‘Will things go back to normal?’, that is the question, everyone has on their mind.
The Corona Virus outbreak was declared a Public Health Emergency of International
Concern on 30 January 2020 and the virus itself was christened COVID 19 on 11 February
2020. The biggest health crises of our time, it’s the greatest challenge we are facing after
World War II.
The COVID-19 outbreak has been very secular in its impact – the high and the mighty have
been hit as hard as everyone else. The strength of a country’s economy, its international
stature, the might of its army, one’s own economic standing, the size of one’s mansion –
nothing matters; nothing and no one has been left untouched by this blight.
Lacking a definite cure or a prophylactic, the best thing we can do is to do contain the spread
of this disease by observing social distancing, reducing unnecessary contact with others and
restricting ourselves to our homes as much as possible. This, of course, is the lockdown as we
know it. Countries have been forced to place restrictions on the movement of people, and
thence on economic activities, to check the spread COVID-19.
The COVID-19 outbreak and the response to it has had unfortunate effects. Whole sectors –
the hospitality industry is a prime example – have been crippled. It is not just the traditional
sectors such as industry and agriculture that have been affected. Entirely new sectors – the
gig economy, the unicorn companies – have been devastated.
India too is battling this pandemic with all its might. Learning the lessons from the
developed countries like Spain and Italy, India put all its machinery and material into motion
to curb the spread of the disease. What started as one day Janta Curfew on 22.03.2020 by the Prime Minister of India and lockdowns by some of the state governments, the entire country was declared to be under lockdown from the midnight of 24.03.2020. Resultantly, everything and every activity, barring the activities relating to and concerning with the essential supplies came to a complete grinding halt. Though the improvement in the
environment due to such a lockdown was a silver lining, however the toll on economy due to
this lockdown is unprecedented.
COVID-19 had its impact on the industry in general but some sectors have been hit harder
than others. The hotels are vacant and airlines have closed their wings. The live events
industry has also estimated a loss of more than Rs. 3000 crores. Automobiles industry
registered zero sales in the month of April. Building and construction activities have come to
complete halt. Most adversely effected sector is Tourism and it will take perhaps the longest
time to recover.
We at PCMRD have always tried to inculcate the spirit of research in our students. With this
intention, students were given to undertake a research project on "Effect of COVID-19
Pandemic on Indian Economy".
73 students have submitted their research reports, emphasising on various dimensions of
impact; Financial, Marketing, Human Resource, Operations, International Business, Rural
Agri business, Supply Chain and Information Technology.
Some of the sample reports submitted by the students are: