The Coronavirus lockdown has had a huge economic impact in India. The economic slowdown has brought into question the resilience of multiple crucial sectors. In fact, there are currently some major innovations going on in critical industries which must be noted. Here are some of the latest developments in India’s economy during the Coronavirus lockdown in India’s economy:
5 Important Coronavirus Lockdown Updates in India
1. Amazon Goes Essentials
Amazon has decided that for the length of the Coronavirus lockdown in Indian economy, it will only supply essentials. The company has officially stopped the supply and delivery of all non-essential goods while ensuring the deliverers comply with WHO safety standards. This will be a considerable benefit to the people since they will not need to go outside for essentials.
2. PM Urges Soft Cap on Essential Goods
In order to prevent people from purchasing more ration than they need and deplete stocks early, the PM recommended limited purchases. He assured people that the sticks will be available all the time and so, there is no need for panic purchasing. Nevertheless, in some parts of the country people have been buying in bulk and the government has tasked regulatory bodies to ensure there is no price spike resulting from the same.
3. OYO Plans Collaboration with Indian Government
OYO has declared that it will be providing medical professionals with free accommodation during the COVID -19 lockdown. In a more recent lockdown news update today, the company announced is also planning to collaborate with the Indian government in the same way that it has joined hands with the US government in this time. The move is definitely going to make things easier for travelling medical professionals who may need accommodations on short notice.
4. Pune’s MyLab’s CoVID-19 Detection Kit
After it got its innovative coronavirus testing kit approved from CDSCO. Pune-based MyLab has been producing kits for the Indian market. This has really cut down on the operational costs for identifying and managing COVID patients across the nation. The company has already introduced its testing kits and now, is moving towards production for the international market.
5. Experts Recommend Against Layoffs and Paycuts
In light of the COVID-19 lockdown, companies have been telling workers to stay at home even if they have private transport. So, This has given rise to fears regarding job safety and salaries. Companies which volatile product or revenue stream may be considering lay-offs to stay afloat. However, experts have recommended that they wait out the storm without getting rid of their workforce to minimize their turnaround time. They are also recommending companies continue to pay salaries so employee motivation remains high.
The developing COVID-19 situation is likely to produce more important results as the country successfully address the virus outbreak. So, far there is no spike in cases so it is expected that business as usual will resume sooner than later. The exact date of lifting the lockdown remains undeclared but experts estimate it may happen soon.