For the last few months due to the outbreak of the pandemic COVID-19 or Corona Virus, the situation is becoming very worse. Various industries of the world and in India are getting affected due to the outbreak of this disease. This disease is actually is responsible for destroying the human capital of various nations and the world at a large. There are some industries that are facing the worse effects of this disease. Now let’s find out the facts that, which industries of India are worse affected due to this disease. There are certain industries in India which can witness the grave impact
Impact of the Covid-19
For the last two weeks, the cases of infection regarding the Corona Virus is increasing at a faster rate. This includes 29 Indians out of which 16 people who have arrived from Italy to Rajasthan this is the latest report as on Wednesday. As per the estimation, the trade impact of Covid-19 will be around $348 million. This can easily impact the economic situation of the country. The industries of India that will get affected due to these are the automobile industry, pharmaceutical industry, chemical industry, electronics industry, solar power and information technology industry will get affected due to this Virus.
So, let’s get into the details of these facts in order to get a better idea of this crisis situation in the above-mentioned industries.
- Automobile Industry:- Most of the automobile industry in India get their raw materials and spare parts from China. The shutdown in China due to the pandemic COVID-19 Virus will have an adverse impact on the import of various auto-parts component in India. This will increase the cost of production in the auto industry of India. Thus it will lead to the degradation of the purchase of automobiles in the country due to a huge rise in the price. As per the opinion of the experts if the shutdown of the auto industry in China persists then it will lead to 8-10 per cent contraction of the auto manufacturing by 2020.
- Pharmaceutical Industry:- India imports 24900 crore drugs from China. Along with that India is among one of the top exporters and the manufacturers of drugs all around the world. But the matter of fact here is that due to COVID-19 the import and the export of these drugs will slash down drastically. Thus the Indian Pharmaceutical Industry may get affected badly due to the closure of the world drug market and the Chinese market for Covid-19 virus.
- Chemical Industry:- Local dyestuffs of India is heavily dependent on China so a delay in the shipment of the chemical dyes from China can easily impact the price of the raw materials in India for the manufacturing of various chemicals in India. The Indian Industry will be vastly affected due to the closure of this Chinese market for current weeks and upcoming weeks.
- Electronics Industry:-
The electronic Industry will get affected due to the outbreak of this virus. The reason is China is the Sole trader of electronic goods in the world market. To produce electronic goods India will require the spare parts and low-cost components from China. So, due to the attack of this virus, the Chinese Market is shutting down. This can result in the slowdown of sales in the electronic industry. This is why smartphone makers can expect a relative slow down of the industry due to this factor.
- IT Industry:- Due to Coronavirus Governments of various nations of the world are restricting their citizens to stay at home. In the case of IT industries, the human capital plays a very vital part to earn their revenue and this attack on the human capital can pose serious threats to the IT industry’s growth rate in India. People in the country are panicked and they are in a traumatic state due to this epidemic. This why companies cannot complete their projects on the specified time limit. This ultimately resulted in the loss of projects for different companies. Every day the situation is getting out of control and the spread of this virus is increasing at a very fast pace.
This is why the upcoming months the Indian Industry can face serious challenges in different sectors. When this will going to end no one knows. The pandemic COVID-19 is taking the life of the millions of people all around the world. The core industries of the world are in serious threat of facing huge losses and quality manpower. This is why the better option in such a scenario is to stay safe and play on the safer side to balance the worst-case scenario.
We all are human beings and we do have the right to live but to face this danger we need to be prepared and focused from all the ends so that it does not pose any serious threats to the core industries of the nation anymore.