Coronavirus has merely impacted the economy and business startups around the world. The pandemic has thrilled the financial markets and put the world on the edge of collapse in the last few months. There is no solution for Indian startups to address this financial crisis. Enterprises and startups need to reconstruct the supply chains, resources and sales, and client connections. Indian startups are in crisis because financial assets are limited and planning investments is more challenging.
For people, living below the poverty line, the corona effect is disastrous. Indian startups are facing a lot of problems due to the lack of available funds in this crisis. Many startups are discussing the government with plans and proposals to reduce the economic and social costs. The supply chain has been hit by extensive doubt among investors and the spread of coronavirus.
The sectors most affected by the COVID-19
There are many sectors where the COVID-19 outbreak has been a huge impact. These enterprises have been largely affected by the direct impacts of coronavirus outbreaks.
Travel startup business
Travel startups are more likely to suffer due to travel warnings and lockdowns all over the country. The government of each country has completely banned tourists from another county. It means, in the future there will also be a fear of traveling after this crisis.
Current evidence, refunds for bookings, and uncertainty in the future plan are largely irrelevant to the travel startup sector due to coronavirus. So the people who were going to start this business, are now facing a lot of problems due to many restrictions.
Real estate startups
Another sector where the coronavirus has affected the startup business, is real estate. Usually the startup sector depends on the traffic and information distribution peer-to-peer.
But due to the fear of the coronavirus, the regularity in any system is completely turned off. Many capable investors will avoid any investment in the real state because of the current financial crisis. Most real estate startups are going to get into trouble due to this painful circumstance.
Marketing is also in the midst of collapse which is considered as a base-need service.
Advertising businesses and selling agents are the secondary support systems of any company who are avoiding the basic necessities of any movement. They are causing more loss and the marketing industry is moving through a more challenging period.
The impact on the graph of the economy:
Indian GDP is supposed to get tremendous failure in the upcoming time. The Indian economy is facing an all-time slowest growth rate ever. The government is not sure about the overall growth after releasing the latest COVID-19 relief package to boost the Indian economy. Venture capital firms, finance groups, and other big investors are limiting themselves for investments in startups. People who serve in private sectors are starting to grow unstably around the world and are moving slowly. The biggest reason for the concern is the lack of financial chain for small firms and startup ecosystems even in big states. Many growth-phase startups are at the lowest point of the commercial chain which is a matter of anxiety. Investors are expected to delay payments in the financial cycle and those who are seeking new investments are trapped in the middle. However, India’s startups are regularly emerging through technology support along with fighting the virus.
The impact of coronavirus on new businesses is devastating worldwide. Coronavirus outbreak has an impact on the global economy all over the world. The governments of all countries are trying to normalize the condition in each sector.