We all know that the second wave of Covid-19 is going on in India. Which has had a very negative impact on the lives of people, as well as it has started to affect their livelihood and their financial life. Yes, it is true that the economic impact of the second wave of Covid-19 in India may not be as devastating as the first wave. But to reduce the way in which its infection among the people is increasing, governments have taken such steps as lockdown and shutdown of factory operations across the states to prevent the spread of coronavirus. It’s affecting India’s economy in many important sectors.
Rating agencies and brokerage firms predict that India’s economy will improve soon after the second wave reaches its peak. Even though efforts are underway to break the chain of infection, economic damage in some areas can have a broad impact on the medium-term development outlook. But at the same time, small businesses including retailers, distributors, and wholesalers have a small risk of loss and are manageable. Here below we have mentioned the five sectors which have been most affected by the second Covid-19 wave:
1. Hospitality Sector
The hospitality sector is facing a recurrence of 2020 as several state governments have strengthened localized lockdown rules by their states. The hospitality sector includes many businesses such as restaurants, bed and breakfasts, hostels, service apartments, pubs, bars, nightclubs, and more. The sector, which contributes a major portion of India’s annual GDP, has been badly hit by restrictions, lockdowns, and curfews imposed by governments in the states. There are many of these businesses that have come to a standstill because they are only allowed to serve qualified food as a necessary service. The economic impact of the second wave may give permanent closure to shops in these sectors.
But as far as people wanting to grow further, we would suggest that even in this critical time some of them can remain in the market and earn money by accepting few moderations like restaurants can start food delivery and make partnerships with any online delivery partner such as zomato, swiggy, dunzo, etc.
2. Aviation and Travel Sector
As the aviation and other travel sector establishments faced heavy conflicts and economic troubles during the first wave of an epidemic called Covid-19. Similarly, during this second wave of coronavirus, the situation is gradually getting serious again as restrictions are constantly increasing. It has been found through the reports that in the last few weeks, there has been a reduction of 50 percent in air travel. This means that people are afraid to move out of their homes due to increased corona hybridization, and that is good to be safe at home but resulting in damage to the large travel area as well. While airlines were gradually increasing their revenue margins, this second deadly wave of Covid-19 has again deteriorated the situation. If seen, recovery for airlines and the wider travel sector will not depend on when the country will reach the peak of its Covid-19. But this will be based on whether people will get the confidence to move out of their homes again and choose such services. At the moment, the outlook for aviation and the wider travel sector is not that good.
But if we want to fight against covid-19, being in the travel business we can reach out to our old customers and approach them for their planning and we can book plans for them. As per the survey, it is stated that even in this covid time people are moving around the world and happy to stay at a safe distance. This works for them as a therapy as it is a holiday place and doing work from home both.
3. Tourism Sector
Do you know that the hospitality sector is connected to the all-important tourism sector? This tourism and travel sector, employing millions of Indians, started making a good comeback after the first Covid-19 wave. But they had no idea that Covid would return for the second round of destruction. The tourism sector is the sector that contributes about 7 percent of India’s annual GDP, which includes hotels, homestays, holiday homes, motels, and more. But sanctions have completely shaken the tourism sector due to the second wave of Covid, which struggled to recover from initial losses to businesses in 2020. Many small establishments may not be in a position to resume their business immediately after the second wave closes due to their poor economic condition. But we will fight and get a good comeback again.
4. Automobile Sector
India’s automobile sector has also suffered a lot due to Covid-19. Car manufacturers in India are under pressure from this second wave of Coronavirus as their sales have fallen drastically. But on the other side people haven’t stopped buying vehicles. The sector is expected to recover only in the second quarter of the year. However, experts say that it will depend on how fast India can control the second wave. The automobile is an area where the sale of vehicles depends to a large extent on consumer sentiment. But in the current situation, people are not preferring to fill their homes and at the same time, the economic impact is also a big reason for the decline in the automobile sector.
5. Real estate and Construction Sector
During the second wave of Covid-19, real estate and construction sector activities are again facing much disruption, as large numbers of migrant workers have left urban areas. Labor shortages have affected both housing and construction projects in urban areas. States in which the virus is spreading rapidly may face considerable delays in completing pending projects. More than two lakh migrant workers from the Delhi-NCR region have moved to their hometown in fear of coronavirus and work outbreaks. This number is likely to increase further as many workers are leaving for their hometowns every day. It is being said that if it continues for few more months, the real estate and construction sector may face huge disruption.
Apart from that, there is hope and scope, for construction, we can hire local laborers, require a little hard work and keep them engaged only between the hours allowed by the government by following all safety precautions. A thought can change the world.
If you are a small retailer and are concerned about the growing infection of this coronavirus as well as your business due to this lockdown in the states. So there is no need to be afraid and worried about your business. Now you can easily create your online store on the Vyapar app and can easily continue your business sitting at home without any hassle and save your business from loss and deteriorating financial system. Also, you can do business by staying at home only and protecting yourself from coronavirus infection.
This is the right time to promote your business while people have time to learn and know about your business. You can also share your business cards with them explaining the services and products you provide from the Vyapar application. It will surely affect your business positively post lockdown also. Stay-Home Stay-Safe.
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