COVID-19 Strikes: Cripples Business
The Corona virus outbreak in Wuhan, China has impacted several industries, affecting businesses worldwide.
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“With regards to imports, we maintain a sufficient inventory, and we don't have negligible imports from People Republic Of China.”
[/vc_column_text][vc_empty_space][vc_empty_space][vc_empty_space][vc_column_text]The Corona virus outbreak in Wuhan, China has impacted several industries, affecting businesses worldwide. Till date, the deadly virus has claimed almost 2,000 lives in China alone and is spreading far and wide. Trade has been severely affected owing to the pandemic with uncertainty looming large over imports and exports. HP Adhesives Pvt. Ltd., Mumbai has not experienced much impact as far as exports are concerned. M M Vakil., Director Sales, HP Adhesives Pvt. Ltd. reveals, “As we are exporting to neighbouring South Asian countries like, Nepal, Bangladesh, Sri Lanka, and Middle East, so far these countries are not impacted by Corona virus. With regards to imports, we maintain a sufficient inventory, and we don't have negligible imports from People Republic Of China.”
Although the virus has impacted several industries and businesses, it could provide a boost to the 'Make In India' initiative. Indian manufacturers can view this as an opportunity rather and increase their production capacity. Companies keeping good inventories will not face any major impact. Businesses importing parts from China need to look for backup from non-Chinese countries. In worst case scenario, manufacturers and businesses should be prepared for cost escalation.
With the deadly virus reaching Indian shores and stray cases being reported, the situation looks grim. Although the situation in the country is being monitored and kept under control, the Indian market will be under the fear and grip of the Corona virus for some time. Various businesses will suffer and the demand and supply will dampen further. The situation will certainly take time to improve and a certain timeframe cannot be assumed.
“The recent outbreak of COVID-19 has crippled the movement of humans and machineries from China which is a major base for electronics and component supply globally. This is a global problem and we need to recover faster as per our sales plan of 2020”, G. Sakthikumar, Managing Director, Schwing Stetter India Private Limited, Member of governing council, ICEMA, Chairman of Mechanisation committee, Builders Association of India.[/vc_column_text][/vc_column][/vc_row]
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