4 min read.Updated: 13 May 2020, 11:41 PM ISTShivanshu Gupta,Brajesh Chhibber
A five-stage navigation guide for automobile businesses to get through today’s coronavirus obstacle course and regain pace
The rapid emergence and spread of the novel coronavirus is an unprecedented human tragedy. It is threatening the health of millions of people across the world, disrupting industry supply chains and decimating demand and consumption. With multi-week lockdowns becoming the norm, the impact on businesses is bound to be steep and getting back to normalcy might take time. Experts predicted a significant contraction (-20%) in India’s gross domestic product (GDP) in the first quarter of fiscal year 2020-21, with the lockdown extending till early-May; this could mean FY21 GDP could contract by 2-3 percentage points. In a scenario that lockdowns need to be imposed a few further times during the year on account of a covid resurgence, the economy could shrink this fiscal year, and the automotive industry’s sales could contract by approximately 20-25% in FY21.