As per my opinion it really effects on our economy.
The slow growth of the economy will have a direct impact on consumer behavior and mindsets. Consumers are expected to shift to value-for-money from brand-consciousness. What we can expect is that the products and services we took for granted will become more valuable as our perceptions change. We will appreciate the smaller things like home-cooked meals and non-branded clothes while saving plans like fixed deposits, etc. that give a sense of security and easy access to cash, will become more important than foreign holidays and investment in property.
The medium impact sectors are automobiles, building materials, residential real estates while the low impact sectors includes education, dairy products, FMCG and healthcare.
sectors with high dependence on global demand especially that of key impacted markets like Europe, North America and South-East Asia lower global demand and price realization will have an impact on commodities like oil and gas, metals.
know this lock down is affecting our economy, and causing losses worth billions. But huge amount of money is being spent on such projects, with no visible outcome and most of the funds ending up in pockets of the corrupt.
So, either we need clear strategies and proper implementation or the nature can heal itself, if we give it a chance, which has arrived now.
The classic example is precautionary approach of countries like China and India in containing number of deaths during the Covid-19 through preventive lock up unlike the Western countries who have not locked up leading to massive loss of human lives.
Lack of jobs everywhere. Specially for people who are graduating this year. It will take months if not years to get back to “normalcy”. It's high time that instead of continuing this harsh lock-down, there be initiation of alternative methods.
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