It was before a few months ago nobody thought about this type of crisis. We are regularly going to school, college, or office but suddenly one demon comes into our life, COVID- 19. It ruins our life, freedom, and business. Those who are always thinking about picnics and outings, they have to stay home.
How can we forget those who are always thinking about their business and How to generate more ROI? and suddenly all things have changed.
Let’s check the impact of COVID 19 on our economy. Let’s check a few questions.
How will the world be when the lockdown gets lifted in India?
The government doesn’t have any other substitute other than focus on lives and livelihoods. The biggest challenge businesses will face will be restarting their operations. Even while a larger part of the enabling ecosystem continues to be in lockdown, Parts like public transportation, etc. they are likely to continue to in lockdown and within the constraints of what we are allowed to do, we’re going to have to make sure that we get our businesses back on track. And that will be the biggest challenge for us and the government.
Yet the Government has taken a few decisions to revive our economy; by giving the mantra of the “vocal for local”. We need to choose only Indian products and also should be an influencer for it.
Are there diverse parameters to follow for big and medium-sized companies after the lockdown ends?
here convinced things are non-negotiable. So every organization irrespective of its size will have to do testing, sanitizing the workplace, have a doctor on hand. There will be other fundamentals that are easier for a smaller company, they can pose significant challenges for a large company. This can include transportation. I don’t think a larger organization will be able to take control of the commute or put people in guest houses or other accommodation. That will put an important financial strain on them.
The sectors that need urgent help after coronavirus in India
Some of the strongest economies around the globe stressed how to manage the circumstances in the wake of an extraordinary demand shock and a shutdown of all key economic activities that drive growth.
Many sectors have appealed to the government to ease some limitations. they can at least commence a business or grant some relief so they can at least pay salaries to their employees.
Here are 5 sectors in need of urgent help and cooperation from other sectors with better position amid the crisis:
MSME Sector
The Micro, Small and Medium Enterprises (MSMEs) are literally the backbone of all Indian sectors and often engaged in developed and export activities. there are two key drivers of the Indian economy.
Almost all MSMEs are out of exploitation due to the lockdown, choking all manufacturing activities at major firms across sectors. There are several reports that indicate how MSMEs are reeling under the crisis and have no money to pay their employees.
From leaders to experts and industry bodies, everyone has appealed to the government to increase its relief package for the MSME sector, which contributes to over 30 per cent of India’s GDP. The government is planning to release a Rs 20,000 crore relief package, divided into two funds, for helping MSMEs.
Tourism and Hospitality Sector
Make My Trip co-founder and CEO Deep Karla told in recent group interaction, India Today TV that the tourism sector was the first to get disrupted because of the impact of Covid-19 and need to see the last resumption of activities.
Several reports indicate that the tourism sector will have most evilly exaggerated due to the virus pandemic.
Aviation Sector
The crucial aviation sector that connects nations across the world is witnessing an outbreak of layoffs and pay cuts. Some employees asked to go on forced unpaid leaves by aviation companies, who have been hit equally hard as the tourism and hospitality sector.
Each day, there are reports of global airlines announcing furloughs or layoffs as operational strains deepen in the wake of the lockdown.
Automobile Sector
The automobile sector has enforced to stop key manufacturing activity in India and has led to a pointed drop in production and sales.
With most of the plants shut, big automobile manufacturing companies have announced pay cuts and are waiting for a conclusion on the resumption of dealerships.
Real Estate Sector
real estate always brings a revolution in their industry but Finally, the real estate sector viewpoint has also suffered hugely due to the lockdown, which announced to prevent the spread of the deadly Covid-19 virus.
ANAROCK Group in a report last month said housing sales will drop 25-35 per cent while office amalgamation will fall in the range of 13-30 per cent on a year-on-year basis.
This led to joblessness among millions of migrant labourers in India, who are engaged primarily in construction activities. Hardly anyone of these labourers, who live on daily wage, have additional savings to see off the lockdown period.
it is not the end, there are many sectors that affected deeply and yes all businesses have to pay for COVID 19 like hotel industry food and beverage industries they will also suffer, but there are some industries that will do better than expected. let’s check their name also.
Read More: Knotted Scoop of Services for Beneficial Business outcomes.
In the healthcare industry, pharmaceutical industries will do great. people will avoid social gatherings so gyms can be affected; the same way personal health care equipment companies will rock.
how can we forget the entertainment industries they are doing great and eCommerce, video conference apps are going good.
So now people can change their lifestyle so they can avoid food from outside or street food, social gathering, and offices are required to be more hygienic. Many industries would prefer outsourcing their work than appointing a fixed time employee to reduce their cost.
basically, people won’t buy any product or services which are not necessary. These circumstances will bring more reliability towards outsourcing the work. you can just pray and try to overcome this situation.
COVID 1 spoiled the economy, as you all know the foreign countries can invest in India now than china. If you use these opportunities in the right way we will stabilize the economy.
Here businesses are required to change their frameworks and think on a cost-cutting model, it is not a new concept in the management. Still, if you can not find a better way to reduce your expenditure than do contact us, we will give Strategies to control your cost and bring more revenue.
Read More: 9 Reasons when you are in high need of Custom CRM Development
conclusion:
you can not separate yourselves from the impact of COVID 19 but you can take steps that can help us to cut our expenditure. It is not easy but the same way time is tough so we need to be prepared for the worst. here just you need to reduce your fixed cost and your business may survive as well.
