{"id":29433,"date":"2020-03-05T18:47:18","date_gmt":"2020-03-05T13:17:18","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=29433"},"modified":"2023-03-16T12:32:17","modified_gmt":"2023-03-16T07:02:17","slug":"business-impact-of-coronavirus-on-indian-and-global-economy","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/business-impact-of-coronavirus-on-indian-and-global-economy\/","title":{"rendered":"Business Impact of Coronavirus on Indian and Global Economy"},"content":{"rendered":"

Coronavirus case was firstly reported in December 2019 in Wuhan, China which is currently is a big danger for the nations across the world. Already near about more than 3000 people have died globally with the virus COVID-19. Coronavirus is spread through virus COVID-19<\/a><\/em><\/strong>, which in other words, is also known as Severe Acute Respiratory Syndrome<\/em><\/strong>.  WHO<\/strong> (World Health Organisation) is also working closely with governments and health organizations to provide advice to the countries globally about the preventive and precautionary measures.<\/p>\n\n\n\n

One cannot ignore the fact that the coronavirus has impacted\nthe economy globally, which has presently slower the trade, supply chain\ndisruption, commodities and logistics. In terms of trade, China is the world’s largest exporter and\nsecond-largest importer. It accounts for 13% of world exports and 11% of world\nimports. The lockdown is affecting around 500 million people in the country\nthat has a deep impact on its consumption of goods by March 2020.  The business impact of coronavirus has also\naffected the economy of other countries as well. <\/p>\n\n\n\n

Impact of the Coronavirus on Indian Economy<\/h2>\n\n\n\n

Indian industry is dependent upon China to a large extent. Almost top 20 products are imported to India from across the world. Particularly, in that case, China accounts for a significant share. Moreover, Indian electronic goods items account for 45% in China. Around 25% of fertilizers, 65 to 70% of the active pharmaceutical ingredients and 90% of the mobiles are imported from China to India. These figures have dropped-down largely, which has affected the Indian economy and slow the growth in the nation. <\/p>\n\n\n\n

India’s economy is mostly affected by the 15 countries due to the coronavirus epidemic and it has slowed down the pace of production in China, with a trade impact of 348 million dollars. The trade\/business impact of coronavirus for India is comparatively less to other economies such as EU, the US, Japan and South Korea. The most affected economies because of the coronavirus are the European Union (USD 15.6 billion), the United States (USD 5.8 billion), Japan (USD 5.2 billion), South Korea (USD 3.8 billion), Taiwan Province of China (USD 2.6 billion) and Vietnam ( USD 2.3 billion).<\/p>\n\n\n\n

Other industries in\nwhich business impact of Coronavirus are as follows:<\/strong><\/h3>\n\n\n\n