China Oriented Virus Infectious Disease, shortly known as COVID-19 has taken the world by storm. It is much more worse than the World War, a situation that caused months of lockdown across the globe. The disease was first discovered at Wuhan, China and after that there is nothing that could stop the spread of this disease. Being, highly contagious millions of people have already lost their lives and many more are suffering cause of it. It could be spread through coughing, sneezing, handshakes basically, by any action of human. Social distancing has only been suggested to keep oneself safe this deadly virus as there is still no sign of vaccine that could cure Corona virus till date. Being the 2nd largest populated country, India is now the 4th worst hit country affected by Covid-19. However, it only impacted the lives of people across the country but has also led a major impact on the down fall of the Indian economy. In this article we will be discussing about some of the major corona effect declining the economy on a larger scale. Continue reading to know more about 2020 Indian Economy;
Hitting the global market is one of the biggest effects of the corona virus. Currently, investment of smaller amounts is considered to the risky for the investors. The global market has been crashing ever since the country witnessed the sense of corona which has led the investors to face some huge losses.
Apart from the global market, the companies across the country have been facing financial crisis which led to the worst recession rate living many people fired from their jobs. Top companies like Zomato, Uber have laid off thousands of their employees.
The oil and petroleum industry also couldn’t protect themselves from the decline. Constant price drop down of the oil price is being witnessed.
Travel and tourism industry is one of the worst hit one due to corona. The aviation and railway industry have faced huge losses due to flights and trains being shut for months together which even left many of their employees jobless.
Restaurants and public places such as parks, swimming pools, malls have also been shut. However, even after re-opening of these places wouldn’t really help them cover up their loses as these places as been listed to be the most risky one for a visit as social distancing norms couldn’t really be follower here.
We urge you to stay home, stay safe and pray for a ray of hope.