Home Business Restaurants, the real estate sector hardest hit because of coronavirus lockdown, will require 1-2 years to revive, reports

Restaurants, the real estate sector hardest hit because of coronavirus lockdown, will require 1-2 years to revive, reports

by the owl speaks

The coronavirus outbreak and the resulting national lockdown have had many ways of affecting India.
The economy has slowed, and India is looking at a recession.
Consequently, a FICCI survey has reported that few sectors such as restaurants, vehicles and real estate will take around 12 to 24 months to recover.
Similar periods can also be needed for the other badly hit sectors to revive.
These include long-lasting transport and tourism, logistics, entertainment, and consumer durables.
The survey titled ‘COVID-19 India: Economic Impact & Mitigation’ suggested that sectors such as apparel and beauty goods, cosmetics, alcoholic beverages, insurance, agriculture, chemicals, metals and mining, utilities, manufacturing, offline retail, and healthcare are likely to recover within 9-12 months.
However, the survey report added that recovery depends on the stimulus for demand and the sustainability of the enterprises themselves.
The industry body also said that an immediate stimulus package of Rs 9-10 lakh crore is needed by the Indian industry, which would account for 4-5 percent of the country’s GDP.

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