KPMG in India’s thought leadership –“Potential impact of COVID-19 on the Indian economy” reveals the key sectoral impacts of Novel Coronavirus (COVID-19) on the Indian Economy.
The increasing spread of COVID-19 has transformed the world’s hustle into varying degrees of uncertainty. One of the few things that seem fairly certain is that the current downturn is fundamentally different from recessions we have seen in the past. This is not just another turn of the business cycle, but a shakeup of the world economic order. While countries and companies continue to comprehend the scale of this pandemic, it is certainly undeniable that we are staring at more permanent, structural changes to the way we live, work and play.
The collective experience of going through this common crisis will lead to questioning of fundamental assumptions and priorities which will be both a challenge and an opportunity. Even before the onset of this pandemic, the global economy was confronting turbulence on account of disruptions in trade flows and attenuated growth. The situation has now been aggravated by the demand, supply and liquidity shocks that COVID-19 has inflicted. Once the pandemic is controlled, the shape and speed of the recovery in the US and China will be key factors determining the nature and traction of global economic recovery.
Arun M. Kumar, Chairman and CEO, KPMG in India feels that “While we are now focusing in India on securing the population from health hazards and on providing relief, especially to the poor, we also need to think long-term – to secure the health of the economy, the viability of businesses, and the livelihoods of people. Apart from providing robust safety nets for the vulnerable, ensuring job continuity and job creation is key. And there is an urgent need to mobilise resources to stimulate the economy for increased demand and employment. The report foresees seven ways in which the business landscape is likely to evolve in the days to come.
The report predicts current and potential impact of COVID-19 on various sectors.
Click here to access the full KPMG report.
