View of CORONOVIRUS COVID 19- IMPACT ON BUSINESS AND INDUSTRIAL OPERATIONS AFTER PANDEMIC

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VOLUME: 10, Special Issue 01, (IC-IESP-MULTI-2023) Paper id-IJIERM-X-I, January 2023 324

CORONOVIRUS COVID 19- IMPACT ON BUSINESS AND INDUSTRIAL OPERATIONS AFTER PANDEMIC

Dr. Krishna Bhuriya

Assistant Professor Commerce, BLP Government PG College, Mhow

Abstract- The rapidly evolving threat to the people of India and the people of another country which commonly referred to as coronavirus, is impacting the business and operations worldwide. Post pandemic squeezed both near-term effects and less-expected longer-run significances. Transportable boundaries and quarantines affecting hundreds of millions of people have left factories short of labour and parts, troublemaking just-in-time supply chains and prompting sales cautions across technology, automotive, consumer goods, pharmaceutical and other industries. Overall, the GDP of India Slows down Several multinationals that are curious their viability post-pandemic, including those in the travel, hospitality, and events industries. To make smart strategic decisions, must understand your organization’s position in environment. The company will have to assess RTW protocols based on the type of epidemic/disease. Create a return to work checklist that provides guidance for the company representative responsible for returning workers. These tentative researches discuss on the problems and prospects of post pandemic business and operation continuity and the main aim of this study is to determine the difficulties arises after the corona virus epidemic.

Keywords: COVID19, Business, Industrial Operations, Pandemic.

1 INTRODUCTION

The Coronavirus has significantly obstructed the Indian Frugality. The research is being carried out by dissimilar establishments and investigators to envisage the financial and economic well-being of the nation-state. The vigour as well as prosperity both imperative supports for the low-cost to endure and grow and hence, footsteps are being taken to develop the healthiness circumstances and monetary conditions by launching support schemes and promoter plans for various areas of the economy. A comprehensive epidemic by the World Health Organization (WHO) and the virus endures to spread quickly around the world through numerous vigorous centres of transmission.

The disease is highly infectious and suspiciously affects those with underlying conditions.

The word “corona” has many meanings, but it was in mind of virologists when they chose the name coronaviruses (COVID19).

They compared it with the solar corona like structure outside the virus which is “fringe of projections”. In 2019, a pneumonia allied with the 2019 novel coronavirus China in Wuhan city. COVID-19 is disturbing about 86countries and territories all over the world and 1 international conveyance which is the Diamond Princess Cruise ship harbored in Yokohama, Japan. China skilledandrise in the figure of pneumonia cases of unidentified etiology in the month of December 2019. This was shared with the World Health Organizations. The Corona viruses are single-stranded RNA viruses, belongs to the family of virus that origins viral pneumonia including fever, breathing difficulty, and lung infection.There are about 40 different varieties having susceptible to mutation and recombination and highly diverse in nature and mainly infect human. The WHO termed it novel coronavirus (2019-nCoV)that was spotted from the lower respiratory tract of patients. On this incidence the Scientists instantly underway to research for the source of

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VOLUME: 10, Special Issue 01, (IC-IESP-MULTI-2023) Paper id-IJIERM-X-I, January 2023 325 COVID 19 pandemic.

By the pandemic of coronavirus all over the world indicating a slowdown in businesses and industrial production. The domestic consumer market and service sector now contribute less GDP. However, different sectors were suffering substantial demand feebleness most notably in manufacturing and production sectors. The government has also been trying to cut the high level of domestic obligation that has led to less borrowing power for business.

In other words, Economy was facing many problems because of quarantine and lockdown.

Concluded this paper, aim to analyse the impact of COVID-29 i.e. Coronavirus on Indian economy as a whole. Also, we would be taking up this research further by performing a sector wise analysis and the problems faced by them in times of this global pandemic.

2 REVIEW OF LITERATURE

ANAROCK Research, 2020 traces the impact of COVID-19 on the Indian real estate sector.

It brings out the fact that the sector was on a growth trajectory since the last few years and was likely to emerge stronger than before; the current Coronavirus lockdown has surely put brakes on its growth momentum. The report analyses the impact on market size and gross domestic product (GDP), employment and foreign direct investment in Indian real estate market. In addition, the report also discusses the impact of COVID-19 on the Indian Commercial office sector and Indian residential retail sector. It points out that shrinking Indian economic growth along with a sharp reaction by global economies to the ongoing pandemic will certainly impact the Indian office segment and bring the residential real estate business to a standstill. The report also highlights a dip in consumer spending, new mall completion delays, leasing activity slowdown, rise in vacancies and overlooking of business models in the coming few months as key challenges in the coming months. Finally, the report stated that in order to beat any crisis, all industries must renovate and rectify their inherent flaws.

Ozili P. and Thankom A. (2020) had highlighted the spillovers of COVID-19 on the global economy. The paper tries to highlight the impact of Coronavirus on different sectors of economy like travel industry, hospitality industry, sports industry, oil price war among countries, import dependent countries, financial sector, health sector, education sector, event industry and entertainment industry. It has also discussed some fast policy responses introduced by policy makers in various countries to avoid the harsh impact of disease spreading virus across the globe. The paper emphasizes the recession faced by most countries and the trade-off between saving lives and saving the economy encountered by almost all the countries. It also concludes that apart from all the challenges, it has made a major move for all the countries to improvise their health sector and has led to a transition phase in the economy in terms of online education, transportation systems, health and hygiene and even an opportunity to fix both economic and financial system with great stimulus packages.

S. Mahindra Dev and Rajeshwari Sengupta (2020) had highlighted the impact of Coronavirus on the overall economy by comparing the situations before the crisis and after

Global map of countries with confirmed coronavirus disease 2019 (COVID-19) in the world reported by the WHO.

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the crisis. This paper especially talked about Informal Sector, Banking Sector, MSMEs, Financial Markets and Limited policy space. The Government announced various policies to handle the situation of crisis and how these policies are successful and implemented in the real world is also the main component of the paper. It has discussed how the country lockdown has brought all economic activities to an abrupt halt and in turn will have further spillover effects on investment, employment, income and consumption, pulling down the aggregate Growth of the economy. In last, it has discussed the measures that the Reserve Bank of India, State and Central Government could adopt to improve the economic situations simultaneously controlling this virus.

2.1 Purpose of the Study

The persistence of the study is to steer the monetary and operative tasks in commercial after coronavirus while speedily addressing the requirements of their people, customers and suppliers. Leaders congruent with perceptible actions that the organization can take to turn immense difficulty into reminiscent modification.

3 METHODS

The novel corona virus (COVID-19) epidemic remains to progress. Now’s the time to swing devotion to exertions that sustenance a coming back to trek. How firm can embark making that move - from activating during this period, to alleviating in the innovative circumstances and influencing for consequential.

Key areas of focus for organisations

 Crisis management and response: - The COVID-19 pandemic has carried speeding and unpredicted variables, some of which existing calamity campaigns and teams weren’t prepared to grip. Many businesses effectively developed trendy management plans precise to this catastrophe, and are now looking forward.

 Workforce:- Five workforce areas are emerging as priorities for business leaders:

Protecting persons by taking preventive measures and giving care to employees’ physically and emotionally at work place.

Effectually communicate the people globally. Uncertainty.

Maintaining work continuity with proper delivery of the resources and support staffs which has to be productive.

Evaluate personnel costs to explore workforce

To ramp up with proper preparation for recovery and evolving market in order.

 Operations and supply chain: The undulation effects of the COVID-19 epidemic are hard to classical and measure, but worldwide businesses can begin to moderate supply chain distributions.

 Finance and liquidity: - During the financial ambiguity, managing cash and liquidity situations may be critical. Some companies are sighted lower income resulting in less flow of cash.

4 DISCUSSION

COVID-19 is connected with person-to-person communicating transfer disease through droplet or through direct contact if nonexistence of severe infection control and prevention or no proper protective kit available. COVID-19 epidemic in the world, causes severe economy problem all over the world.

Recently an industry review that is jointly showed by industry body Ficci and tax consultancy Dhruva advisors and took responses from about 380 companies across the sectors. It is said that trades are facing with "tremendous uncertainty" about their upcoming.

According to the study, COVID-19 is having a 'deep impact' on Indian manufacturing sector and businesses, over the coming month's jobs are at high risk since firms are looking for some decrease in manpower.

The present situation is having a "high to very high" level impact on their business according to almost 72 per cent respondents. Further, 70 per cent of the surveyed firms are expecting a degrowth sales in the fiscal year 2020-21.

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Ficci said in a statement, "The survey clearly highlights that unless a substantive economic package is announced by the government immediately, we could see a permanent impairment of a large section of the industry, which may lose the opportunity to come back to life again."

The survey found:

 In respect to the approved expansion plans, around 61 per cent of the respondents expect to postpone such expansions for a period of up to 6 or 12 months, while 33 per cent expect it to for more than 12 months.

 Surveyed firms of around 60 per cent have postponed their fund-raising plans for the next 6-12 months. Also, nearly 25 per cent of the firms have decided the same.

 Surveyed firms around 43 per cent have reported that they do not predict an impact on exports. Further, 34 per cent said that exports would take a hit by more than 10 per cent.

According to Du & Bradstreet, COVID-19 no doubt disrupted human lives and global supply chain but the pandemic is a severe demand shock which has offset the green shoots of recovery of the Indian economy that was visible towards the end of 2019 and early 2020.

The revised Gross Domestic Product (GDP) estimates for India downwards by 0.2 percentage points for the fiscal year 2020 to 4.8 per cent and by 0.5 per cent for the fiscal year 2021 to 6 per cent. Further, it is stated that the extent of the actual impact will depend upon the severity and duration of the outbreak.

There are three major channels of impact for Indian businesses according to the report namely linkages, supply chain and macroeconomic factors. The data of the Dun &

Bradstreet shows that at least 6,606 Indian entities have legal linkages with companies in countries with a large number of confirmed COVID-19 cases. And business activity in the foreign markets is slow which implies a negative impact on the topline of these companies.

Sectors that would be much affected includes logistics, auto, tourism, metals, drugs, pharmaceuticals, electronic goods, MSMEs and retail among others

Further, according to the World Bank's assessment, India is expected to grow 1.5 per cent to 2.8 per cent. And IMF projected a GDP growth of 1.9 per cent for India in 2020 because the global economy is affected by the COVID pandemic, the worst recession since the Great Depression in the 1930s. Also, we can't ignore that the lockdown and pandemic hit several sectors including MSME, hospitality, civil aviation, agriculture and allied sector.

According to KPMG, the lockdown in India will have a sizeable impact on the economy mainly on consumption which is the biggest component of GDP.

Reduction in the urban transaction can lead to a steep fall in the consumption of non-essential goods. It can be severe if disruption causes by the 21-day lockdown and affect the availability of essential commodities.

Due to weak domestic consumption and consumer sentiment, there can be a delay in investment which further add pressure on the growth. We can't ignore that post-COVID- 19, some economies are expected to adopt de-risking strategies and shift their manufacturing bases from China. This can create opportunities for India. According to KPMG, opportunities will largely depend on how quickly the economy recovers and the pace at which the supply chain issues are addressed.

KPMG India Chairman and CEO Arun M Kumar said: "Apart from providing robust safety nets for the vulnerable, a focus on ensuring job continuity and job creation will be imperative". "And there is urgent need to mobilise resources to stimulate the economy for increased demand and employment". According to the KPMG report "It is expected that the course of economic recovery in India will be smoother and faster than that of many other advanced countries".

In terms of trade, China is the world’s largest exporter and second-largest importer. It accounts for 13% of world exports and 11% of world imports.

Up to a large extent, it will impact the Indian industry. In imports, the dependence of India on China is huge. Of the top 20 products (at the two-digit of HS Code) that India imports from the world, China accounts for a significant share in most of them.

India’s total electronic imports account for 45% of China. Around one-third of machinery and almost two-fifths of organic chemicals that India purchases from the world come from China? For automotive parts and fertilisers China’s share in India’s import is

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more than 25%. Around 65 to 70% of active pharmaceutical ingredients and around 90%

of certain mobile phones come from China to India.

Therefore, we can say that due to the current outbreak of coronavirus in China, the import dependence on China will have a significant impact on the Indian industry.

5 CONCLUSION

The existing outburst of COVID-19 is a disaster in the world. This Corona Virus plague may clatter the Indian economy. The level of GDP decreases very fast after the lockdown, more so when India is not insusceptible to the global stagnation. It is believed that India is more vulnerable, since its economy has already been bedbound and in an entrenched.

The Prime Minister of India has already spoken of setting up an Economic Task Force to plan policy trials to wrestle the economic trials arising from COVID 19, as also on the stability of Indian economy. However, the existing plans would have to be kept in place to support the economy and its rescue.

As the disruption from the virus improvements universally as well as within India, it is for us to overlook, at least for the time being, all talking only about economic recovery, and instead join hands whole heartedly to challenge the outcome of COVID-19.

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