The coronavirus lockdown across many countries in the world has badly hit the Travel & Hospitality Industry. Restaurants, hotels, airlines and many other industries are facing the brunt of the lockdown. Since people are quarantined at their homes, cooking and cleaning for themselves and have avoided eating out this has led to the hospitality industry facing loses. When it comes to travel, both international and domestic flights have been banned temporarily to curb the rapid spread of the virus, this, in turn, has led to the airline industries giving unpaid leave to their employees and even cutting off their salaries. Apart from these issues, here are other problems faced by the Tourism & Hospitality Industry across the world due to the coronavirus pandemic.
Losses & Unemployment Faced By Tourism & Hospitality Industry
Reports suggest that Indian tourism sector will face a loss of over ₹15,000 crores. The tourism sector in India accounts for 10% of India’s GDP and currently is at its lowest. The Government has banned all international flights to India from 22nd March 2o2o. The domestic flights in India were suspended from 25th March. Over and above these stringent measures taken, India has also suspended all visas till 15th April. A nationwide 21-day lockdown was announced by Prime Minister Modi from 25th March. It was later extended till 3rd May. India’s aviation sector was badly affected by this lockdown, so much so that the aviation sector reported losses of approximately ₹8200 crores.
Also Read: NRAI Says 50% Of Restaurants In The Country May Shut If Lockdown Extends Till May
The hospitality sector is expected to face a huge loss of ₹30,000 crores. The lockdown is not just expected to affect the economy of the country but will also lead to unemployment of a large number of people. Around 70% of the workforce from the Aviation & Tourism Space could get unemployed. The National Restaurant Association of India has even stated that 15 lakh employees from the restaurant industry might lose their jobs due to the shut down of eateries and subsequent losses faced by them. The brunt of these slowdowns will also be shown in other business sectors as well. While there is alot of distress around, here are 5 Positive Things Amidst COVID-19 Outbreak That Prove That The Earth Is Healing
Disruption of Major Indian Industries
COVID-19 pandemic is disrupting major Indian industries and the Indian economy. However, PM Modi has clearly stated that right now the health and well being of citizens need to be given almost priority even if this means putting the Indian economy on hold. Likewise, in this dire time of distress, we at Curly Tales recommend you to stay at home and stay safe. Let’s contain the coronavirus soon and allow the economy to flourish once again. And don’t worry about eating out and travelling to the most gorgeous of locations, you can do all that and more once this pandemic is over. So stay safe everyone! In other news, did you know Coronavirus Lockdown Might Lead To Biggest Drop In CO2 Emissions Since WWII?
First Published: May 18, 2020 5:00 PM