Coronavirus disease 2019 (COVID19) is a respiratory syndrome that causes respiratory illness in human beings. The disease is caused by a virus known as Corona, which originated from Wuhan City, China.
The World Health Organisation declares COVID-19 an emergency on Jan 30, 2020, and subsequently, on March 11, 2020, it was declared as a global pandemic. The coronavirus epidemic is the biggest human tragedy, affecting hundreds and thousands of people and is also having a growing impact on the global economy. Globally around 24,04,249 confirmed cases have been recorded and total 1,65,234 people have lost their lives and the cases are increasing rapidly from day to day basis.
The coronavirus spreads particularly through droplets which are generated when an infected person coughs or sneezes and it can be transmitted via air to some distance. This is the reason for the upcoming of a new concept of social distancing. Social distancing can break the chain of coronavirus by increasing the distance between an infected and non-infected person and it is supposed to be the foremost best solution to beat the spreading of coronavirus.
The manufacturing sector which was already buckling under immense stress has been among the worst-hit; with a complete shutdown of production and supply chain disruption. The drastic fail in demand across most of the manufacturing units has further compounded the sector worst. The Industrial control sector is facing deferred demand, supply chain disruptions, and potential plant closures, dramatically impacting retail and purchasing prices.
The aviation and transportation sector is globally impacted as full lockdown and the travel ban has been imposed in many countries and hence results in loss of jobs and pay cuts in this sector as the aviation industry is working with minimal operating cash flows, the remaining cash reserves are also been depleted in the coming time.
The automotive sector sales have been dropped more than 80 percent and it is very unlikely that the circumstances will change soon. It results due to change in customer behavior in response to lockdown where there is no movement of vehicles allowed and no one is willing to buy a new vehicle as this sector is not considered in essential sectors for most of the people.
The companies providing consultancy and IT solutions are comparatively less affected by this pandemic as they can allow their employees to work from home with the same efficiency and accuracy wherein the case of production and manufacturing the employees need to be physically present to supervise and control the production.
The sales of mainly all the non-essential items have been declined. For example, E-commerce giants such as Amazon and Flipkart are not functioning at their full pace as they cannot deliver non-essential items that constitute the major part of their business. Online supermarket giant like Big Basket and Ninjacart have boosted their business as the demand for online delivery food products have increased in this corona situation as everyone wants to be safe in their home and avoid large gather markets for essential supply buying.
As the government urges educational institutes to start online classes the EdTech startup-like Byju’s and upGrad has gained a lot of attention among students as they can learn from their home digitally. Not only the education sector but also corporates started taking advantage of online video calling applications such as zoom and skype started popping up a lot.
In the short-term, it is highly likely that the COVID-19 pandemic has already lead to a period of economic recession and will be adversely affecting the global economy more than a decade. The long-term impact will be felt even after six months and around 70 percent of the organizations believe that the single biggest concern for continued remote working will lead to a fall in productivity and efficiency. Most of the organizations will be adapting a virtual method of recruitment and emerging techniques like artificial intelligence, process automation, robotics, and revamping the traditional employee engagement models and techniques as well as redesigning the performance management process and restructuring benefits and policies to enhance their performance. Institutions will have to work on rethinking their models and resource plan and digitalizing their teaching methods. Proper sanitation and social distancing practice should be followed in production and industry sectors to avoid large gathering and work from home should be implemented in maximum IT and consultancy sectors where the employees can give their best efforts from working at home and ultimately the travel time office to home is also reduced and they can invest that time in the productivity of their work.