The COVID-19 pandemic struck India at a time when its economy was already suffering from muted growth due to sluggish demand in the domestic market. The immediate impact of the outbreak included sudden surges in demand for essential goods and services, a heightening of the healthcare and the financial crisis, reduced employment opportunities, and a steep decline in demand for non-essential goods and services.
The Indian government’s decision of locking down 1.3 billion people has pushed the country’s domestic economy into a dark and unnerving zone, severely impacting small and medium enterprises and unorganized retailers. Global financial institutions have changed the outlook of India’s economic growth and lowered the country’s GDP growth target post the coronavirus outbreak.
Netscribes took a closer look at the effects of the coronavirus on the Indian retail industry to reveal the current scenario and what to expect in the coming months.