impact of coronavirus on production amd and employment
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The COVID-19 pandemic is having a catastrophic effect on working hours and earnings, globally. A new ILO report highlights some of the worst affected sectors and regions, and outlines policies to mitigate the crisis.
The COVID-19 crisis is expected to wipe out 6.7 per cent of working hours globally in the second quarter of 2020 – equivalent to 195 million full-time workers.
Large reductions are foreseen in the Arab States (8.1 per cent, equivalent to 5 million full-time workers), Europe (7.8 per cent, or 12 million full-time workers) and Asia and the Pacific (7.2 per cent, 125 million full-time workers).
Huge losses are expected across different income groups but especially in upper-middle income countries (7.0 per cent, 100 million full-time workers). This far exceeds the effects of the 2008-9 financial crisis.
The sectors most at risk include accommodation and food services, manufacturing, retail, and business and administrative activities.
The eventual increase in global unemployment during 2020 will depend substantially on future developments and policy measures. There is a high risk that the end-of-year figure will be significantly higher than the initial ILO projection, of 25 million.
“Workers and businesses are facing catastrophe, in both developed and developing economies. We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse...
More than four out of five people (81 per cent) in the global workforce of 3.3 billion are currently affected by full or partial workplace closures.
“Workers and businesses are facing catastrophe, in both developed and developing economies,” said ILO Director-General Guy Ryder. “We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse.”
The ILO Monitor 2nd edition: COVID-19 and the world of work , which describes COVID-19 as “the worst global crisis since World War II”, updates an ILO research note published on 18 March. The updated version includes sectoral and regional information on the effects of the pandemic.
According to the new study, 1.25 billion workers are employed in the sectors identified as being at high risk of “drastic and devastating” increases in layoffs and reductions in wages and working hours. Many are in low-paid, low-skilled jobs, where a sudden loss of income is devastating.
Answer:
Besides, Make in India is an initiative that was launched in 2015 to encourage the production of goods in India. This aims to reduce India's dependency on exporting nations by producing goods in their own country. Since the launch of Make in India, FDI in the country has followed an optimal trend. During the period, April 2014 to March 2019, FDI inflow in India was $286 billion, which is nearly 46.9% of the overall FDI received in the country since April 2000 ($592 billion). This resulted in owing to the investment-friendly policies and opening of FDI allowance in several sectors.
As per the estimation by United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global FDI to shrink by 5%-15%, due to the downfall in the manufacturing sector coupled with factory shutdown. The negative effects of COVID-19 on FDI investments are expected to be high in the energy, automotive, and airline industries. Due to the epidemics of COVID-19 across the globe, the manufacturers of the automobile, chemical, electronics, and aircraft are facing concerns regarding the availability of raw material. In the electronics sector, smartphones and consumer electronics companies have commenced a reduction in production operations and postponed the introduction of new products coupled with the COVID-19 outbreak, which in turn has interrupted the supply of components.
The study on the impact of COVID-19 on the global manufacturing industry is classified into automobile, food & beverage, chemical, machinery, electrical and electronics, metal, aviation, pharmaceutical, and medical equipment, and others. The electronics industry is being significantly affected due to the COVID-19 epidemic, as China accounts for nearly 85% of the total value of components utilized in smartphones and nearly 75% in the case of televisions. All critical components, such as printed circuit boards, mobile displays, LED chips, memory, open cell TV panels, and capacitors are imported from China. Most of the Chinese factories were shut down due to the coronavirus pandemic. As a result, in January 2020, Chinese vendors have increased component prices by nearly 2-3% owing to a shortage of supplies due to factory shutdown. Therefore, it has negatively affected the electronics manufacturing sector across the globe.
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
On 12 May the Prime Minister announced an overall economic package worth ₹20 lakh crore (US$280 billion),10% of India's GDP, with emphasis on India as a self-reliant nation. During the next five days the Finance Minister announced the details of the economic package. Two days later the Cabinet cleared several proposals in the economic package including a free food grains package. By 2 July 2020, several economic indicators showed signs of rebound and recovery. On 24 July the Finance Secretary of India said the economy is showing signs of recovery at a faster rate than anticipated, while the Economic Affairs Secretary said that he expects a v-shaped recovery for India. In July the Union Council of Ministers passed the National Educational Policy 2020 aimed at strengthening the economy.
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