No one has ever thought that the year 2020 will have these series of events. The covid19 pandemic that originated in the Wuhan province of China got spread like wildfire across the world. Not only did it take a toll over the health management but also shattered most of the economies.
Over the last six months, several business leaders have re-organized their supply chain to combat this pandemic. The world waits for a COVID19 vaccine so that the losses incurred do not expand.
Until then, the priority is to plan according to the uncertainties. The COVID-19 outbreak had compelled several businesses to go for a stop in its operations. The catastrophic impact was much more dangerous than the virus itself. The current outbreak has several economical consequences across the globe.
According to the HSBC’s Navigator report close to 46% of the Indian businesses were badly hit by the pandemic outbreak. The survey was based on more than 2500 companies across 14 global markets which also includes 200 firms from India. One of the unique observations of the report was that despite lockdown, with unlocking phasing out, more than 29 % of the businesses tend to operate normally.
How Business Schools React To The covid19 Pandemic?
COVID19 seems to have impacted the placement process of the country’s top-rated business schools. Some of the prominent management schools like Institutes of Management in Kolkata, Kozhikode, Ahmedabad, and Indore have deferred their summer placements. This is regarding adjusting to the academic year as per COVID regulations.
Impact of COVID-19 on Different Sectors
It will not be wrong to say that the global economy is marching towards recession. Sectors like banking, automobiles, and real estate are having a tough time to get away with negative impacts.
This has a lot to do with trading with China. The complete shut down in China has hurt the manufacturing sentiments. This has impacted both the auto component industry as well as the manufacturer. Also in case if the long lockdown got extended then this would result in an 8 to 10 % contraction in the Indian auto manufacturing sector.
Even though India remains the top exporters of the drug in the world, the domestic pharma industry remains heavily dependent on APIs. Such APIs are imported from China. Also for several antibiotics and antipyretics, India remains dependent on China close to 100%. This entire scenario has gone for a toss given the circumstances of the COVID19 pandemic.
The Corona pandemic affected the unorganised sector the most. It impacted the Micro, Small, and Medium Enterprises(MSME’s) and rapidly gave rise to the unemployment scenario. Everyone got into the vicious cycle of poverty and eventually, the government ran special trains to send back the migrants to their villages or hometown.
At present after the unlocking phase, businesses are trying to get back to their position even though that won’t be an easy task. We can’t predict anything now and need to analyze the economic structure in the coming days.