COVID-19 IMPACT ON ECONOMY-(E-COMMERCE)

Ms.K.Sindhuja, Asst.Prof, Department of MBA, SANKARA

“A strong Economy begins with a  strong,well-educated workforce”-Bill Owens

            We’re into the second segment of the pandemic and let’s face it, the Indian economy has been hit hard! Indices, employment, import & export, and GDP have passed through a damaging effect. The GDP boom is pegged at -0.9% to 1.5% for the yr 2021, which is lowest with inside the beyond decade. Here’s how extraordinary industries are dealing with the crisis.

            Though the IT and IT offerings enterprise in India appears to be mildly stricken by the pandemic, the restoration graph continues to be predicted to be gradual for them. On the opposite hand, petrol, machinery, automobiles, consumer electronics, air travel, and chemical industries had been seriously impacted and could enjoy a slower healing.

             With maximum workplaces now close down, far off operating has been gaining quite a few traction. Video conferencing app Zoom found a document hit of 62M downloads. The virtual collaboration equipment like JIRA, Cisco Webex, Slack, Skype, etc. also are being leveraged to their complete potential. Thanks to all of the cell and cloud-based digital solutions, maximum of the tech corporations are permitting companies throughout industries to hold their daily operations and mitigating the effect of the epidemic.

Lets See on : Ecommerce

            The vital goods, health & wellness, and staples are some of the top-promoting commodities in those attempting instances. Having stated that, Big basket’s spike in orders all through the lockdown length shouldn’t be a surprise. With the uncertainties soaring across the length of the lockdown, panic shopping for is right here to stay. Reposynergy is some other start-up with a groundbreaking concept of doorstep diesel delivery.

            The scenario is unexpectedly converting. The amount of human beings deemed secure to acquire in a single location has diminished from thousands, to hundreds, to ten. Restaurants, bars, theaters, and gymnasiums in lots of primary towns are shutting down. Meanwhile many workplace people are going through new demanding situations of operating remotely complete time.
             Essentially, humans are coming to phrases with the realities of our interconnected global and the way tough it’s miles to briefly separate the ones connections to others. To say that we’re residing in exceptional instances looks like an understatement.

            One of the responses we’ve visible to how humans are drawing close this era of isolation and uncertainty is a massive overnight adjustment to their purchasing behaviors. From bulk-shopping to on-line purchasing, humans are converting what they’re shopping for, when, and the way.

            As extra cities are going below lockdowns, nonessential organizations are being ordered to close, and clients are commonly keeping off public places. Limiting purchasing for all essential necessities is turning into a brand new normal. Brands have to evolve and be bendy to satisfy converting wishes.

             This useful resource is supposed to offer records so you could make a high-quality choice in your emblem all through unsure instances. We’ve amassed a few records and numbers round how behaviors are converting, what merchandise humans are shopping for, and why industries are feeling the stress that will help you to decide what picks you may make in your commercial enterprise.

Conclusion:

             Each Industry has its very own tale to inform in phrases of the COVID-19 effect. While a few industries have skilled slow boom, others have come to a grinding halt and a few others have skilled an exceptional spike of their commercial enterprise. Hence, every enterprise wishes to put in force tailor-made measures which could assist them proactively manipulate the effect of the pandemic. With digitization taking over, its miles endorsed to get in contact with a few skilled IT experts to put down a method of mitigation and discover approaches to make certain commercial enterprise continuity thru the difficult instances.

               HOPING FOR BETTER TOMORROW-MASK UP

Virtual Work Place Sexual Harassment

Dr. Priya Kalyanasundaram, HOD, DEPARTMENT OF MBA, SANKARA

        Today the entire world is facing a huge challenge against covid -19. Our life has been entirely suspended by the pandemic. As the government across the world has implored people to stay at home and remote working has become the new mode of work and various platforms like Zoom, Skype Google Meet, etc has become the ideal choice for the business meetings. Even before covid -19  violence against women was one of the greatest human violations. As more countries have reported infection during lockdown and similarly more gender based violence have been reported all over the world like Argentina, Canada, Germany, Spain, U.K, etc. Government, women rights activist and civil society partners are receiving number of reports on violence. Although we focus on domestic violence but there is another aspect of the pandemic is  virtual sexual harassment which adversely affects employees physically and psychologically

Virtual Sexual Harassment Laws in India

The POSH Act (Prevention, Prohibition and Redressal) Act, 2013 is the primary legislation that ensures the protection of women against sexual harassment at the workplace  . Further the Act has been clear with its definition of workplace and employee thus including virtual offices and employees working remotely within the preview of the Act. Virtual sexual harassment takes place in an electronic platform and such acts of inappropriate behavior also amount to harassment under IT Act 2000 and this is also referred as online violence.

Major challenge for the organization is recognizing and addressing sexual harassment in remote working. The organization can conduct the following steps

Evaluate Existing Policies: Corporate need to update the existing POSH policies as per the new working environment, including the rise in remote working and utilization of digital technology.

POSH Training: Organization can conduct awareness training on what amounts to sexual harassment , dressing etiquette, and keeping the conversation limited to work, etc.

Grievance Procedure: The organization can provide equivalent source to the employees on how to report any information on sexual harassment.

Necessary Action : The organization has to take immediate action if any sexual harassment complaint has been received from the employees and it should be handled with high sensitivity and promptly.

COVID – 19 Impacting Industries.

Prof. S. Thilak, Assistant Professor, SIMS

Consumer spending is one of the most important energetic forces for global economic growth but

this pandemic has changed our daily life as lockdown have restricted us to shopping, sky travel etc.  The Consumers are struggling with uncertainty, their buying behavior has become more unreliable and they have reduced spending on all non-essential products and services. Indian consumers are displaying higher levels of optimism, with more households planning to increase use that is also evident in China, Indonesia, and Nigeria. Meanwhile, American consumers are still more optimistic about the future than Europeans. 37% of Americans believe that the country will recover in 2 or 3 months, with optimism levels at the highest for people who earn over $100K. Globally consumers are continuing to spend more on necessities such as groceries and household supplies etc.

Categories showing a disturbing turn down include restaurants and out-of-home entertainment. These are two particularly hard-hit industries worth noting that are showing declines across every category and country. The unavoidable decline in the travel and transportation industry is a reflection of mass social isolation levels and tightening travel restrictions. The U.S. travel industry can expect to see an average decline in revenue of 81% during April and May. Throughout 2020, losses equate to roughly around $519 billion translating to a broader $1.2 trillion contraction in total economic impact. According to the World Travel and Tourism Council, a staggering 50 million jobs are at risk in the industry, with 30 million of those jobs belonging to employees in Asia. Considering the travel and tourism industry accounts for 10.4% of global GDP, a slow recovery could have serious ramifications. Apparel is experiencing a similarly worrying slowdown, with consumption 40-50% lower in China compared to pre-pandemic levels. Both online and offline sales for businesses across the world are also taking a major hit. As consumers hold back on their spending, clothing brands of all shapes and sizes are forced to scale back production, and reimaging their position themselves.

If this situation still continues many industries like Travel Industries, Large Hotel Industries, Apparels, Non-food child products, Household supplies, Personal Care products, Skin Care and Make-up, Snacks, Tobacco products, Alcohol, Restaurants, Home Entertainment, Outside Entertainment, Books and prints, Consumer electronics, Pet care, Fitness and wellness, personal care, Vehicle purchase, Short-term home rentals, Cruises, Adventures and Tours, International and Domestic Flights, Foot wear, Apparel, Jeweler, Accessories all this will decline and it would be very difficult to regain these industries to support the global economy.

But as each country moves along the COVID-19 curve to see a glimmer of increasing optimism levels, which in turn is linked to higher spending.

 Economic cost of the corona-virus pandemic have meant consumers are less inclined to spend more, with many expecting their household income to continue to fall in the coming months. Time spent at home has caused us to spend more on home entertainment and groceries. Consumer pinch pennies their reduced spending could decimate many industries. On the other hand a few will benefits from increased spending in certain categories. 30-50% of consumers expect their household income to continue to fall in April.

Beyond impacting some of the factors that determine consumer spend such as consumer confidence, unemployment levels, or the cost of living. The COVID-19 pandemic has also severely altered the consumers choose to spend their hard-earned cash. The data from a global survey by McKinsey & Company that analyzes the consumers are control in their spending, causing confusion across every industry imaginable. While some industries are in a well again conditions due to the impact of this storm, others could struggle to survive in the market. Consumers struggle with uncertainty, their buying behavior becomes more unreliable and they have reduced spending on all non-essential products and services. But as each country moves along the COVID-19 curve to see a glimmer of increasing optimism levels, which in turn is linked to higher spending. India’s consumers are displaying higher levels of optimism, with more households planning to increase use that is also evident in China, Indonesia, and Nigeria. Meanwhile, American consumers are still more optimistic about the future than Europeans. 37% of Americans believe the country will recover in 2 or 3 months, with optimism levels at the highest for people who earn over $100K.

Globally consumers continue to spend and in some cases, spend more compared to pre-pandemic levels on some necessities such as groceries and household supplies. Due to changes in media consumption habits, consumers in almost all countries surveyed say, they will increase their spend on at-home entertainment. This is true for Korea, a country that already boasts a massive gaming culture. As restrictions in China lift, many categories such as gas, health care, and pet-care services appear to be bouncing back, this could be a positive sign for other countries following a similar course. But while consumers speak up their spending on the things they need, they also anticipate spending less in other categories.

Categories showing a disturbing turn down include restaurants and out-of-home entertainment. There are two particularly hard-hit industries worth noting that are showing declines across every category and country. The unavoidable decline in the travel and transportation industry is a reflection of mass social isolation levels and tightening travel restrictions. The U.S. travel industry can expect to see an average decline in revenue of 81% for April and May. Throughout 2020, losses will equate to roughly $519 billion translating to a broader $1.2 trillion contraction in total economic impact. According to the World Travel and Tourism Council, a staggering 50 million jobs are at risk in the industry, with 30 million of those jobs belonging to employees in Asia. Considering the travel and tourism industry accounts for 10.4% of global GDP, a slow recovery could have serious ramifications. Apparel is experiencing a similarly worrying slowdown, with consumption 40-50% lower in China compared to pre-pandemic levels. Both online and offline sales for businesses the world over are also taking a major hit. As consumers hold back on their spending, clothing brands of all shapes and sizes are forced to scale back production, and reimaging their position themselves.

If this situation still continues happen many industries like Travel industries, Large Hotel industries, Apparels, Non-food child products, Household supplies, Personal Care products, Skin care and Make-up, Snacks, Tobacco products, Alcohol, Restaurants, Home Entertainment, Outside Entertainment, Books and prints, Consumer electronics, Pet care, Fitness and wellness, personal care, Vehicle purchase, Short-term home rentals, Cruises, Adventures and Tours, International and Domestic Flights, Foot wear, Apparel, Jeweler, Accessories all this will decline and it would be very difficult to regain these industries to support the global economy.

GUIDELINES TO IMPROVE THE CUSTOMER EXPERIENCE

Dr.D.SathishKumar, Asst.Professor, SIMS

The customer experience represents the principal touch point between the income and customers, so the knowledge that offer can make all the difference between short-term success and true market permanence.

• Comprehend that great client support is a persistent learning measure

Focus on your clients experience by asking where you can improve. Gather the criticism and make a month to month preparing an advancement course for your group. Incorporate some fundamental client assistance tips on undivided attention and compromise to commute an extensive client experience.

• Carry out the white-glove treatment.

Every 10 U.S. buyers say that they have gone through more cash to work with an organization that conveys extraordinary assistance. There could be no more excellent approach to focus on a client feel than antiquated cordiality. The Ritz-Carlton Hotel, for instance, enables its workers to spend up to $2,000 to tackle client issues with no supervisor endorsement. This no-questions-asked mindset focuses on the client and keeps representatives zeroed on their objective: enchant the client

• Use innovation for your potential benefit.

Innovation can improve your client’s everyday exchanges and give them a significant serenity. This incredible model is a client gateway and a unified area for your clients to see estimating and request status, and to pay solicitations continuously. This straightforwardness builds trust among you and your clients and makes your organization as a genuine organization

Help your clients help themselves.

Make substance and assets for your clients. Set yourself as the topic master to give your clients the certainty to consistently come to you for answers. The ultimate objective for making this substance is to teach peruse on how your work benefits their everyday life.

• Be available to clients.

The best capacity is accessibility. In the event that your client reaches you, it’s generally in light of the fact that they suffer a heart attack and believe you’re the individual to fix it. In the event that they can’t discover you, they will see another person to take care of their concern.

• Contending never prompts anything great.

The last thing you need to do is contend with a generally baffled client. All things considered, attempt to get an unmistakable comprehension of why your client is baffled and work together to track down the correct arrangement.

• Be versatile in new circumstances.

“Client support resembles a crate of chocolates; no one can really tell what circumstance you will get.” In client assistance, your days are never the equivalent since individuals and their characters aren’t something similar. Continuously be ready for new circumstances to spring up and adjust rapidly.

• Concede you don’t generally have answers.

While it might be humiliating when a client knows more than your administration agent, getting bothered while attempting to shroud an absence of information could make you lose business. All things being equal urge your reps to concede when they don’t know something and offer to discover the appropriate response.

• Recollect that client assistance is everybody’s work.

“Your most despondent clients are your most noteworthy wellspring of picking up,” as per Bill Gates. Each organization should invest their best amounts of energy at each level to accomplish a higher consumer loyalty.

• Adhere to your promise.

 It’s OK to assume a transient misfortune with the expectation that you can win the client’s trust for the drawn out acquire. With trust, clients will see your exchanges as an association and will consider you to be a fundamental expansion of their business.

Why people want to become a leader? Motivation to Lead

Dr.S.Sundararajan, Associate Professor-MBA, SIMS

New Leadership roles in an organization are obviously pivotal to the successful and smooth functioning of the organization in terms of both tactical issues and strategic perspectives. Activities range from chalking out the business strategies, coordinating with various stakeholders, motivating the top management team and the entire workforce, to ensure that the organisational goals are met and that the business is headed towards the desired direction, without any exaggeration it can be said that heading a large organization is extremely difficult and demanding, for example in terms of your private life.

Affective-identity Motivation to lead: This form of motivation is seen when an individual is driven by a desire to lead or be in charge of others. The individual derives a sense of happiness and satisfaction from the act of leading others.

Calculative Motivation to lead: Human beings are considered rational, and thus make decisions after assessing the costs and benefits of the expected results. The benefits associated with are the special privileges, rewards and recognition: the cost includes responsibilities, time constraints, social pressure, etc.

Social-Normative Motivation to lead: This form of motivation is derived from a sense of responsibility or duty to lead others. The individual may assume the leadership role when nominated or called upon by a group or community to lead them. This social pressure motivates the individual to lead.

Every human being wants to get appraised but his thrust areas are different from common personalities and his attitudes are outstanding from others, this motivates him to face the challenging situations ahead. Individuals struggle hard to overcome the obstacles to reform themselves as a leader, to enjoy the feeling of Achievement. The sense of Achievement, pride of self-satisfaction and Esteem of self-reliance push the individual to perform as a successful leader.

There are several motives for taking the action to hold a leader appointment. The drivers of leadership are:

• Command and control others – Being in such a position may not give them happiness or satisfaction as there may always be a hunger for more- A Power drive.
• Achieve results – This drive may be for particular outcomes, whether a product-service delivery or an improving of systems or people performance. It may have a short term or long term focus – A Goal achievement drive.
• Fill a leadership within a team. They see that leadership competence is missing within the situation and are motivated to fill the vacancy so as to achieve the team’s purpose. It is  a Personal drive to accomplish a targeted result.
• For Remuneration and status that go with the role, enabling a particular life-style-A Social status drive

Leadership has many levels and many faces,  they are either true to the teams and take accountability for the outcomes or they blame others for your lack of leadership capability.

Modern Technological tool in Marketing

-Dr.K.THIRUGNANASAMBANTHAN, Asst.Professor, SIMS

Modern marketing uses Digital marketing such as personal computers, smart phones, and cell phones, tablets Television sets TV and game consoles to engage with stakeholders is called as Digital Marketing. A module of Digital marketing is Digital Brand Engagement such as electronic mail, applications, website and social networks. One prominent technology used is Chatbot marketing.

Chatbot Marketing

Chatbot marketing is a way to endorse products and services using a chatbot.  Chatbot is a marketing technique which uses computer programs to mechanize interactions with prospective customers and others, either on website or in application for generating sales.  Chatbot marketing allows companies to meet the criteria and engage with leads 24/7. The main benefit of a chatbot is that it can engage with the customers at any time even if sales team members are not available. It  saves time and money, guides customers for better outcomes, engages the customers in a unique way, provide faster responses for future analysis. Chatbot uses Artificial Intelligence Technology, pattern matching, Natural language understanding and Natural Language processing methods to answer the queries. It can’t understand the plan of the customer on its own. It is trained to examine and identify the user’s objective of their demand and based on the analysis the right response is delivered to the user than a human and also encourage with a large number of conversation logs,  chatbot assumes and reacts on what type of answers should be given to what kind of questions?

            Chatbot technology is used in E-Commerce, Airlines Industry, Hospitality Industry, Food and Bevarages, HR and Automobile industries for interacting with the customers. The New age of Marketing is growing with machine controlled interactions.

ACCREDITATION FOR HOSPITALS – NABH

V. VIDHYA, Asst.Professor, SIMS

In recent times demand for quality for health care services have risen up due to forces like Insurance, Corporate growth, Competition and Medical tourism. As a result of these forces the expectations of the consumers has also been risen up for quality services especially for healthcare related services. This situation has led to the introduction of National and International bodies to introduce the Quality assurance mechanism and various certifications to fulfill the expectations of the consumers.

NABH – National Accreditation Board of Hospitals is the recognized national and international accreditation body that will give certificate for the hospital based on the peer assessment review. It’s actually a self-assessment and external peer review based on the performance of the healthcare organization in relation to established standards. NABH was established to conduct accreditation programmes with the objective to enhance the quality service, to promote continuous quality improvement and patient safety.

NABH was formed on 2005 and it is accredited by ISQua (International Society for Quality Assurance in Healthcare). There are 10 chapters in the NABH asssement , where the healthcare organisations opting to get NABH accreditation should satisfy the standards mentioned in these 10 chapters. The chapters are basically deals with the patient safety and quality of delivery of the services by the healthcare providers

Ten chapters are

1. Access, Assessment and Continuity of Care (AAC)
2. Care of Patients (COP)
3. Management of Medication (MOM)
4. Patient Rights and Education (PRE)
5. Hospital Infection Control (HIC)
6. Patient Safety and Quality Improvement (PSQ)
7. Responsibilities of Management (ROM)
8. Facilities Management and Safety (FMS)
9. Human Resource Management (HRM)
10. Information Management System (IMS)patients

The NABH is a part of QCI Quality council of India. The healthcare oranisations that fulfil the following criteria will be eligible for applying NABH Certifications.

1. Currently the healthcare organization should be running successfully with the minimum of bed capacity should be above 50.
2. The healthcare providers should comply with the standards of NABH
3. The standards should be used by the organization as a whole and not for a specific department. The standards are applicable to both public and private hospitals

The hospitals can abide the rules and regulations given by the NABH and can renew their accreditation certification also once they are been accredited.

The accreditation is a transparent system of control over the accredited hospital which gives assurance that hospital will constantly fulfill the accreditation criteria. The on-site survey of the hospital and staff by the experienced accreditation assessment team encourages them to establish educational and performance improvement goals. The best part is that it gives the opportunity to the patients to give a feedback on the services they availed during their stay in the hospital and also to complain if they were dissatisfied. Finally it ensures that hospitals, whether public or private, national or international, play there expected roles in national health system.

                   Digital Revolution in Marketing and Behavior of Customer

Ms.K.Sindhuja, Asst.Prof-SIMS

“I alone cannot change the world, but I can cast a stone across the water to create many ripples.” 

           Advancements of technology have affected all the fields of life and so as the business world. Technological revolution is characterized with inventions such as internet, cell phone, global positioning system, notebook or laptop etc and many more amazing. These changes have changed our lives to great extent. Now every human is connected with each other due to digital revolution. Communication in technology has made it possible to share information quickly and easily. Information technology has also increased the ratio of communication and involved people from everywhere in the world. Digital revolution has provided new and fresh ideas to its users that are so common to use presently. Like all other aspects of life, technology has given a superb impact on consumer behavior and as well as on marketing. Technology has changed the ways to market the product to the target audience and consumers, more emphasis on market side is on how to execute and implement the marketing strategy. Internet is critical mean, used by contemporary organizations to promote their products and services.

Now companies are going for social media marketing and promoting their products via social networking websites such as face-book, twitter, word press, BlogSpot and liked in etc. Whereas in past companies were using traditional means of promotion and advertisements e.g. news paper, radio and televisions. But now, internet provides more innovative, quick and fast way to implement promotion strategy. Internet and social media networking websites provides effective and free of cost media to encompass the target audience. Selling methods have also been changed with digital revolution. Due to fast and easy access to information, people are more aware and try to get latest information when making a purchase decision.

Digital Transformation Keeping Pace with the Changing Consumer Behavior:

The interference of digital technology and its impact on the consumer behavior in digital world has very real implications. Brand owners need to adapt their communication strategies in order to build successful and meaningful relationships with consumers is the formula to stay in the race.

Here is the top trends focus with respect to consumer behavior, in order to surge ahead of competition

• Use of Mobile Apps
• Mobile Based Payment Applications
• Social Media
• Voice Recognition and Virtual Reality
• Customer Insights
• Reverse Show rooming

CONCLUSION:            
             It is very important to know the psychology of the consumers in the dynamic environment. Ever changing buying behavior of the consumers in the digitalized world should be understood properly to make the business sustainable. The revolutionized economy possesses many threats and challenges which are to be faced by the marketers today. People should be made more aware regarding the advantages of digitalized marketing. More efforts should be laid down to make digital marketing safe so that there is an increase in the market size.

“Digital technologies will fundamentally change business models, institutions and society as a whole, as new ecosystem emerge”

HR Technology Trends in 2021

Dr. Priya K, HOD, SIMS

          In the recent trends the advancements in HR technology has changed the industry scenario Nowadays the Hr professionals are relying on new technology and moreover the shift in technology has made industry depend on this HR software.

Role of AI in HR

Artificial Intelligence has become an important part of new age HR technologies

Augmented Analytics

AI processes has made HR to save time and energy for strategic planning and high value tasks augmented analytics automates by deploying machine learning techniques and natural language processing tools

Role of AI in Recruitment

Ai in recruitment process will help the employers in locating talent and will also explain individual profiles to an unparalleled degree pulling out from multiple profiles including social media participation this will help in establishing a efficient recruitment process.

AI in Employee Engagement

AI driven software in areas of employee engagement has improved the lives of employees and authentically . It maintains in building an environment through continuous performance monitoring

Remote Working

Working remotely has become a new trend and it has increased more during the pandemic period. So Hr tech needs to become cloud based to simplify people management process to meet the needs of globally dispersed teams. Cloud based self service is much simpler for business in measuring efficiency and interaction.

 

Learning & Development

  Up-skilling is one of the vital  part for the employees in the present job position to develop their skills and competencies . HR software can be utilized to improve the learning and development and also helps in gaining loyalty from their employees.

Performance Analysis

Organisation are nowadays using Hr technologies for evaluating the performance of the employees . The annual assessments are being outdated presently weekly, quarterly monthly assessments are done

Employee Well- being

Hr tech resources are also working towards the well- being of the employees like Mental fitness and health devices are being integrated into HR software to reflect on the employee wellbeing.

   There has been a drastic change due to the pandemic. This change may be a temporary or permanent but it is likely to transform the future work. HR technology is also expected to adapt to meet his changes and emerging trends will drive this transformation.

Conclusion

The world has changed rapidly over the last few months. While this change may seem temporary, it is likely to spark behaviors that will transform the future of work in endless ways. 

Second wave, Second Economic crisis.

Prof. S. Thilak, Assistant Professor, SIMS

According to IMF India is ranked 142^nd by GDP in 2020 till 2017-2018 the average annual GDP growth has been 6% to 7%. After 2017, the economy slowed down due to the blow of demonetization and Introduction of GST in 2017. According to the World Bank India hold the 7^th position sorted by their Household final consumption expenditure(HFCE) in the year 2019.Indian economy is expected to grow 8.9% in the fiscal year beginning of April 2021. The NSO predicted that the economy will increase to 7.7%. Indian economy suffered a severe recession during the pandemic situation. The worst period are from March to August 2020, during the period of June quarter GDP has been recorded upto 23.9% and it came down by7.5%in September quarter.

So fact is that the GDP development estimates have outperformed most estimates made by different financial specialists and rating agencies, the government has left a condition that the figures can be updated as the current data is lacking. With the arrival of GDP development, the entire year 2019-20 GDP development remained at 4.2 percent. The government has revised down the GDP development in Q1, Q2, Q3 and Q4 to 5.2 percent, 4.4 percent, 4.1 percent and 4.2 percent respectively. As India goes through the path of financial vulnerability, the GDP growth in the final quarter gets significant as it incorporates the figures for multi week of lockdown. It is also expected that current data will help to determine the impact of the pandemic more clearly. Meanwhile, the development pace of eight core industries for Feb 2021 fell by -38.1 percent, compared with a fall of 9 percent in March 2020. The yield of power fell by -22.8 percent, while the yield of cement fell by 86 percent; steel by 84 percent; manure by 4.5; treatment facility by 24.2 percent; raw petroleum by 6.4 percent; and coal by 15.5 percent in Feb 2021.

The pandemic has sent oil prices plummeting, leaving oil companies with portfolios of existing and prospective projects with more outgoing expenses than income generated. In quick succession, both BP and Shell announced plans for massive write downs on some of their fossil fuel assets. Chesapeake Energy has­led for bankruptcy protection and Dividends have been cut, job losses are expected, and a number of top energy companies have publicly announced plans to accelerate their clean energy transition. Economic recovery is never sustainable if it is built upon the economic hardship of certain groups. With a view to achieving recovery without leaving no-one behind, international cooperation to alleviate short- to mid-term hardship faced by people working in oil-producing industries would be essential.

India’s industrial production and consumption expenditure have been recovered. But business activity in India declined as the Second wave of the pandemic which was spreading beyond many states. The NIBRI (Nomura India business Resumption Index) has declined to 95.1 in March 2021, during Feb 21 it was in the peak of 99.3, which take into account of various high frequency like Mobility, Labour and Power. All the top level business like Google, Apple etc., index have fallen by 3.7, 2.6 subsequently. The second wave has knocked the retail and recreation mobility by 0.3pp week by week. So, the economy is still under the process of recovery and the government has to seriously consider the future economic policies and implementation during the period of second wave of corona virus because this may lead to the economic crisis, creating more unemployment, scarcity overall it will be the country’s economic disaster and spoils the fate of the nation.