Economic Impact of COVID-19 on Different Sectors in India
DOI:
https://doi.org/10.21467/preprints.122Abstract
This report talks about Corona Virus and its impact on the Indian Economy. The Aviation Sector, Pharmaceutical Sector, Tourism and Hotel Sector and Entertainment Sector are studied and analyzed individually and includes current information related to their industry, analyzing the economic impact of COVID – 19 on these sectors in India along with suggestions for these sectors to grow again and improve themselves. The main objective of this report is to analyze the impact of COVID-19 on the Indian Economy and these 4 sectors. The research done is a secondary research as the data available online through research papers, online articles and industry reports were sufficient for the research, and also during the current pandemic, primary research wasn’t possible. The research involved data from various sources including articles from sources like LiveMint, Economic Times and India Today and The Wire and also articles by Pharmaceutical Technology, Brand Equity, BW Hotelier, etc. Industry reports by the Indian Brand Equity Foundation and Deloitte. The report by Deloitte was specific to the pharmaceutical sector and the effect of COVID- 19 on the sector. The industry reports by the Indian Brand Equity Foundation gave an idea about a standard condition of the sector in the country and who all are the market leaders. Data from the Government of India Website and FICCI website and articles were also taken to get authentic insights about the situation. The results show us that even though the pharmaceutical sector had some problems they are still growing and television and online media and entertainment are growing in the entertainment sector but the Cinema Halls are closed. The aviation sector had been hit very badly due to the airports all around the world being shut but with time some flights everyday are opened for urgent purposes with a lot of precautions and maybe till the end of the year they get back to their original state. The tourism and hospitality sector has been hit the worst. This was one of the last sectors being allowed by the government to open in the lockdown transition. The restaurants need to follow strict social distancing norms and various preventions to maintain sanitation and have been allowed to open from 8th June. This sector will comparatively take a lot of time to recover as the rule given by the Government to not allow more than 50 people in a social gathering can cause losses to this sector. As the government has started relaxing norms, it is expected that with time these sectors will be able to recover their losses and the economy will come back on track with the growth of technology and the aim of the country to become self-sufficient.
Keywords:
Indian Economy, Economic Impact, COVID-19Downloads
References
Ameex. (2020, April 6). Impact of Covid-19 on Pharmaceutical Industry. Retrieved May 5, 2020, from Ameex: https://www.ameexusa.com/blogs/covid-19-impact-on-pharmaceutical-industry
Arun MG, I. T. (2020, March 23). An Economic Coronary. Retrieved May 5, 2020, from India Today: https://www.indiatoday.in/magazine/the-big-story/story/20200323-an-economic-coronary-1654645-2020-03-13
Bplans, M. (n.d.). Entertainment Industry. Retrieved from Meticulous B Plans: http://meticulousbplans.com/entertainment-industry-overview/
Brand Equity. (2020, March 26). Coronavirus impact: Events, entertainment industry says Covid-19 hit 60 million livelihoods. Retrieved June 11, 2020, from Brand Equity: https://brandequity.economictimes.indiatimes.com/news/media/coronavirus-impact-events-entertainment-industry-says-covid-19-hit-60-million-livelihoods/74821842
Bureau, E. (2020, April 14). Covid-19 impact: Airlines in talks with the government for seeking aid. Retrieved May 5, 2020, from The Economic Times: https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/covid-19-impact-airlines-in-talks-with-the-government-for-seeking-aid/articleshow/75148465.cms?from=mdr
COVID-19 pandemic. (2020, May 4th). Retrieved May 5th, 2020, from Wikepedia: https://en.wikipedia.org/wiki/COVID-19_pandemic
Dadich, A. (2020, April 20). The COVID-19 pandemic and the Indian pharmaceutical industry. Retrieved May 6, 2020, from European Pharmaceutical Review: https://www.europeanpharmaceuticalreview.com/article/117413/the-covid-19-pandemic-and-the-indian-pharmaceutical-industry/
Deloitte. (2020). COVID-19 response for Pharma companies. Retrieved May 5, 2020, from Deloitte: https://www2.deloitte.com/in/en/pages/risk/articles/in-ra-covid-19-response-for-pharma-companies.html
digihealth_in. (2020, May 5th). Practical Guide to navigate the Financial Crisis due to Covid19. Retrieved from Medium: https://medium.com/@digihealth_in/practical-guide-to-navigate-the-financial-crisis-due-to-covid19-68053341a40
Dinesh, W. C. (20202, May). What is next for Aviation. Retrieved May 11, 2020, from Mumbai Live: https://www.mumbailive.com/en/business/world-post-covid-19-what-is-next-for-aviation-49160
EP New Bureau. (2020, April 17). Long-term Impact of COVID-19 Pandemic on Healthcare Scenario in India. Retrieved May 6, 2020, from Express Pharma: https://www.expresspharma.in/guest-blogs/long-term-impact-of-covid-19-pandemic-on-healthcare-scenario-in-india/
Ewart, A. (2020, April 30). What will avaiation sector look post COVID-19. Retrieved June 11, 2020, from Travel Daily News: https://www.traveldailynews.com/post/what-will-the-aviation-sector-look-like-post-covid-19
FIICI. (2020, March 22). Impact of COVID - 19 on Indian Economy. Retrieved May 5, 2020, from FICCI: http://ficci.in/spdocument/23195/Impact-of-COVID-19-on-Indian-Economy-FICCI-2003.pdf
Financial Express. (2020, March 24). IndiGo employees to get full salary even when domestic flights remain suspended due to coronavirus. Retrieved from Yahoo Finance.
Foundation, I. B. (2020, March). Indian Pharmaceutical Industry. Retrieved May 2020, from Indian Brand Equity Foundation: https://www.ibef.org/industry/pharmaceutical-india.aspx
Fundoo Data. (2019, May 15). TOP AIRLINE COMPANIES IN INDIA. Retrieved May 5, 2020, from Fundoo Data: https://www.fundoodata.com/learning-center/top-airline-companies-india/
GOI, G. o. (2020, May 5). COVID - 19. (Government of India) Retrieved May 5, 2020, from Ministry of Health and Family Welfare, Govt. of India: https://www.mohfw.gov.in
India Brand Equity Foundation. (2020, March 15). Media and Entertainment Industry. Retrieved May 5, 2020, from India Brand Equity Foundation: https://www.ibef.org/industry/media-entertainment-india.aspx
Indian Brand Equity Foundation. (2020, March 2020). Indian Brand Equity Foundation - Aviation Industry. Retrieved May 5, 2020, from Indian Brand Equity Foundation: https://www.investindia.gov.in/sector/aviation
Indian Brand Equity Foundation. (2020, March 15). Tourism & Hospitality Industry in India. Retrieved May 5, 2020, from Indian Brand Equity Foundation: https://www.ibef.org/industry/tourism-hospitality-india.aspx
JLL India. (2020, April 20). Hotels, tourism hit hard by Covid-19 impact: JLL India. Retrieved May 5, 2020, from The Hindu: Business Line: https://www.thehindubusinessline.com/economy/hotels-tourism-hit-hard-by-covid-19-impact-jll-india/article31385683.ece#
Live Mint. (2020, May 6). Covid-19: What will it take for a revival of the hospitality industry. Retrieved June 11, 2020, from Live Mint: https://www.livemint.com/companies/news/covid-19-what-will-it-take-for-a-revival-of-the-hospitality-industry-11588748217033.html
Marwah, M. (2020, May 12). Covid-19 and its Impact on Tourism. Retrieved June 11, 2020, from BW Hotelier: http://bwhotelier.businessworld.in/article/Covid-19-and-its-Impact-on-Tourism/12-05-2020-191801/
Master, E. (2020, January 22). Pharmaceuticals Sector Analysis Report. Retrieved from Equity Master: https://www.equitymaster.com/research-it/sector-info/pharma/Pharmaceuticals-Sector-Analysis-Report.asp
Mishra, A. (2020, March 2). Indian travel industry suffers losses as high as Rs 200 crore due to Coronavirus outbreak. Retrieved May 5, 2020, from India Today: https://www.indiatoday.in/india/story/indian-travel-industry-suffers-losses-as-high-as-rs-200-crore-due-to-coronavirus-outbreak-1651733-2020-03-02
Mishra, V. (2020, May 25th ). Health Policy, Digital Health and Health Service Operations Blog. Retrieved from Vinaytosh: http://www.vinaytosh.com/
Pharmaceutical Technology. (2020, April 23). The impact of big pharma on covid-19. Retrieved June 11, 2020, from Pharmaceutical Technology: https://www.pharmaceutical-technology.com/comment/covid-19-pharmaceutical-companies-impact/
Rastogi, V. (2019, Jan 25). The Pharmaceutical Industry in India – Trends and Opportunities. Retrieved May 5, 2020, from Indian Briefing : https://www.india-briefing.com/news/pharmaceutical-industry-india-trends-opportunities-18300.html/
Sharma, S. (2020). COVID-19 impact on Indian pharma companies. Retrieved May 5, 2020, from Pharmutor: https://www.pharmatutor.org/articles/covid-19-impact-on-indian-pharma-companies
Singh, G. (2020, March 9). Tourism industry stares at $300-m loss. Retrieved May 5, 2020, from The Hindu : Business Line: https://www.thehindubusinessline.com/economy/tourism-industry-stares-at-300-m-loss/article31025324.ece
Som, V. (2020, April 15). The Colossal COVID-19 Impact On Airlines In India And A Struggle For Survival. Retrieved May 5, 2020, from NDTV: https://www.ndtv.com/india-news/coronavirus-india-without-government-aid-indias-aviation-sector-may-remain-grounded-2212156
Sood, V. (2020). Industry Scenario - Tourism and Hospitality. Retrieved from Invest India: https://www.investindia.gov.in/sector/tourism-hospitality
The Economic Times. (2020, March 27). Coronavirus to impact India's economic growth "severely": D&B. Retrieved May 5, 2020 , from The Economic Times: https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-to-impact-indias-economic-growth-severely-db/articleshow/74825429.cms?from=mdr
The Economic Times. (2020, March 8). Coronavirus: Moody's cuts India growth forecast to 5.3% for 2020 on dampened domestic demand. Retrieved May 5, 2020, from The Economic Times: https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-moodys-cuts-india-growth-forecast-to-5-3-for-2020-on-dampened-domestic-demand/articleshow/74551392.cms
The Economic Times. (2020, March 25). Events, entertainment industry says Covid-19 hit 60 million livelihoods; seeks urgent government help. Retrieved May 5, 2020, from The Economic Times: https://economictimes.indiatimes.com/industry/media/entertainment/events-entertainment-industry-says-covid-19-hit-60-million-livelihoods-seeks-urgent-government-help/articleshow/74805982.cms?from=mdr
The Economic Times. (2020, March 13). Indian entertainment industry stares at losses due to coronavirus effect. Retrieved May 5, 2020, from The Economic Times - Entertainment: https://economictimes.indiatimes.com/industry/media/entertainment/coronavirus-indian-entertainment-industry-stares-at-losses/articleshow/74615854.cms
The Wire. (2020, April 15). COVID-19 Crisis Will Open up Opportunities for India's Pharma Industry that Must Be Seized. Retrieved June 11, 2020, from The Wire: https://thewire.in/economy/covid-19-india-pharma-opportunities
Times, P. (2019, January). Pharma Times. Retrieved from IP Pharma: https://ipapharma.org/wp-content/uploads/2019/02/jan2019.pdf
Wikepedia. (2020, April 23). Economic impact of the COVID-19 pandemic in India. Retrieved May 5, 2020, from Wikepedia: https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India
Yadav, S. (2020, May 4). Covid-19 impact: India's GDP growth to hover between 1-2% in Q1FY21, says CEA. Retrieved May 5, 2020, from Live Mint : https://www.livemint.com/companies/people/gdp-growth-to-hover-between-1-to-2-in-q1-fy21-cea-kv-subramanian-11588599160797.html
Downloads
Posted
Section
Categories
License
Copyright (c) 2020 Rishabh Gandhi, Sarthak Gandhi
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Any non-commercial use, distribution, adaptation, and reproduction in any medium is permitted as long as the original work is properly cited. However, caution and responsibility are required when reusing as the articles on the preprint server are not peer-reviewed. Readers are advised to check for the availability of any updated or peer-reviewed version.
