COVID-19: What will be the effect of Coronavirus on the Indian economy?

India has taken several measures to stop COVID-19 and for this 40-day lockdown is also going on. In such a situation, the question arises that what will be the effect of COVID-19 on India's economy? Let us study this article.

The coronavirus outbreak first occurred in Wuhan, China on December 31, 2019. Before reading about the impact on the economy in detail, first of all, know about the coronavirus.

Coronavirus (CoV) is a large family of viruses that cause disease. This can cause serious illnesses ranging from the common cold to the Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). The novel coronavirus is a new type of virus that was not yet found in humans.
We cannot ignore the fact that the outbreak of COVID-19 in China and other countries of the world is expected to have a significant impact on the economy, including economic slowdown, trade, supply chain disruptions, commodities, and logistics globally.

Impact of Corona Virus on Indian Economy In imports

India's dependence on China is very large. Among the top 20 products (in double digits of HS code) that India imports from the world, China holds a significant stake in most of them.

About 45% of India's total electronic imports depend on China. About one-third of the machinery and about two-fifths of organic chemicals that India buys from the world come from China? China accounts for over 25% of India's imports for automotive parts and fertilizers. About 65 to 70% of active pharmaceutical ingredients and about 90% of mobile phones come from China to India.

Therefore, we can say that due to the coronavirus outbreak in China, import dependence on China can have a significant impact on the Indian industry. But now the situation in China is improving, then maybe there will be some changes in the coming time.

Post a Comment

Please do not enter any spam link in the comment box.

Previous Post Next Post