As a result of the ongoing pandemic, the impact is projected to be large enough to devour the existing jobs of thousands of workers in India.
The demand-side involved in the hiring of organizations tends to curb recruitments for the smooth operational flow during the recession period as a result of the financial crisis.
For example, if a company of 100 workers suffers from a sales deficit, a portion of the workforce that falls under a non-essential operating flow begins to be laid off. The majority of the primary workers are kept in service for the company’s business ideas.
Why do we need to worry?
In 2008, as a downturn hit primary businesses in their economic activities, the world faced a similar situation (The Great Recession). Over 8 million people worldwide have lost their jobs. The Great Recession era, therefore, still marks the economic implications since it began.
These charts explain the difference between the 2008 and 2020 economic impacts. The sharp contrast between the two is distinct because the 2020 share market curve appears to be considerably steeper than the 2008 curve. The curve may be cyclical, but unfortunately, the downturn is unavoidable.
The recession in 2020 is expected to fall harder than the preceding, with a substantial effect on the country’s increased unemployment. The IT sector is likely to encounter an abrupt economic downturn in 2020, as IT space in India has grown enormously since 2008.
The drop in profits would have an immense effect on their economy on businesses such as hospitals, appfutura, the travel industry, the food & drink industries. Corporations like MakeMyTrip and Indigo announced the lockdown COVID-19 is slashing employee wages.
Learning from history
History proves that particular essential inventions are born from a terrible crisis. In the period when a Great Pest reached London, Newton was known to discover gravity.
Many companies like Netflix, Citigroup, PayPal, Amazon, eBay, and so forth have emerged in the Great Recession or the Dot Com Bubble burst. Such examples demonstrate that the tougher times are not to lose hope but to ability each move.
Protect yourself from COVID-19
To combat Corona Virus Pandemic, we need to take preventive action and never give up on the dangerous situation.
- Boost your immunity by taking a healthy diet and consuming nutrient-rich foods such as vitamins C, E and zinc. Start your day by practising regularly.
- Follow a schedule that includes the entire daily routine and formulate a lock-in time of 21 days. Work rigorously on the goal of finishing it before your deadline.
- To increase your experience as a programmer, and improve your CV, choose Remote Freelancing work. Get the same internships by working with the technology sectors remotely.
- Learn new concepts every day to build your ability to know. Differentiate between you and more people seeking jobs based on skills to be ready for the industry. By joining Live Classes, you will develop your programming skills to bring your classroom to your house.