codenamed COVID-19. The primary focus in this situation has been to save
    valuable human lives which has forced the government to take harsh decisions such as extension
    of lockdowns and complete night curfews. This has to some extent helped in reducing the
    COVID-19 containment cycle, but it has also affected our industry, trade & commerce sectors in
    India. As we analyze the present scenario, we will have an insight into the situation caused by
    this pandemic and how it can further affect our lives.
    Effect on Industry
    All significant businesses have decreased tasks and startups have lost source of financing.
    Shopper organizations have kept themselves limited to conveying just essentials. Stocks have
    endured losses and huge tech organizations have fired employees to cope up the misfortunes.
    Organizations are compelled to take intense choices, for instance, chopping down the pay rates,
    giving formal notices to workers and settling on other cost-cutting measures. The outbreak has
    introduced new barricades for the Indian workforce and particularly for the daily wage and
    contract workers. For some sectors, the work-from-home (WFH) suggestion is acting execution
    challenges like it has an immediate bearing on the business tasks. This is especially valid for
    assembling units where laborers are required to be present at the destinations, and
    administrations segments like banking and IT where a ton of classified information is utilized,
    and remote working can enhance security threats. Henceforth, organizations working in these
    sectors are thinking that it is hard to execute WFH without compromising on their everyday
    tasks. According to Du & Bradstreet, COVID-19 no doubt disrupted human lives and global
    supply chain but the pandemic is a severe demand shock which has offset the green shoots of
    recovery of the Indian economy that was visible towards the end of 2019 and early 2020. The
    revised Gross Domestic Product (GDP) estimates for India downwards by 0.2 percentage points
    for the fiscal year 2020 to 4.8 per cent and by 0.5 per cent for the fiscal year 2021 to 6 per cent.
    Further, it is stated that the extent of the actual impact will depend upon the severity and duration
    of the outbreak.
    Impact on Trade
    Barclays estimates that India's forceful lockdown could bring the nation's development down to
    2.5% from the 4.5 percent it had assessed before. According to the FCCI, Coronavirus has
    disturbed the interest and flexibly chain the nation over and with this interruption, it very well
    may be seen that the travel industry, cordiality, and avionics areas are among the most
    exceedingly awful influenced sectors that are confronting the greatest effect of the present
    emergency. Shutting of film theaters and declining footfall in shopping buildings has influenced
    the retail part by affecting the utilization of both basic and optional things. As the utilization of
    any item or administrations goes down, it prompts an effect on the workforce. In the present
    situation, with all the retailers their shutting administrations, the occupations of the workers are
    at a tremendous risk. The United Nations Conference on Trade and Development (UNCTAD),
    has claimed that India's trade impact because of the COVID-19 could be around US$ 348
    million. India is among the 15 nations that have been influenced most because of manufacturing
    slowdown in China that is disrupting world trade. The International Labor Organization has
    called for urgent, large-scale, and coordinated measures across three pillars - protecting workers
    in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
    The current circumstance is having a "high to high" level impact on business according to almost
    72 per cent respondents. Further, 70 percent of the studied firms are expecting a degrowth deals
    in the monetary year 2020-21. As indicated by a preliminary evaluation report, about 25 million
    jobs could be lost worldwide due to the coronavirus pandemic, but an internationally coordinated
    policy response can help lower the impact on global unemployment.
    Commerce
    Essentially every organization associated with worldwide exchange feels the current effect.
    Organizations around the globe are affected by decreases in yield, work, and creation
    disturbances. While the coronavirus is influencing each business, maker, merchant, and retailer is
    reacting in an unexpected way. Despite their industry, B2B vendors are doing everything they
    can to limit misfortunes during this troublesome time. As individuals have grasped social
    separating to slow the spread of the pandemic, there has normally been a drop-off in physical
    shopping. That would appear to mean there would almost certainly be an expansion in online
    shopping as individuals go to web based business to buy the things, they may have in any case
    bought offline. In any case, the Indian government's decree that internet business organizations
    just satisfy requests of essential products, for example, staple goods during the initial five weeks
    of lockdown has prompted Amazon curtailing a great deal of its offerings. E-commerce supply
    chains are mainly strained by COVID-19 as well as factory closures in China, the US, and other
    countries. The most affected industry segment due to the COVID-19 outbreak is the electronics
    products as China accounted for most cases of COVID-19 and as per the International Trade
    Union Federation (ITUF), the country is the largest producer of the electronic and its parts
    globally.
    At the time of penning down this essay, the government of different states have offered certain
    relaxations in the lockdown to gradually cope up with the decreasing growth in trade and
    business. With the hope of COVID-19 elimination globally & building a stronger & new India
    with more prominent developments in economy, we here theoretically analyzed the various
    factors impacting our country with the intention of practically eliminating them so that we reach
    the zenith of excellence in every Indian sector.

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