69th Day Of Lockdown

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Business Other News 30 Mar 2020 Business hit hard fo ...

Business hit hard for next three months

DECCAN CHRONICLE. | CHANDRASHEKAR G
Published Mar 30, 2020, 3:40 pm IST
Updated Mar 30, 2020, 3:40 pm IST
Almost all the sectors have suffered loss except emergency health care and pharma sector
Representative Image (PTI)
 Representative Image (PTI)

BENGALURU: It will take not less than two to three months for the business and normal life to fall in line. Retail sector, e-commerce, health care, Information Technology and travel sectors are the worst hit says Shailesh Shah, Senior Partner and Co founder, Strta Consulting with more than three decades of experience in strategic, operational, finance, marketing and organisational issues.

The non essential retail sector which had been seeing a turnover of Rs. 100 crore per annum has been reduced to almost nil. Not a single customer is turning up in the last one week. This is the state of affairs. On a positive note, India has been headed in right direction. Compared to other countries, there has been effective measures to curb the spreading of dreaded virus with lock down measures, he added.

 

The loss that the industry suffering has not been quantified yet but it runs in several crores. Almost all the sectors have suffered loss except emergency health care and pharma sector.

A few non essentials like art, drawing and painting materials besides online and offline gaming are seeing a surge in the business. Since people are home bound, some of the e-commerce industry is doing a good business. However, it is a temporary phenomenon as the people would lose buying capacity, says Shah.

Transport is the direct indicator and driver of development and growth. When air and surface transport like trains and road transport is halted it has trickling down impact on the industry and growth. 

"It took three months for China, a communist country to bring the situation to normalcy after shutting down the entire country for three months. No doubt they may have achieved success in combating dreaded corona virus but the economy has nose dived," he said. 

IT industry may be working from home. Measures like work from home, ups killing, cross skill and off shore technology support is guiding the industry. IT field may not see the attrition as their services for banks and other sectors are very essential. However, a few start up companies may feel the brunt of spread of COVID 19 disease, said Shah. 

Prudent practices are a must by each and every citizen to combat the situation, he suggested. He also feels that India and US being democratic countries face more challenges than other countries in tackling COVID 19.

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Location: India, Karnataka, Bengaluru




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