World is fighting against the pandemic which has disturbed the growth of economy by creating imbalance in the cycle.
The stats shows that global economy may shrink up to 1% (Economic Times, 2020) and the global retail sale had hit a loss of $2.1 trillion which implies huge loss to the economy and may take four years to overcome that loss. (IANS, 2020)
In the current scenario, Issues faced by the manufacturer are huge and which may result in a loss of potential customers. It is suggested that government need to intervene in this scenario post the lockdown is over to meet the current demand and supply.
- Inventory is kept idle at the warehouses due to restrictions imposed in the country which is affecting the revenue of industries in monetary as well as in non-monetary terms (Joshi, 2020)
- Industries are running out of their reserves to pay off the salary for their employees and are planning for the layoffs.
- Some industries have started their operation by production of essential items to supply to the needful with manpower constraints.
- Most of the fashion industries have switched their production from making clothes to face mask.
Industries are managing themselves to overcome with the situation and don’t lose their revenue. All are fighting in their best way against the COVID-19 which reflects in best for themselves.
(2020, Apr 2, 2020). Retrieved from Economic Times: https://m.economictimes.com/news/international/business/global-economy-could-shrink-by-almost-1-in-2020-due-to-covid-19-pandemic-united-nations/articleshow/74943235.cms
IANS. (2020, 05 May 2020). Retrieved from news.abplive.com: https://news.abplive.com/business/global-retail-sales-to-be-hit-with-a-loss-of-2-1-trillion-1228611?utm_source=app&utm_medium=sharebutton&utm_campaign=appreferral
Joshi, S. (2020, April 6). Retrieved from India Today: https://www.indiatoday.in/business/story/most-firms-to-face-10-percent-revenue-loss-due-to-covid-19-cii-poll-1663718-2020-04-06