write an essay on 'Impact of COVID-19 on Indian industry, trade and commerce'
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Explanation:
The economic impact of the 2019–20 coronavirus pandemic in India has been hugely disruptive. World Bank and credit rating agencies have downgraded India's growth for fiscal year 2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s.[1][2] The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in FY21 and that the country would need a ₹70 lakh crore (US$980 billion) stimulus to overcome the contraction.[3] However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations.[4] Within a month unemployment rose from 6.7% on 15 March to 26% on 19 April.[5] During the lockdown, an estimated 140 million (140 million) people lost employment.[5] More than 45% of households across the nation have reported an income drop as compared to the previous year.[6]
The Indian economy is expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown which was declared following the coronavirus outbreak.[7][8] Under complete lockdown less than a quarter of India's $2.8 trillion economy is functional.[9] Up to 53% of businesses in the country will be significantly affected.[10] Supply chains have been put under stress with the lockdown restrictions in place; initially there was a lack of clarity in streamlining what is an "essential" and what is not.[11] Those in the informal sectors and daily wage groups are the most at risk.[12] A large number of farmers around the country who grow perishables are also facing uncertainty.[11] Various businesses such as hotels and airlines are cutting salaries and laying off employees.[13]
Major companies in India such as Larsen & Toubro, Bharat Forge, UltraTech Cement, Grasim Industries, Aditya Birla Group and Tata Motors have temporarily suspended or significantly reduced operations. Young startups have been impacted as funding has fallen.[14][15] Fast-moving consumer goods companies in the country have significantly reduced operations and are focusing on essentials. Some defense deals have been affected/delayed due to the pandemic such as the delivery of Dassault Rafale fighter jets. Stock markets in India posted their worst loses in history on 23 March 2020.[16] However, on 25 March, one day after a complete 21-day lockdown was announced by the Prime Minister, SENSEX and NIFTY posted their biggest gains in 11 years, adding a value of ₹4.7 lakh crore (US$66 billion) crore to investor wealth.[17]
Answer:
covid-19 had a great impact on Indian industry,trade,commerce like it had a great impact on Indian economy and started to drench the resources and economical growth
Explanation:
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