Worldwide, the corona virus-triggered pandemic has caused unforeseen economic issues regarding trade and industry. At present estimates, the pandemic has caused impact on 190+ countries with over 53 million people suffering and over 10 million losing precious lives. Still, there is no protection for the risk exposure and a vaccine is yet to reach final approval to make its way to the market for prevention measures. Governments and social agencies are over-stretched with expenditures and resources deployed to handle the pandemic and prevent it from community spread across the hot spot demography.
India is among the top nations with the most affected population and draining the nation’s resources and finances in combating the pandemic, while precious lives are lost to the virus. The year 2020 could be a watershed for the economy. Economic revival is yet another mounting challenge to the governments who are being forced to create relief packages. Still, there are huge gaps in the requisite financial aid and subsidies to support the industries, more specifically MSMEs and business enterprises in the automotive industry. The bus industry is the most affected segment among the automotive industry and we still see the absence of buses on roads. Hence, the focus is now on highlighting the need for revival.
Automobile Industry
This story is from the November 2020 edition of MOTORINDIA.
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This story is from the November 2020 edition of MOTORINDIA.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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