The impact of the ongoing COVID-19 or the Novel Coronavirus has had a spiral effect on almost every sector globally. Businesses are clueless as to how to tackle its impact on day-to-day operation. With unprecedented lockouts and stalling of business operation, the world is attuning itself to ‘new’ normal as never before. The metal industry too has been one of the worst hit sectors following the lockdown owing to COVID-19.
One of the major reasons for this impact has been the disruption of supply chain at different points. It is to be remembered that the foundry industry is a huge ecosystem and a broken chain at any level can impact the industry by a long way. China, where COVID-19 originated and its devastating impact was first felt, had almost all its foundries closed indefinitely until the end of March. Erstwhile, Corona spread its tentacles viciously and ensured that foundries in almost every country were closed until further announcement from the government.
India too had to go through the grind with no respite whatsoever. What’s been most intriguing is the uncertainty of COVID-19 that looms at large. Whether the ongoing crisis can turn out to be an opportunity for India is yet to be seen as there will be a paradigm shift of economy especially in the manufacturing sector. The Indian foundries definitely have a lot to gain, and need to be buoyant of the opportunities in spite of the slowdown in economy and GDP. The key for Indian foundries is to survive and show resilience in the face of adversity, and gradually recover from the slowdown and sluggish growth.
With the Central Government preparing itself to roll out a slew of relief packages to save the MSMEs, the worst hit segment, it would require a herculean effort to weather this storm.