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Wednesday, July 8, 2020

Lockdown will hit India with $320bn Economic loss: Report

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46% businesses in India fear negative COVID-19 impact for 1 yearNew Delhi, May 4 (IANS) The COVID-19 pandemic is expected to hit Indian economy with about $320 billion in terms of daily gross domestic product (GDP) loss after 40 days of lockdown, said a report.

The daily GDP of India is estimated to be approximately $8 billion.

The impact has been severe on the travel and mobility sector with unicorns such as OYO, Ola, MakeMyTrip seeing massive revenue decline, said the report from DataLabs by Inc42.

The micro, small and medium enterprises (MSME) sector, often called the backbone of the Indian economy, has had to shut small-scale factories, and is working with minimal workforce.

The COVID-19 pandemic has decimated the MSME revenue even more, said the “COVID-19 Startup Impact Report — Threats & Opportunities For The Indian Economy”.

For some sectors, this pandemic has sounded the death knell, but the supply chain disruption has impacted manufacturing everywhere.

However, even amid these disruptions, some sectors have risen to the top owing to the behavioural changes in consumers.

The sudden surge in demand for services like hyperlocal deliveries, media and content, video conferencing and other enterprise tech applications will further enhance revenue prospects of some Indian startups in the coming fiscal years, said the report.


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