As coronavirus (COVID-19) outbreak is slowly gripping the world trade, many Indian sectors are staring at a shortage in supply of raw materials. Technology, poultry, automobile, and chemicals are some of the sectors that are already hit by the outbreak. But the pharmaceutical industry is said to be the worst affected.
At present, there are over 50 major pharma companies worldwide that have joined the race to develop a drug for the COVID-19. Such innovation will also go a long way in reducing the costs of the COVID 19 drug, in case the pharmaceutical companies decide to sell their drug for a premium.
While the Reserve Bank of India has flagged the COVID-19 as a new risk for stuttering growth, India could benefit because of falling oil prices and softer global interests. This publication takes a look at the economic impact of COVID-19 across sectors and what it means for the Indian economy.