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Lockdown Impact

Day 4 | Hopefully, once we put this behind us it is entirely possible to have a good 2021: Manav Thadani

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Following the impact of the highly contagious coronavirus outbreak – a pandemic declared by WHO, on the global economy, which saw the IMF chief today declaring that the world is entering a recession this year equal to or even worse than that faced in 2009, voicing about the outbreak’s impact on the Indian hospitality industry, Manav Thadani, founder chairman, Hotelivate, said, “Short term impact is that the industry is shut. Simple math. Each month is going to potentially decline 8.33 per cent on revenues for the industry. March and April are shoulder months and therefore safe to assume the impact will be at least 15 per cent from both these months alone. Add to that a few more months and the numbers keep going up. Very hard to say where that number is. While again early to comment on long term impact. Hopefully, once we put this behind us it is entirely possible to have a good 2021.”

Speaking about how India Inc. fare in this situation in the current fiscal, Thadani expressed, “Needless to say every sector will get impacted in India. Those related to tourism, aviation, hospitality and restaurants will be very adversely affected. Pharma and FMCG businesses may actually do better. Manufacturing too will take a hit but the current lockdown will help them clear past inventories for a lot of companies which will make them jump start.”

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