Coronavirus has severely affected the industrial activity in the country. The construction activities in the country have reached to a point where the growth of the industry has been slowed to four-month low in March and its pace is expected to drop significantly in the coming time. Demand and output have been severely affected due to the overall lockdown implemented nationwide because of the outbreak of the Coronavirus.
India is the second-most populated country in the world,and from March 25 the country has been under complete lockdown for 21 days. This lockdown has been implemented to break the coronavirus infection chain.
Despite of large economic and monetary relief packages released by the government and RBI, the economy is still expected to suffer major losses due to this lockdown.
The Nikkei Manufacturing Purchasing Managers’ Index compiled by IHS Markit has fallen from 54.5 in February to 51.8 in March. This is its lowest level since November. However, the index is still above 50 and is reflecting growth.
IHS Markit economist Eliot Kerr said, “The Indian manufacturing sector has been relatively protected from the negative impact of the global outbreak coronavirus.” However, there were some hurdles here and there. It was an atmosphere of fear among the companies. He said, ‘The biggest sign of trouble has come from new export orders and the Future Activity Index. Which shows a decline in global demand and a decrease in domestic confidence respectively.