After the introduction of the Corona vaccine, there is a possibility of a huge boom in the service sector.
In the Corona Pandemic, service sectors in India suffered the most damage. Millions of people working in the field of hotels, restaurants, tourism were lost. Now with the increase in sales in the retail sector, more employment opportunities are also expected to be created.
- January 18, 2021, 6:36 PM IST
These are the expectations of hotels, tourism and transport sectors
Let us know that in the corona period of the current financial year, business related to agriculture, power generation and consumption, GST collection was better than the previous financial year. The position of hotel, tourism and transport sector has also started improving gradually. Hotel businessman Pramod Singh says, “Even after the vaccination starts, people will be afraid to leave the house for the next one or two months. However, the situation will start to improve significantly from the second week of March. Till the second vaccine, people will avoid staying in hotels, but as soon as the second vaccine is over, new confidence will be created in the people. It is expected that there will be a tremendous boom in the hotel industry business from March. With the increase in business, people will start getting jobs. According to an estimate, about 5 lakh people had lost their jobs in the tour-travel, hotel-restaurant and aviation sectors in the Corona era. In such a situation, more than 5 lakh people are expected to get employment in this sector in the initial days.
The contribution of this sector in the country’s GDP is more than 50 percent. (Photo: KentLive WS)
Retail business can grow so much
At the same time, Pravin Khandelwal, National General Secretary of the Confederation of All India Traders (CAT), says, “The situation before Corona will happen in the next six months.” As soon as vaccination starts, the retail business will increase by 25 to 30 percent. People will now get scared of corona. People will be reluctant in the market. With this, customers will start going to shops and malls. This will also speed up the manufacturing sector in the country. The pace of recovery of the economic activity which has been hit due to coronavirus is going to catch up soon.
Khandelwal further says, “Looking at the orders received by the service sector, it is expected that the business of this sector will increase further in the next few months. After the return of the employees from the month of November-December, the effect is clearly visible. Now after the introduction of the vaccine, the situation will improve further. In recent times, lockdown restrictions have been relaxed in many states. Hence the supply chain has improved. This is the reason why its positive impact is visible in the PMI of the service sector.
The possibility of improvement in hotel-restaurant business stalled by Corona virus increased.
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In the Corona period, these industries suffered losses
In the Corona transition period, some other industries in the service sector, including tour-travel, hotel-restaurant, aviation sector, were hurt badly. In such a situation, the boom in the service sector raises new expectations. Looking at the orders received from the service sector, it can be said that in the next few months this sector will return to its old pace.