The coronavirus has everyone focusing on the bare essentials – staying safe, helping out loved ones, and not dying basically. But with the virus causing a global crisis, certain sectors have been hit impossibly hard. In India, it’s tough to not think about what the pandemic has done to our economy, and these stats prove that its not good.
1. According to The Economic Times, There will be a hit of 0.3-0.5% on the GDP in the next fiscal year.
2. The effect of the coronavirus pandemic will cost the Indian hospitality industry losses to around ₹620 crore.
The hotel chain and standalone hotel segment is looking at losses of over ₹130-155 crore. The the alternate accommodation segment (homestays, hostels) is likely to make losses of over ₹420-470 crore.
3. The hospitality and tourism industry in total expects around 12 lakh job losses in the months ahead. It expects revenue losses of around Rs 11,000 crore.
4. The aviation industry, which employs 3.5 lakh people, expects to make losses of Rs 4200 crore between April and June.
5. The food service industry (restaurants) in India, which is estimated at ₹4,23,865 crore, could see 15-20% of its people lose their jobs.
6. The automotive industry, which was already seeing massive lay-offs, is expecting a loss of 7.5 lakh units in production and $2 billion in revenue in March
Production of Maruti, Hyundai, Honda has shut down. This will lead to even more losses.
7. India’s retail industry, which employs 4.6 crore people, is looking at 1.1 crore job-losses.
Malls, movie halls, and other areas where people congregate have been closed, leading to losses.
8. The real estate industry is looking at 35% job losses.
9. On-demand taxi apps like Ola and Uber are suffering a 40-50% loss in business.
Considering the people driving these cars have to foot huge loan payments, insurance bills, and fuel costs., the pandemic has all but destroyed their livelihood.
It’s going to be a hard few months. Hopefully, government relief can help those affected out.