Coronavirus, the virus which originated in China, is now spreading rapidly in the entire world. With the steep increase in infected people the cases will soon touch 8 million mark worldwide. With over 3 lakh cases, India is not only struggling with the deadly virus but also with the repercussions that come along with the poorly rolled out lockdown strategy.
Where almost all the countries are implementing lockdown, world economy is at major risk because the business and economic activities are suspended all of sudden, to maintain social distancing in order to save lives.
The contribution of manufacturing sector is around 31% in Indian GDP. It is also suffering due to fall in the demand of goods and services. The fall of demand is noticeable comparing to that of the last year. The automobile industry records zero sales in the month of April. The textile industry has also suffered due to the shortage of demand and only getting consignments of health essentials like personal protective equipment (PPE).
Now, where unlocking 1.0 came into effect, most factories are still facing either meagre demand or unavailability of workers.
The sudden announcement of lockdown without any prior notice to public, created a great deal of hue and cry and resulted in the plight of migrant workers back to their native villages. So, the factory owners are compelled to rely on whatever resources they have, to meet the demand. Now, where some companies are looking forward to find ways to generate the demand and increase supply, many companies are struggling for their survival. Within the span of two months a lot of companies has succumbed to this crisis.
The announcement of 20 lakh crores relief package has been made by the government to help the crashing economy. Many reforms has been made to increase the demand, “vocal for local” is one such example, initiated by PM Modi to promote Indian made goods to stabilise the economy.
Covid 19 has given everyone a really hard time. From economy to health sector, everything is at stake but hopefully this UNLOCK 1.0 will help everything to revive.
