Business in India and Covid-19
To understand the remedies to solve the financial and economical problems aroused during the covid-19 pandemic, in order to win new businesses related to post-covid-19 pandemic. "Empowering financial status of the entire community" but not limited to finding out new job opportunities.
- In April 2020, India’s industrial production dropped sharply during the lockdown period and the index contracted by 55.5% compared with the same period last year. This was because the majority of the industrial establishments reported no production.
- India's manufacturing service faced the same fate experiencing collapsed in business. Indian Automobile Manufacturers also reported a daily drop-in revenue estimated to be $300 million per day.
- Between April and June 2020, finance, real estate & professional services industry experience the largest decline of 17.3% as a result of the impact of COVID-19 lockdown. Other sectors that were affected are mining & quarrying, electricity, gas, water supply, & other utility services, construction, trade, hotels, transport, & broadcasting services, manufacturing, agriculture, forestry & fishing, and public administration, defense & other services.
- India's government loss incurred during the period of the lockdown was estimated to be $266 billion and a decline in the country's GDP growth.
- The expert reported that the COVID-19 pandemic will lead to a 15% to 20% drop in corporate earnings over the next year in India.
- Some steps the Indian government could take to mitigate the effect of the pandemic on the economy is by giving a 10% inheritance tax, scrapping the long term capital gain tax, reduction of foreign portfolio investment, and others.
- According to the CNBC report, the Indian government through Prime Minister Narendra Modi’s announced a $266 billion support package to mitigate the economic crisis.
- The Indian government had set up a group headed by the Finance Minister in response to the economic and financial consequences of the COVID-19 virus.
- India government has put up some measures to keep the agricultural sector and supply chains working smoothly like exemption of farm operations and supply chains, farmers access to markets, farmers and agricultural workers to get government’s assistance package and any social protection, and others.
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