How Coronavirus Outbreak is Affecting the Indian Economy and How Can We Overcome These Effects?
Coronavirus is a human tragedy which has affected thousands of people globally. It ranges from the common cold to more severe diseases like Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). WHO is working closely with global experts, governments, and other health organisations to provide advice about precautionary and preventive measures to the world. However, it is still unknown when this will get in control and the situation will limp back to normalcy.
Owing to this, it’s impact has created turbulence in the overall global economy as well as Indian businesses. Since, COVID-19 or Coronavirus has been declared pandemic by WHO, an uneasy calm is prevailing across businesses in India. From numerous exports from India include organic chemicals, cotton, ores, plastic items, salts and so on. Imports range from electrical machinery, nuclear machinery, optical and medical instruments, vehicles and accessories to iron and steel. China is India’s second largest trading partner. The country accounted for 13.7% of India’s total imports in 2018-19 while 5.1% of India’s total exports went there, according to ministry of commerce data. Apart from these, a whole lot of sectors such as toys, furniture, computers, cars and white goods are dependent on China.
A supply crunch in smartphones, TVs and electronics will impact e-commerce sales dearly. Well, the realization dawns that the outbreak has the potential to affect trade worth #87 billion approximately as China exports around $70 billion worth of goods to India.
As odds of a global downturn rise, governments and central banks around the world are racing to fend off the economic damage from the spread of the coronavirus. Emergency interest rate cuts can be one of the steps that could be taken to keep the wobbly economy on track. To curb the effects, various companies and mainly IT firms have started giving ‘work from home’ to their employees. On the other hand, IT firms that require travel, Unified Communications has been a major help where they can have video and audio conferencing on a single platform. Matrix SPARSH VP710 is a Smart Video IP Deskphone built for business professionals to offer enhanced audio and video communication quality. The new touch screen IP Video Phone is the next step towards Unified Communication that delivers good quality audio calls along with video collaboration. This paves way for communication convenience and augmented productivity.
In addition to this, spreading awareness on how people can keep the effect of Coronavirus at bay might help to survive this downturn. But the effects of survival largely depend upon how long Coronavirus will last. The uncertainty of this has sent the stock market to a tumultuous roller coaster ride with turbulent drops and wild swings. Tourism and travel has had a hard hit due flight cancellations that bans essential employee travel. Although, digital connectivity has been a major help through which different firms and companies are trying to stay afloat. Matrix takes mobility experience a notch higher with Matrix VARTA ADR100/AMP100 – the UC Client. The softphone enables users to access all the facilities of their desk phones from their Android or iOS-based smartphones or tablets.
Well, the horse is out of the barn and containment alone can’t work in this scenario. Due to this we do not have a cease count or as a matter of fact, know where the virus is spreading. According to WHO reports, there are more than 100, 000 positive cases of COVID-19 across the globe and more than 3400 deaths. It is evident that without an effective vaccine this is impossible to end before millions are affected. There’s still a lot communities can do to slow the spread, save lives, and buy crucial time for either a cure or a vaccine to be developed. There are many forking paths on the way from outbreak to endemic. Lives can still be saved, and the worst-case scenario can still be avoided.
The tragic spate of death and illness has put the entire global economy at a high risk. In this state, the best advice is to wait till everything limps back to normalcy. If the Government initiates emergency interest rate cuts, then it is sure that the situation can be controlled when it comes to recession and major setbacks in terms of the economy of India. Obviously, there will be a situation where your company might hit the negative financial hit in the first quarter as a result of the epidemic. A few of the well-known brands are running under ‘reduced hours’ while taking mitigating actions and precautionary steps to ensure the wellbeing and safety of their employees. Resellers should be in constant touch with their suppliers and continue making contingency plans to ensure minimal impact to their supply chain.
For the wellbeing and safety of our employees, we have kept sanitizers at the entrances. Our Palm Vein
Recognition system (Access Control and Time-Attendance) had a handguide which has been removed for safety purposes and contactless biometrics have taken over the entire organization. COSEC APTA is a mobile application which enables employees to mark their attendance via bluetooth and QR code. Also, the attendance can be marked through APTA via location and face recognition features. We have asked our employees about their recent travel and have encouraged them to opt for paid leaves for overall safety. Also, we have instructed and educated our employees to maintain a hygienic environment at the premises as well as at their homes.