Corona Virus has brought depression across the globe. Even powerful economies of the world are finding it difficult to cope up with the situation. And in India, we have reached the 15 million mark of COVID cases. Our economy is one of the most affected economies of the world. Although with relaxations in the lockdown, not much has changed for the dying economy. Landslides due to heavy rain, water in many of the villages, and many more ugly incidents are adding up to the stress on the economy. Also, unemployment has hit the last nail into the coffin. Many industries are the worst hit due to COVID.
So let’s find out which industries have got severely affected due to the pandemic
Tourism Industry
The tourism industry is also one of the worst-hit sectors of the country. According to MakeMyTrip CEO in a recent interview said that the tourism industry was the first to get disrupted and would be the last one to revive. A report of KPMG has already predicted that the Indian tourism sector will almost lose 3.8 crore jobs. And that’s quite a huge number. People have become scared of the virus and will not tend to visit any place until the next year. So the tourism industry has to suffer from the huge loss caused due to the pandemic.
Entertainment Industry
Since the widespread of the virus, the entertainment industry has been affected badly due to it. The shutting of theatres, the closing of theme parks has led the situation into worse. Many movies have been delayed just because the makers want to give it a theatrical release. Also, many shootings have been halted due to COVID. The entertainment industry is looking for a ray of light. Hope it picks up speed after the pandemic gets over.
Automobile Sector
The automobile sector was already in bad shape before the pandemic hit the country. And now due to a prolonged pandemic situation, the sector is suffering from huge losses. Though the restrictions of the movement among people around the cities have been relaxed, still the purchasing power of people is not up to the mark that they can afford a new vehicle for themselves. Also, the automobile is connected with other small manufacturing sectors manufacturing key parts that help in the manufacturing of vehicle components.
Real-Estate Sector
This sector has been severely affected due to the lockdown. ANAROCK group stated in the report that the housing sales would fall 25-35% and offices would fall 13-30 percent on a yearly basis. In the long run, the price fall in residential and office properties will set the future of real-estate in India. Many construction projects have been halted because they come in the containment zones of the city while other projects may resume after relaxation given by the central government. The laborers and daily-wage workers are the most affected people. They earn on a daily basis, and many have gone to their villages as well. So this is a tough situation for the real-estate sector.
Jewelry Industry
The Jewelry Industry is also among the worst-hit industries. There is no demand for jewelry in times of Coronavirus for obvious reasons. Therefore this industry is suffering too just like other industries. Some big jewelers from the industry are trying to be optimistic about the situation. They are now training their staff for which they usually don’t find time for. Also, they are waiting for the wedding season so that the industry could get revived again.
Wrapping up
So these are the worst affected sectors of the country that really needs help from the government. It is challenging to cope up with the current situation. Unemployment has increased like never before, and the economy of the country is on the verge to crash. So all we can do is help each other in tough times and combat the situation. So keep going and don’t lose hope.
