Impact of COVID-19 on Indian Economy Market Industry Trends, Growth, Analysis and Forecast 2025

The world is facing an unprecedented crisis. The outbreak of one of the worst diseases in history, coronavirus (COVID-19) has taken place - affecting 195 countries and territories, over 380,000 people and more than 16,500 deaths till March 23, 2020. India has become the latest target of the COVID-19 outbreak - affecting over 500 people and 9 deaths till date. India is a huge country with a population of over 1.3 billion; therefore, the control of the outbreak will get difficult if the spread reaches to the community level. The doctors have predicted that the virus will advance at a higher rate in another few weeks, which will leave India into a shattered economy.

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Key companies operating in India whose business operations are significantly affected due to COVID-19 include Aditya Birla Group, Hero Motocorp Ltd., IndiGo, Mahindra Group, ITC Ltd., Tata Chemicals Ltd., and Reliance Industries Ltd.

The number of ventilators and critical care beds is believed to be sharply lacking. According to the Union Health Ministry of India, there is only one isolation bed available per 84,000 Indians and one quarantine bed available per 36,000 people. In addition, the ministry showed the concern for the lack of healthcare professionals available in the country, stating one doctor per 11,600 people and one hospital bed available per 1,826 people. This projects the major concern regarding the treatment of the rapidly spreading COVID-19 in India.

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However, the country is taking the utmost measures to control the spread of COVID-19 pandemic. The rapid spread of COVID-19 has prompted lockdown across the country. On March 22, 2020, almost 80% of the states have announced the lockdown of their respective most affected districts. More than 50% of Indians are under a complete lockdown. "Apart from ensuring the safe return of hundreds of Indians from China, Iran, and other countries, the Indian government has taken decisive measures to contain community spread," stated by the World Economic Forum. India has called for the 'Janta Curfew' on March 22, 2020, to control the spread of novel coronavirus to the community level. This effort has certainly created fear in public regarding the precautions and impression that COVID-19 can form on the people, and encouraged social distancing. On March 24, 2020, the Government of India has announced the complete lockdown of the country for 21 days.

Verticals Affected Most

o Automobile
o Food & Beverage
o Chemical
o Oil & Gas
o Aviation
o Textile
o Retail
o Hospitality
o Others

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This release was published on openPR.