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Lockdown Impact: 1st Month of Lockdown (24th March-24th April)

The 1-month lockdown in India from March 24th to April 24th resulted in significant economic losses, with the economy losing over $4.5 billion daily. The worst hit industries were retail, manufacturing, hospitality, tourism, and ecommerce. Transportation companies like Ola and Uber saw revenues drop 95%, while the tourism industry lost $1.5 billion and the events industry lost $420 million. Startup funding and the number of new startups declined sharply. Over 50% of businesses were significantly affected and supply chains were disrupted. The 2-month lockdown further exacerbated unemployment, which rose to 26%, and job losses, especially in hospitality and tourism. India was predicted to see its worst economic growth in

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20 views2 pages

Lockdown Impact: 1st Month of Lockdown (24th March-24th April)

The 1-month lockdown in India from March 24th to April 24th resulted in significant economic losses, with the economy losing over $4.5 billion daily. The worst hit industries were retail, manufacturing, hospitality, tourism, and ecommerce. Transportation companies like Ola and Uber saw revenues drop 95%, while the tourism industry lost $1.5 billion and the events industry lost $420 million. Startup funding and the number of new startups declined sharply. Over 50% of businesses were significantly affected and supply chains were disrupted. The 2-month lockdown further exacerbated unemployment, which rose to 26%, and job losses, especially in hospitality and tourism. India was predicted to see its worst economic growth in

Uploaded by

NISHANT395
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Lockdown impact

1st month of Lockdown (24th March- 24th April)

 The Indian economy was expected to lose over ₹32,000 crore


(US$4.5 billion) every day during the first 21-days of complete
lockdown.

 Worst affected industries Retail, Manufacturing, Hospitality,


Tourism, E-Commerce, Events.

 Revenue of transport companies such as Ola and Uber Cabs went


down nearly 95% in March-April.

 Loss to the tourism industry -  ₹15,000 crore.

 Live events industry saw an estimated loss of ₹3,000 crore


(US$420 million).

 DataLabs report shows a 45% decrease in the total growth-stage


funding as compared to Q4 2019.

 Indian startups have fallen over 50% in Q1 2020 from Q4 2019.

 Up to 53% of businesses in the country were projected to be


significantly affected.

 Supply chains were affected.

BB conducted World’s Largest Online Business Event on 24th April.

2nd Month of Lockdown (25th April- 31st May)

 As per The World Bank and rating agencies, India's growth for FY2021
with the lowest figures India has seen in three decades since India's
economic liberalization in the 1990s.

 On 26 May, CRISIL announced that this will perhaps be India's worst


recession since independence.
 Unemployment rose from 6.7% on 15 March to 26% on 19 April.

 During the lockdown, an estimated 14 crore (140 million) people lost


employment while salaries were cut for many others.

 The majority of job losses in the hospitality and tourism sector were
reported followed by sales staff and all other sectors.

 The MSME sector employs over 110 million Indians and contributes nearly
30% to India’s GDP. The proposed Rs. 10,000 crore Fund of Funds can
realistically pay salaries of only 5% of the total employees, if we consider
Rs 20,000 average monthly salary. This clearly indicates that the small
businesses still need to work hard to ride out the storm on their own and
those who will wait for government help tend to die sooner.

 Some relaxation was announced on 18th May in some tier 2 and tier 3
cities. Small businesses were started to open up.

 To help small businesses to Bounce Back and new revenue could be


generated, BadaBusiness decided to organise yet another- 

Largest Online event on Sales Strategies on 30th May

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