The number of coronary diseases in India is just over the last week with more than 300 thousand. The country does not manage the mortality of the people – the bodies are simply burned, without having time to identify the identity of the dead. India survives terrible time, the country is covered, and the place with it and all life. Under the obstacle is not only the economy of India, and the economy of all worlds. How is the coronavirus in India inflicted on the world’s economy?
India – one of the most important countries, which has a serious role in the world economy. It is rich in natural resources such as coal, oil, diamond, natural gas and so on. Rice, tea, cotton, wheat, sugarcane and potatoes are also mined there. For a long time, India has been competing with the world economic leader, China. The Indian market is bigger, more profitable and more open to investors from all over the world. World corporations see great prospects in this country; therefore, they are investing billions of dollars in it. However, the coronavirus in India can now set the country’s economic development back many years.
About 80% of all goods are transported worldwide by ships. Most of the crew are Indians. Roughly 200,000 of the 1.7 million workers in the industry are of Indian origin, and many are in important positions that require specialized training. If the crisis in India continues to worsen, it could jeopardize the supply of goods ranging from pharmaceuticals to clothing.
The development of the economic problem is also associated with the delivery of goods. Since many countries force crews to go through strict quarantine when they arrive in another country, this significantly increases the number of days and time allotted for transportation.
One solution to the problem of maritime logistics is to vaccinate the crew. But now India cannot provide a vaccine for workers in the maritime logistics, as it is not even available domestically. India produces about 60% of the vaccines sold worldwide. The Local Serum Institute of India (SII) is the largest vaccine manufacturer in the world and has provided preferential or free vaccines to poor countries.
With the impoverishment of the coronavirus situation in India, the export of Indian vaccine has been stopped. The SII data is provided by a vaccine only inside the country. For today in India is vaccinated around 2% of the population.
If the coronavirus in India does not subside soon, then global medicine exports will suffer as a result. India is the largest supplier of generics, which are cheaper medicine options. The effectiveness of the drugs is the same, but they are much cheaper. For example, in the United States, 90% of all drugs are generic, and one in three of these drugs sold come from India.
India mainly takes materials for the production of these drugs from China. But now, due to the current situation, China has reduced or completely canceled logistics between the countries. It is possible that drug production in India will be greatly weakened at this time and the export of drugs to the world will be suspended.
India’s textile industry is one of the largest in the world. With the spread of the coronavirus in the country, the industry faced an acute labor shortage. One Indian company, NG Apparels, had about 100 employees, but with the spread of the disease, they lost 50% of their workforce.
Last year, India’s textile exports fell 30%. The prospects for 2021 are not very encouraging. In addition to textile exports, India is also a global producer of leather and footwear, and there is a risk of declines or shortages in this sector.