As the world limps back to normalcy, the impact of Covid-19 is becoming more and more clear. Severely impacting the commercial road transport industry, the virus, as per a report released by the International Road Transport Union (IRU) recently, chronicles considerable loss and pain. Closely monitoring the situation as it evolved, the IRU report has assessed the impact of the virus on passenger and freight transport companies from 78 countries across six continents. It has put the collective loss suffered by passenger and freight transport companies at Euro 551 billion. Incorporating factors like restrictions and facilitation measures, the report puts the downfall in annual turnover globally of the goods transport industry at 18 per cent.
Stating that the worst off was the passenger transport, the report underlines the loss of over Euro 80 billion in Europe. It also underlines the revenue downfall of 57 per cent. Pointing out that the transport and movement restrictions resulted in severe disruptions to supply chains and mobility networks, the IRU report draws attention to the ripple effect it caused. The overall economic slowdown it has led to. Leading to a significant slowdown in the transport industry, severely affecting the operating finances of the transport business (apart from revenue and cash flow), the effect of the economic downturn in the aftermath of Covid-19, as per the report, has resulted in the transport industry witnessing many players inching closer to bankruptcy. Highlighting the role of road transport as a driver of economic and social activity the world over, the IRU report has highlighted considerable risk from Covid-19.
IMPACT ON GLOBAL ROAD FREIGHT TRANSPORT
This story is from the October 2020 edition of Commercial Vehicle.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2020 edition of Commercial Vehicle.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
ONGC EXPLORATION PLANS IN BIHAR
Oil and Natural Gas Corp (ONGC) is set to explore oil and gas reserves in Bihar, aiming to establish the state on India’s oil map.
HIGH CAPITAL EXPENDITURE IN ROAD AND RAIL SECTORS
Despite constraints imposed by the Model Code of Conduct for the Lok Sabha election, the road and railway ministries achieved a remarkable capital expenditure of Rs 5.2 lakh crore in the fiscal year 2023-24.
UBER SETTLES LEGAL DISPUTE WITH AUSTRALIAN CAB DRIVERS FOR A $271.8 MN
Uber has reached a settlement of A$ 271.8 million (£97.6 million) with Australian taxi operators and drivers to resolve a legal dispute over alleged income losses since its entry into the market in 2012.
CASE INDIA CELEBRATES THE 20,000TH VIBRATORY COMPACTOR
CASE Construction Equipment’s Pithampur facility in Madhya Pradesh, India, has achieved a significant milestone by producing its 20,000th vibratory compactor.
TATA MOTORS INAUGURATES VEHICLE SCRAPPING FACILITY NEAR DELHI
Tata Motors inaugurated its fifth Registered Vehicle Scrapping Facility (RVSF), near Delhi, named ‘Re. Wi.Re – Recycle with Respect.’ The facility was inaugurated by Girish Wagh, Executive Director, Tata Motors.
PARADIP PORT EMERGES AS TOP CARGO HANDLING PORT IN INDIA
Paradip Port Authority (PPA) has achieved a remarkable feat by clocking an impressive 145.38 MMT cargo throughput in FY2023-24.
BANDRA WORLI SEA LINK TOLL TAX INCREASE
Effective April 01, 2024, the toll charges for Mumbai’s iconic Rajiv Gandhi Bandra Worli sea link have been revised, marking an 18 per cent increase.
INTRODUCTION OF SHUTTLE BUS SERVICES ON ATAL SETU
Uber’s recent launch of shuttle bus services over the Atal Setu represents a significant step towards enhancing urban transportation infrastructure.
LAUNCH OF TRIAD INITIATIVE BY INDIAN DESIGN LEADERS
Indian design leaders gathered at the Indian Institute of Information Technology, Design and Manufacturing (IIITDM) Kancheepuram, Chennai, to launch the TRIAD initiative.
ENFORCEMENT OF 'ONE VEHICLE ONE FASTAG' RULE BY NATIONAL HIGHWAYS AUTHORITY
The National Highways Authority of India (NHAI) has initiated the ‘One Vehicle, One FASTag’ rule to streamline toll collection systems nationwide.