Top business impacted by COVID-19

Top business impacted by COVID-19

Due to the outbreak of coronavirus, businesses are impacted a lot. Now there is no particular hope arising that all the business will be going to get the same place as they have earlier. Here we will be going to discuss the top business impacted by COVID-19.

  • Impact on tours and travels:

Tours and travels also get impacted a lot by a coronavirus. Airlines, hotels, tour operators, travel agents, Rail Network, Roadways, Transport, Cruises, auto-rickshaw, and all others are facing a lot of difficulties these days. The government has issued the notice for social distancing, and also traveling is not allowed these days. All the bookings which have been made are canceled and no one can travel. the bookings done will going to be canceled and refund will be given to the customers.

But the news is coming that the cancellations will not be touched, which are made for after September. The rest will depend on the situation and announcement by the government.

  • Impact on Automotive industry:

At the top, the automotive industry is facing a lot of crises. This outbreak disturbs the automotive value chain which lets people think about what they will be going to do in the future. Now the automotive industry is not contributing to the economy at all because manufacturing has been stopped, and right now, they are looking forward to the measures to get available. The automotive industry is not only facing the crisis in the economy but due to the fact that now no work is available with them, the labor is also suffering. Recently, a cut in salary has been seen and no employees are getting a 50% salary for the actual salary.

  • Impact on share market:

How can one forget the global stock market? Recently, the stock market is facing a lot of crashes. This is clearly the result of fallout in global markets. On January 20, 2020, the Sensex, which was 42273, was 29894 on April 8, 2020. Quietly bastard to see how the stock market is crashing day by day. Moreover, when it comes to looking at the price to earnings ratio of Sensex, it is less than 18. The historical range was in-between 20 to 24. A person can guess how the stock market is crashing these days.

  • Impact on IT sector:

The IT sector is not far away from the crisis. It has become a tree for all the IT companies to allow their employees to work from home. Not only working from home but now they have no projects to do as they were doing earlier. Whether the employee is working or not, but it is a must for a company to pay them. Some of the employees have also lost their job because now the IT sector has nothing to do and they cannot pay unnecessarily.

  • Impact on textile, handicrafts, and jewelry industries: 

Textile, Handicrafts, and the jewelry industry are also facing downtime. All of these industries are available with stock, but they cannot sell it. According to an estimate, around 30% of orders related to the labor-intensive sector have got canceled. 

Also now meetings are going on to settle a few measures that will help people to get rid of the problem as soon as possible. The employees have reported that they have nothing to do because the sector is almost down. Moreover, few of the people from the labor class reported that they have nothing to do because they were working on regular wages.

Reports are coming where the textile markets are saying that now they will be going to get sustainability from 2020-2024. Moreover, now everyone is looking forward to recovery analysis that will help them to maintain things in the manner as earlier.

  • Impact on e-commerce:

Despite the fact, the online shopping platforms are providing essential items, but they are also facing a crisis because of the Coronavirus pandemic. It is quite difficult to see that portals like Amazon, Flipkart, and others are only providing essential items. But all other items which include daily stuff like mobiles, clothes, and other essential items they are not supplying. This clearly indicates that it will be going to trouble them a lot in the future.

The requirement of official items has been boosting up on these platforms, but non-essential items are still in stock, and there is no hope soon is arising for selling them.

COVID-19 is affecting all other businesses as well. Now everyone is looking forward to the measures that can take so that they will be able to get rid of the problem as soon as possible. Everyone is joining hands with each other so that they can support the economy. Now the question arises that when the lockdown will get over and people will be able to get back to their work? Until and unless no one predicts what will be going to happen in the future.

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