Impact Of Covid 19 On Demand

 The second and third wave of COVID 19 put a devastating impact on the economy of the world. There are almost 200 countries have been directly or indirectly suffering from COVID 19 for 6 months. 

The maximum affected countries are United States of America, Brazil, France, Turkey, Russian Federation, The United Kingdom, Italy, Spain, Germany, Argentina, Colombia and India. Among all India have been maximum affected for 2 months because it is the second largest country of the world and it's health infrastructure is weak and not able to fight COVID 19 pandemic. 

There are many research and experts suggest that due to pandemic economy of every country has been affected. Business is an important part of economy so business also affected. There are many functions of business. These functions are production, demand forecasting, supplying, pricing, advertising, warehousing, communicating, distributing, financing and trading. All functions are affected but demand is maximum affected because people have to maximum expand at Medicine, X-ray, ECG, Rapid Antigen test, CT scan and other pathological test. 

According to Properly Equity a data research and analytics firm there is maximum demand decrease in real Estate sector. People do not buy new home. The home that is booked earlier cancelled because most customers have been suffering from COVID 19. They did their research in six cities of India. These cities are Bengaluru, Chennai, Hyderabad, MMR, NCR and Pune. 

According to the monthly bulletin of Reserve Bank of India demand of every product and service is decreasing due to COVID 19 pandemic but the ratio of demand decreasing is less than the first wave of COVID 19.

Soumya Knat who is the chief economic advisor at State Bank of India accepts that people have been expanding more money in medical and it's concern service so the demand of other product and service is decreasing. 

There are many Automobile company like Ashok Leyland, Maruti Suzuki, Honda, Motorcycle, Scooter India, Hero Motorcorp, Tata Motors suspended their production due to less demand of vehicle in the market. 

According to the survey of Dun and Brad Strect 82 percent of small and middle level business man accept that market has less demand in April and May 2021 in the compare of Eebuary and March 2021.

We did a research on air conditioners, Coolers, Fans, Smartphone shop and find that there are less customers present on the shop to purchase all these concern product. 

SME - It is also one of the major pillar of economy. It plays an important role in economy, employment generation, national income and exports. It has lower Productivity, unskilled and semi skilled human resource force. It sells its product or service in local and regional market. Due to COVID 19 pandemic they also face the scarcity of demand so they decrease their production. 

India is the fifth largest economy of the world. It also plays an important role in the growth of world so if the growth of India affects maximum due to COVID 19 it is naturally the growth of whole world affects. 

So according to my opinion government should make global policy, program, rules, regulation, law and created a strong investment climate so every company recovers from the impact of COVID 19 and perform it's function by effective, efficient and economical way and increase the living standard of common man.