How severe is the impact of COVID-19 on the hotel and restaurant industry across India?
Amongst all the industries, the hospitality industry is the worst hit and this fact has now also been recognised by the Government of India. We are talking incalculable losses. The figures keep increasing every day as the lockdown continues. We are more worried about the job losses that may be a direct derivative of this sector’s failure.
The industry has witnessed a decline in revenues to the extent of 60 to 70 per cent as compared to the previous year’s figures. Industry stocks have taken a beating of over 51 per cent. While retaining jobs of workers seems like a noble thing to do, job losses are inevitable. 50 to 60 per cent of the total jobs are in danger if the sector is not revived.
Is this impact irrevocable? When do you think the ripples of this pandemic will settle down?
There is much damage done already but the hospitality industry cannot sustain such a huge onslaught. This is a global issue and we cannot set the clock back. At least we are satisfied and thankful that our government took immediate action to contain the spread of the virus by cancelling visas and suspending air travel, among other measures.
This story is from the April-May 2020 edition of Hospitality Talk.
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This story is from the April-May 2020 edition of Hospitality Talk.
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