Losses due to Corona virus

United Nations has stated that 25 million jobs could be lost worldwide due to the corona virus pandemic, but an internationally coordinate policy responses can be helpful to lower the impact on global unemployment according to UN agency.

  • Apart from jobs the main loss is incurred by the Indian Aviation sector and the main one is Air India which is expected to incur losses of Rs 30-35 crore per day.

 

  • Around 80,000 jobs are expected to cut by various retailers due to the ongoing pandemic, according to the survey by industry body Retailers Association of India (RAI). As the lock-down was imposed on March 25, more than 95% of non-food retailers had been close their stores and are expects to earn only 40% of the previous year revenue in the coming up six months.

 

  • Because of the lock-down of 21 days India is bearing a big loss and you won’t imagine, Acuite ratings & Research Ltd earlier this month has been estimating the lock-down of Indian economy almost 35,000 crore per day till 21 days lock-down will been a great bad effect on the country’s GDP loss of amount of 7.5 lakh crore.

 

  • Stock market has a great loss of about $620 billion.

 

  • Corona virus has been affected more on trade and businesses. India is the 15 most affected economies in the world due to the corona virus and the slow down production in china. The trade impact of the covid-19 epidemic for India is estimated to be 348 million dollars. The loss which has arise are, chemicals sector- 129 million dollars, textiles and apparels- 64 million dollars, automotive sector- 34 million dollars, electrical machinery-12 million dollars, leather products- 13 million dollars, metals and metal products- 27 million dollars, and wood products and furniture at 15 million dollars.

 

Conclusion- Hence the loss is big in numbers but in this difficult time when the world is bearing a thousands of deaths per day and the world economy is crashing down as all the money is being spent on this pandemic we have should stand together united to fight against COVID-19. And hence we can save the humanity and it may take some years to stand the economy but firstly physical health is most important then wealth because health is wealth.

 

“IF YOU HAVE LIFE, YOU HAVE THE WORLD”