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    “Umbergaon residents wish for Vapi and Mumbai lifestyle experience” says consumer insight survey

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    Odisha wins Best State & Civic Agency, Indore – Best Municipality, Gujarat – Best SEC and Kerala – Best SFC in Janaagraha City Governance Awards

    In the bitter cold, the Chinese soldiers were discouraged, 10 thousand soldiers were withdrawn from the border

    In the bitter cold, the Chinese soldiers were discouraged, 10 thousand soldiers were withdrawn from the border

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    Neuberg Supratech launches round-the-clock RT PCR test counter at Sardar Vallabhbhai Patel International Airport

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    The CM of this state has been protesting in front of Raj Bhavan for 3 days !

    Kashmir and Ladakh separate from India on WHO map, Indians erupt

    Kashmir and Ladakh separate from India on WHO map, Indians erupt

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    Monolith Installation at Forest Park in Ahmedabad by Symphony Ltd was an initiative to promote nature and sustainability in India

    The Intellectual Property Appellate Board (IPAB) makes a landmark judgement in favour of The Indian Performing Right Society (IPRS)

    The Intellectual Property Appellate Board (IPAB) makes a landmark judgement in favour of The Indian Performing Right Society (IPRS)

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    Government approved opening of 3 offices of Indian Ambassador in these 3 countries

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    DEVX EMERGES AS GUJARAT’S TOP CO-WORKING SPACE

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    Capital India Finance Ltd. extends foreign exchange services in Gujarat through brand Remitx

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    CHILDREN FLY FREE WITH ETIHAD AIRWAYS

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    Kargwal launches ‘Centrepoint’ lifestyle realty project in Umbergaon

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    PNB dedicates 6 branches to war heroes

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    AMAZON LAUNCHES ITS WORLDWIDE FIRST MOBILE-ONLY VIDEO PLAN IN INDIA: PRIME VIDEO MOBILE EDITION

    AMAZON LAUNCHES ITS WORLDWIDE FIRST MOBILE-ONLY VIDEO PLAN IN INDIA: PRIME VIDEO MOBILE EDITION

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    Signal App : Find out the reasons that make it special for security and privacy

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    Make way for the one true king, ŠKODA KUSHAQ

    Corning announces first Indian Military-Grade smartphone at INR 5,499 featuring Corning® Gorilla® Glass

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    “Umbergaon residents wish for Vapi and Mumbai lifestyle experience” says consumer insight survey

    “Umbergaon residents wish for Vapi and Mumbai lifestyle experience” says consumer insight survey

    Odisha wins Best State & Civic Agency, Indore – Best Municipality, Gujarat – Best SEC and Kerala – Best SFC in Janaagraha City Governance Awards

    Odisha wins Best State & Civic Agency, Indore – Best Municipality, Gujarat – Best SEC and Kerala – Best SFC in Janaagraha City Governance Awards

    In the bitter cold, the Chinese soldiers were discouraged, 10 thousand soldiers were withdrawn from the border

    In the bitter cold, the Chinese soldiers were discouraged, 10 thousand soldiers were withdrawn from the border

    Neuberg Supratech launches round-the-clock RT PCR test counter at Sardar Vallabhbhai Patel International Airport

    Neuberg Supratech launches round-the-clock RT PCR test counter at Sardar Vallabhbhai Patel International Airport

    The CM of this state has been protesting in front of Raj Bhavan for 3 days !

    The CM of this state has been protesting in front of Raj Bhavan for 3 days !

    Kashmir and Ladakh separate from India on WHO map, Indians erupt

    Kashmir and Ladakh separate from India on WHO map, Indians erupt

    Monolith Installation at Forest Park in Ahmedabad by Symphony Ltd was an initiative to promote nature and sustainability in India

    Monolith Installation at Forest Park in Ahmedabad by Symphony Ltd was an initiative to promote nature and sustainability in India

    The Intellectual Property Appellate Board (IPAB) makes a landmark judgement in favour of The Indian Performing Right Society (IPRS)

    The Intellectual Property Appellate Board (IPAB) makes a landmark judgement in favour of The Indian Performing Right Society (IPRS)

    IIM Sambalpur rings in 2021 with a landmark moment

    PM will lay the foundation stone of IIM Sambalpur’s permanent campus on January 2

    Government approved opening of 3 offices of Indian Ambassador in these 3 countries

    Government approved opening of 3 offices of Indian Ambassador in these 3 countries

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    DEVX EMERGES AS GUJARAT’S TOP CO-WORKING SPACE

    DEVX EMERGES AS GUJARAT’S TOP CO-WORKING SPACE

    Capital India Finance Ltd. extends foreign exchange services in Gujarat through brand Remitx

    Capital India Finance Ltd. extends foreign exchange services in Gujarat through brand Remitx

    CHILDREN FLY FREE WITH ETIHAD AIRWAYS

    CHILDREN FLY FREE WITH ETIHAD AIRWAYS

    Kargwal launches ‘Centrepoint’ lifestyle realty project in Umbergaon

    Kargwal launches ‘Centrepoint’ lifestyle realty project in Umbergaon

    PNB dedicates 6 branches to war heroes

    PNB dedicates 6 branches to war heroes

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    AMAZON LAUNCHES ITS WORLDWIDE FIRST MOBILE-ONLY VIDEO PLAN IN INDIA: PRIME VIDEO MOBILE EDITION

    AMAZON LAUNCHES ITS WORLDWIDE FIRST MOBILE-ONLY VIDEO PLAN IN INDIA: PRIME VIDEO MOBILE EDITION

    WhatsApp Respects and Protects Your Privacy

    WhatsApp Respects and Protects Your Privacy

    Signal App : Find out the reasons that make it special for security and privacy

    Signal App : Find out the reasons that make it special for security and privacy

    Make way for the one true king, ŠKODA KUSHAQ

    Make way for the one true king, ŠKODA KUSHAQ

    Corning announces first Indian Military-Grade smartphone at INR 5,499 featuring Corning® Gorilla® Glass

    Corning announces first Indian Military-Grade smartphone at INR 5,499 featuring Corning® Gorilla® Glass

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COVID 19 Economic Impact Study by Levers For Change A Report from Ground Zero

NewsMonks by NewsMonks
8 months ago
in Business, E Commerce, News
2 min read
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COVID 19 Economic Impact Study by Levers For Change A Report from Ground Zero
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COVID-19 has changed the way the ‘normal’ world functions. It has rattled the fundamentals and we are all trying to cope with the ‘new normal’ – a term that is amongst the most trending today!

 

Industries, across sectors and states in India and globally, have been greatly affected. Some bearing the brunt directly, while others facing the challenges indirectly, thanks to supply chain disruptions. While some businesses are sailing the tailwinds, most are grappling with the effects of this global pandemic. Consumer and business dynamics have literally changed overnight. This has forced us, as people and as organisations, to re-evaluate our preparedness to fight the disease and secure the future, for ourselves and our stakeholders.

 

Gujarat is the third-largest economy of India, contributing as much as 9% to national GDP. It has 4 larger economic districts i.e. Ahmedabad, Rajkot, Surat and Vadodara. The scenario is different from the rest of the nation as Manufacturing, instead of Services, is its biggest contributor to the state’s economy.

 

As an industry or organisation or business, navigating this COVID-19 pandemic and its aftermath is a huge challenge, no doubt. It needs a methodology – a clear approach – to see through all the chaos, bring in a method to the madness, so to speak. It is crucial to clearly understand the economic landscape at a macro level, before and during this pandemic, to help extrapolate what could perhaps be the ‘after’ state of affairs at a micro-level.

 

It is with this thought process that Levers For Change (LFC), a decade-old Business Transformation Consultancy based in Indore, Madhya Pradesh, embarked on a detailed study, in an earnest attempt to understand, and thereon share insights on, this truly unprecedented pandemic and its impact on the Indian economy.

 

A glimpse into the report – Gujarat

 

The third-largest, and among the most impacted, state of  Gujarat from the economy point of view:

 

Gujarat is the third-largest economy of India, contributing as much as 9% to National GDP. As mentioned above, its scenario is different from the rest of the nation as Manufacturing, instead of Services, is its biggest contributor to the state’s economy.

 

Manufacturing is the major contributor at 47% of GSDP. Drastic loss in revenue as manufacturing of non-essentials have come to a halt. Surat diamond processing hub to lose Rs.8,000 crore in exports as Hong Kong declares state of emergency.

 

Services contribute to 35% of GSDP. Trade, repair, hospitality, transportation, real estate transactions account for 51% of services activities. Non-essentials in these have been impacted heavily due to lockdown and Housing projects delayed by 9 months owing to lack of labour.

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Agriculture contributing to 18% of GSDP. Farmers to suffer losses owing to expensive logistics and inefficient markets. Further, harvests being traded 11% below MSP. Cotton consumption to drop by 25-30 lakh bales; prices expected to drop by 10%. Mango harvest expected to suffer a 40% loss.

 

Gujarat Recovery – Given the current rate of spread of COVID, it is clear that the state needs more time to come out of lockdown. However, Surat and Rajkot, where the spread has been controlled, can come out of lockdown a tad earlier. Export-oriented manufacturing at Surat will take more time to stabilise as international trade has been hampered by COVID; low-cost Agri-input industry at Rajkot may see an early revival.

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