Impact of Coronavirus on Businesses

According to WHO, Coronavirus outbreak has been declared as a global pandemic. Companies all around the world are concerned about the spread of this virus as well as the effect it’s going to cost on their business. This pandemic is estimated to cost the world economy around $1Tn as per the present impact.

This number is likely to increase manifolds. Social distancing as well as lockdowns all over the world are impacting start-ups as well as enterprises conduct their day-today workflows.

In India, the impact of this pandemic is not just hampering selected sectors, but is also evident across all sectors of the economy. The activities related to venture capital is experiencing a slowdown because of social distancing. Meeting with clients and customers are hampered to a great extent because of self-isolation.

The demand and supply of the economy is negatively influenced, and has forced the industry leaders to lower their revenue forecasted for the last quarter of financial year 2019-2020. Amidst all this chaos, investor sentiments are also hampered, resulting in an overall dip in the market economy.

IMPACT ON THE CORPORATE INDUSTRY

With this disturbance in the market, do you think the employment of regular corporate employee is safe? Several reports have estimated that this outbreak in India will result in IT firms decreasing their hiring by 30%.

Not just hiring, few companies have already announced that they will not be giving any hike to their employees in this financial year. And if the management of corporate companies see a loss after a few months, they may even start laying off their employees.

For example, Mastercard cut its growth forecast, Amazon and Nestlé has suspend international travel, various airlines cancelling their international flights.

As the virus is spreading in India so rapidly, consumers are staying at home avoiding all restaurants, stores and other businesses.

• In terms of imports, India is hugely dependent on China (where the businesses are still shut). China accounts for a huge portion of the top 20 products that are imported to India. Our total imports in electronics from China is about 45%.

• One-third of machinery and two-fifth of organic chemicals used in India are imported from China. Around 70% of pharmaceutical ingredients and a whopping 90% of mobile phones come from China.

• Talking about exports, China is our 3rd largest export partner. Sectors like plastics, organic chemicals, fish products, ores, cotton, etc. are bound to face tremendous problems.

• About 72% of companies present in India are also located in cities like Beijing, Shanghai, Guangdong, Shandong and Jiangsu. This pandemic would affect sectors like manufacturing services, Industrial manufacturing, IT and BPO, Airlines Logistics, Chemicals, and tourism to huge extent.

NEED OF THE HOUR

What should a regular corporate employee do? Those who are facing layoffs, those who are not sure whether they will sustain in the company? What should those college pass outs do who are waiting for their offer letters but are still not sure of securing the job? What should they do who are still unemployed?

The only answer to this is to look for alternative options. This is important because of the pandemic. 2020 is no longer a year where you can expect job security. It doesn’t matter if you work for an MNC or a start-up or how good you are in what you do. Every one of must look out and grab every opportunity there is, to earn extra income. And one sure-shot thing that you can do to earn massive commissions from the comfort of your home is by becoming a TECH BANDHU.

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