{"id":7312,"date":"2020-05-12T21:07:58","date_gmt":"2020-05-12T15:37:58","guid":{"rendered":"https:\/\/www.zigsaw.in\/jobs\/?p=7312"},"modified":"2020-05-12T21:07:58","modified_gmt":"2020-05-12T15:37:58","slug":"effect-of-coronavirus-on-indian-economy-and-jobs","status":"publish","type":"post","link":"https:\/\/zigsaw.in\/jobs\/uncategorized\/effect-of-coronavirus-on-indian-economy-and-jobs\/","title":{"rendered":"Effect of coronavirus on Indian economy and Jobs"},"content":{"rendered":"\n

The greatest pandemic the world has faced after World war II has its name as Noval Coronavirus or to shorthand it as COVID-19.  <\/span>This virus made its way in December 2019, through Wuhan city of China and since then has been spreading across the globe at an increasing pace. To date, more than 200 nations have been affected by the outbreak of corona, and the loss it has made or is making to human life is unexpected.<\/span><\/p>\n\n\n\n

It has not made its feet limited to human lives but has started to work as a termite to economic life as well.  <\/span>The global economic impact that this virus has been making is way broader than our imagination. <\/span><\/p>\n\n\n\n

The COVID-19 outbreak has left no sector untouched. It has marked its footsteps in almost every sector of the Indian economy leaving us with a road full of bumps to be covered over the shortest period to incur the least possible losses.<\/span><\/p>\n\n\n\n

India is no exception; the already degrading Indian economy is going to have an extremely bumpy path ahead. The Indian GDP for the financial year 2021 by various renowned bodies like World Bank and credit rating agencies is seeing a vulnerable downfall amidst this lockdown. The Indian monetary fund has made a 1.9% GDP projection for India which is supposed to be the highest among G20 nations.<\/span><\/p>\n\n\n\n

In one of the joint survey conducted by FICCI and tax consultancy Dhruva, \u201ctremendous uncertainty\u201d is expected to be seen in the business sector in India. Among the 380 companies that were undertaken for the survey, 70% of them have already stated that they are going degrade their sales as well as have some reduction in manpower to cope up with losses.<\/span><\/p>\n\n\n\n

The unemployment rate in India has increased almost four folds in the last one month; it was projected to be 6.7% by March 15th, 2020, and has grown up to touch a high mark of 26% by April 19th, 2020.  <\/span>About 140 crore people have been unemployed all over the world during this lockdown.<\/span><\/p>\n\n\n\n

Adar Poonawalla, CEO of Serum Institute of India have clearly stated in their respective statements that if the lockdown continues India is likely to see a huge death toll due to hunger and economic downfall rather than the outbreak of this pandemic. The daily wage workers are left jobless and even homeless due to this pandemic and in a country like India’s hand to mouth labor force counts for a huge percent of the population. Small traders & laborers are the worst hit<\/span><\/p>\n\n\n\n

\"Effect<\/figure>\n\n\n\n

Around 53% of the businesses are going to see a significant effect of this pandemic. Laying off employees, reducing their salary by a huge percentage can be very well seen in even the big names that we have in the Indian industries. The auto industry, the aviation industry, the tourism sector tops the list of businesses affected by this virus.<\/span><\/p>\n\n\n\n