Sethurathnam Ravi, Domestic demand and the supply or exports that sharply dropped is the major cause of the adverse impact

Sethurathnam Ravi (S Ravi) is the former Chairman of Bombay Stock Exchange Limited (BSE) and Founder and Managing Partner of Chartered Accountants’ firm Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. S. Ravi, former chairman of BSE and Founder of accountancy firm Ravi Rajan & Co, speaks about how the Indian economy and the major sectors of employment were impacted by the pandemic.

The globe today is facing a pandemic situation and India has not remained untouched by its negative influence. In fact, as per the BSE Chairman Sethurathnam Ravi, India is the most disruptive considering the economic situation and human lives loss. Nearly every sector has been adversely affected during this period. The reason behind this adverse effect as per S. Ravi was the domestic demand and the supply or exports that sharply dropped with noteworthy exceptions.

Sethurathnam Ravi is a Post Graduate in Commerce and
holds a diploma in Information System Audit (DISA).

According to Sethurathnam Ravi BSE, an effort was also made for analysing the effect and the possible solutions for particular essential key sectors. Among all Aviation, hospitality, and tourism were the most affected sectors which faced the maximum burden of the crisis. As per the reports of UNCTAD, the trade of India faced a loss of around USD 348 million due to Covid-19. He points out that this came up with an adverse impact on the production, as well as the inventory available. “The loss of the pharmaceutical industry is also essential as China exports around 70% of the APIs to India. These APIs are essential for the manufacturing companies who are producing various medications in the country which leads to a huge loss and financial erosion”, the former BSE Chairman detailed.

Similar to the health sector as mentioned by Former BSE Chairman Sethurathnam Ravi, the banks have also faced a contrary situation for responding to an impulsive situation. Along with these sectoral impacts, demolishing buyer and business opinion can lead firms to expect lower interest, ascend in business cost and diminish their spending and speculation. A similar case can affect all instalments including those for representatives, interest, advance reimbursements, and expenses. Thus, the equivalent would fuel business terminations and employment misfortunes.