Amidst the global pandemic, people are almost equally concerned about the financial situation in the country as they are about public health. India has the world’s fifth-largest economy, which was showing signs of slowing down even before this crisis hit. However, since the lockdowns began, commercial and economic activity has taken a nosedive.
Estimates say that this will be India’s weakest economic performance in forty years. So, while we wait on a vaccine, for the time being, and the near future, things will not be – business as usual. Nevertheless, several sectors saw a noticeable rise in activity as the government began reopening the economy in phases. Some industries have had to adapt to these new circumstances by operating under strict guidelines that cut their usual business expectations by more than half.
The Entertainment Industry Dwindles as Online Lotteries Rise
At the onset of this predicament, India’s movie industry had to shut down production, and multiplexes started showing old movies, as Bollywood companies resorted to asking the government for grants. After the initial shock wore off, cameras have begun rolling again, with safety precautions in place. In March, live events also vanished as musicians lost their main revenue stream and had to resort to live-streaming virtual concerts. Due to the shortage of entertainment-based content, people began searching the internet for the best online lottery sites in India for some leisure fun.
If you’ve played the traditional state lotto, then you should have little issue with playing any of these mobile games hosted on the internet. No laws prohibit online lotteries, so they are free to play from any part of India. The same holds for online casinos, as Indians are free to play at offshore sites that accept players from the country. Therefore, during the pandemic, there has also been an uptick in sign-ups at digital gaming platforms. Live casino games, in particular, have seen a rise in popularity, as they are a new way of playing conventional casino games without visiting a land-based establishment.
Airlines Are Flying With Customers Following Stringent Guidelines
Same as with the movie industry, transportation has also seen changes. In July, IndiGo had to cut 10% of its staff amidst a slump in revenues. Not an unexpected move, as airlines around the world, expect to see their worst year on record. Some, like British Airways, are even retiring whole fleets of airplanes to cope with the situation. The International Air Transport Association says that it expects that industry revenues will fall by half in 2020. That said, air traffic is picking up.
Airlines, like most service providers, face low demand, restrictions, and higher expenses due to operating while implementing precautionary guidelines. Social distancing and health measures come with a cost. Temperature checks, sanitizing procedures, and masks are not free. There are also growing concerns that countries may implement time-specific travel bans for flights coming from India because of the health state of affairs. Pent-up demand receives credit for the initial rise in air travel, but airlines remain hopeful that people will still want to fly as the situation develops.
Hospitality Looks to Rebound as Travel Resumes
The Indian hospitality and tourism industry are key drivers of growth among the services sector. The country has massive tourism potential, given its historical heritage and natural beauty. In 2019, the sector accounted for 8.1% of the total employment in the country, and that figure should have kept rising year on year. However, travel restrictions hit the industry hard, making it difficult to gauge what the sector will look like next year.
Currently, hotels are attempting to reimagine themselves to survive. Venues are altering the designs of their restaurants and lobbies and suspending self-serving buffets. Some are even sanitizing their properties every two hours and are reinforcing the importance of social distancing. Hotels believe that accommodation numbers will rebound, but that there will be a large gap until conferences, weddings, and event figures come back to normal. The industry is making massive efforts to take in customers by lowering prices and offering exclusive deals, but rebounding remains an ongoing struggle.