The outbreak of COVID-19 (Coronovirus) has disrupted India’s economy as tourism, hospitality, aviation, transportation and restaurant businesses are on a nationwide halt.
According to the industry reports, the hospitality sector has projected more than Rs 30,000 crore of loss of revenue during 2020, India’s aviation sector will report losses in excess of Rs 8,200 crore in the approaching quarter as international and domestic flights are still grounded.
The lockdowns are creating an unsuspecting impact on the lives and livelihood of many.The National Restaurants Association of India (NRAI) have given clear signs that even 10-20 percent job losses among its 7.3 million employees in restaurants across the country would mean up to 15 lakh unemployed. Something that would give rise to major social consequences.
In sync, Prime Minister Narendra Modi announced a Task Force to decide on an economic package for India. Meanwhile, CII has planned Rs 2 lakh crore to pumped into the Indian economy as booster to ride over the COVID-19 pandemic.
The outbreak of coronavirus can have severe problematic consequences at a time when the Indian economy is at a quarterly GDP growth rate of 4.7 per cent, a multi-year low performance. The Reserve Bank of India Governor Shaktikanta Das also recently admitted during a press conference that India is not immune to the pandemic and could face slowdown in domestic growth.