Mentioning about depression is a prolonged Indian economy recession that India is supposed to face after the re-opening of the standstill economy in India. India has started with the first phase of the re-opening of the shops, offices moreover other businesses. Almost about three months of lockdown has hindered the entire businesses all over the world.
The USA is suffering from the major losses of jobs and business, people are jobless which is alarming to the cause of economic depressions.
It is the most severe recession in the global history that all the major countries’ intentions face. The recovery from the recession is time-consuming. As this time the major reason for the crisis is the COVID-19 pandemic. Till today the active cases have risen to 23700 with the deaths of about 6670 in India. The life of people has worsened when no earnings concerning the low-income groups such as the labor class and contract-based working classes. The stories of the suffering migrants are not hidden when they traveled 1200 km to return home.
The financial crisis in Indian economy that has arisen due to the epidemic is related to the recovery of the condition, until then there is always a chance hidden for the maximum people to suffer illness and death moreover hampering the economy. All the sectors are reopening slowly accept international airlines. A handsome aid that India received was through travel and tourism.
Economic depression and recession in GDP
The GDP growth in 2019 was about 10 percent of the Indian Economy but this year the major failure will be the lack of profit from travel and tourism. Covid-19 has already given life-threatening azures and it will take a few years to draw their attraction and attention to travel or plan their holidays for international trips.
Similarly, not only India the international countries; their economy partially is based on tourism, and hospitality will face a severe crisis. Secondly, international air flights are entirely suspended for few months when several workers are jobless. Somehow the national airlines have re-opened but for necessary acts.
Altogether the Indian economic depression has a severe impact related to the present recessions in the sector of travel and tourism.
The jobless people in different corners of India are finding hard to survive as no tourist are seen or cannot visit. Tourist vehicles and drivers, shops and stalls, restaurants, and hotels remain closed.
Other sectors of the economic crisis in India
Other sectors if related to businesses regarding import and exports, education, ITs, fashion, film industry, and health will take a fast growth with a short term of economic recessions. But the major deep and aggressive economic loss will be suffered by the tourism, travel, and hospitality. The countries that are mostly dependent on travel and tourism including India will see the hard times.
Employment issues will be one of the issues when the hotels and restaurant do not find customers.
Still, hope remains that all will be in place, problems of the job will reduce with the introduction of vaccine or medicine. The Indian economy recession will be able to avoid depression in certain specific sectors