Several companies in India have ordered the employees to go for unpaid leaves or have terminated their services. The reason is their difficulty to pay the wages or salaries, due to wide fluctuations in revenues and mostly witnessing hues cumulating. Economic destruction at a huge scale is a direct consequence of the pandemic. Most of the companies in India have ordered the employees to go for unpaid leaves or have terminated their services. The reason is their difficulty to pay the wages or salaries, due to wide fluctuations in revenues and mostly witnessing hues cumulating.
Economic destruction at a huge scale is a direct consequence of the pandemic. According to the Center for Monitoring Indian Economy, around 122 million Indians were forced out of their jobs. The worst affected were those workers who earn daily wages and those who were employed by small sector businesses. Now, we all are aware of the low paced running of the Indian economy. After the lockdown that was declared on 25 March, the entire economy shattered and is now undergoing a devastating state.
The economic disruption has widely corroded the flourishing industries and the happy lives of so many individuals and families. Performing jobs have become a crucial and perplexing task. For instance, Vodafone India said that it had organized temporary stay arrangements at their own data center locations and made food and groceries available at crucial locations. India’s job market looks melancholic and depressing with just around 5% of companies that plan to subscribe to more staff in the next three months as the businesses have to accelerate their scopes and rise to the occasion.
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The migrant exodus that accompanied the lockdown projected out in the unemployment rate crossing the 30% mark by early April this year. An industry survey conducted by industry body Ficci and tax consultancy Dhruva advisors, in April proclaimed that businesses are going to face teething troubles and tremendous uncertainty regarding the future.
These industries have therefore witnessed a rise in their demands and customer wants.
• With the people sticking to their screens these days, the job sector regarding the OTT platforms has certainly flourished. Sufficient and qualitative content on Amazon, Netflix, Zee5, Voot, AltBalaji, and others have surely made a significant rise in their business
• As far as the Telecommunication industry is concerned, it has faced no severe damage due to the pandemic
• Demand has also risen for the companies providing internet service. Most IT companies have enabled the facility for work from homes
• The need and urgency for digital payments have also witnessed an upward trend on the mark
• In this urgent situation, the requirement for the Logistics and Supply Chain has also seen an upsurge
Coming to the sectors which are believed to do well after COVID-19 includes medical, e-commerce, warehousing, and transportation.
• These 3-4 months have led to a downfall in the services of medical regarding Homeopathy, Allopathy, and Physiotherapy
• Amazon, Flipkart has been limited to the delivery of just the essential commodities. But it is sure that post-COVID, stress will be laid on online shopping which is comparatively safer and reliable
• The warehouse sector has been hit with terrible losses due to the stagnancy in the production of large scale products
• This has also led to practically ceasing the transportation industry which will initiate its operations once the stagnancy of the large scale production of goods is lifted up and things will return to normalcy.
Some sectors really need to improve their businesses a lot like on a seismic level to get back to generate amounts to convert their hues into some liquid form.
• The hotel industry has been badly damaged because people fear visiting the hotels or restaurants. The Hotelivate report says that the Indian hotel industry could face losses of up to 1.5 billion. The jobs are at risk and were predicted earlier that around 3.5-4 crore employees may lose it
• The fall in the income of the middle-class people which seems to dominate the country will affect the sales of automobiles and this industry will take huge time to recover
• The condition of cinema theatres will be debilitating and they can’t be certain about seeing customers even post lockdown due to the scare of the deadly virus. They are required to pay salaries and electricity bills even if they aren’t working
• Due to neglecting and circumventing the unnecessary travels, this industry will also be inclined to witness an exacerbating downfall
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