Another lockdown if imposed will be damaging to the economy: Report

With the rising Covid-19 cases in the country, Nippon India on Thursday stated that if the second lockdown if imposed, will be damaging to the country’s economy as well as the industry.

The report mentioned that the manufacturing sector is still trying to relapse after the major lockdown, and the labourers are skeptical and are anticipating for a second lockdown by planning their return journey to home.

Sharad Malhotra, Nippon Paint India President (Automotive Refinishes and Wood Coatings) said in a statement, “With India in the middle of a second wave of coronavirus, second lockdown, if imposed, will be detrimental not only for the industry but for the economy as well.”

The second wave of Covid-19 and a potential lockdown ahead has been a matter of concern, Sharad said, further adding that “the manufacturing sector is still reeling under the effects of the last lockdown”.

Digressing further, Malhotra added, “The supply chain is still not recovered completely and with the possibility of a second lockdown, we will have to wait for another 6-9 months, if not a year, for it to recover.”

He also noted about the labour issues, adding, “Labourers are skeptical, and anticipating a second lockdown they have started planning their return journeys as the memories of the last lockdown are still fresh in their minds.”

About the sales, Malhotra said, “The sales for the first quarter of the year are not looking good already due to these factors.”

As per the data updated by the Union Health Ministry on Thursday morning India has recorded the highest single day spike of 1,26,789 fresh Covid-19 cases, further raising the total tally to 1,29,28,574 while the count of active cases have crossed the nine lakh mark again. The death count in the country has lead to 1,66,862 with 685 deaths reported in a day.

Several states which constitutes Delhi, Maharashtra, Madhya Pradesh and Uttar Pradesh have declared various measures comprising of night curfew, weekend lockdowns with the spike in the Covid-19 cases.