In this write-up, I will discuss how COVID-19 affects your jobs and studies, those areas where jobs can be generated, and those areas where jobs will be cut drastically. I will also try to explain how you can be future-ready to cope up with this pandemic.
These days economists have been warning the government to continue to take measures to revive the economy. According to economists, if the government will not take proper actions, the recession will hit the economy.
HOW VARIOUS SECTORS HAVE BEEN AFFECTED IN THE ECONOMY
- SPORTS INDUSTRY
This industry has been tragically affected. All the persons who are involved in organizing the sports are jobless. Due to COVID 19, Olympic 2020 which would have been organized in Japan, has been canceled. IPL has the same scenario, various sports have suffered in a similar way.
- TRAVEL AND AVIATION INDUSTRY
This is also one of the hardest-hit industries. All tour operators, travel agents, pilots. air hostesses along with the ground staff are either facing job cut or Salary cut.
- FOOD INDUSTRY
Food Industry has also suffered the most. Before the lockdown Zomato, Swiggy were very popular apps among the youth. However, in the last two months, they have faced devastating effects.
- FILM INDUSTRY
Production of films and concerts has stopped. Movie theatres are shut. Thousands of people who were engaged in making films are unemployed.
- I T INDUSTRY
IT industry is one of the industries that has earned multiple fold profit during COVID-19. Zoom, Skype, Google classroom, etc. have shown tremendous growth. Because we have lots of time for entertainment, IT industries are booming in lockdown. Companies like Netflix, Amazon Prime, or online gaming have achieved supernormal profit.
- EDUCATION INDUSTRY
Due to work from home culture, this industry didn’t stop working. Online classes and open book exams are going on.
Every year lots of Indian students go to the USA to study engineering and for MBBS they prefer China and merely thousands of students come to India for their studies. So this year they might not go abroad to study. As a result, students will study in India and therefore competition will also increase among students and the strength of colleges will also witness a growth
- MSME SECTOR
Micro small medium enterprises are the most important sector where the government will put extra effort. This is because this is the sector that contributes 29% to the GDP and 48% in exports and generates massive employment.
EFFECT ON FUTURE
- International Labour Organisation predicts that approx 38% of people will face job cuts or Salary cuts and it will result in low demand and the economy can face depression.
- Automation in every sector will increase
- Exams and academic sessions will be delayed.
- The government of India has announced a relief package of 20 lakh crore and has put more focus on MSMEs, This will lead to self-employment and growth of Entrepreneurship skills. Big companies will fire people so self- employment will increase. The government will provide a loan on a cheaper rate and take care of small industries for their survival.
- RBI also announced a reduction in bank rate; repo rate, etc., this will open the path for self-employment.
- The economy will adopt the Swadeshi model and even though India produces at a higher cost the government will prefer to produce in India, encouraging employment.
- Globally image of China is blackened and countries want to shift their production plants in India so numerous jobs will be generated.
- Mobile, automation, Robotics, textile, and medical equipment related companies have discussed with the government and offered the Indian government to establish their production plants. It will increase employment in these areas.
- The demand for psychiatrists, counselors, dieticians, etc. will increase because people will work from home. This may negatively affect their physical and mental health.
The new normal is vocal for local and zero travel policy.
Blog by-Dr. Anupam Gupta
Assistant Professor, Department of Comm. & Mgt.