The phenomenon of ‘quiet quitting’
This happened just a couple of years ago. A startling fallout of the Covid19 pandemic in the corporate world was the mass retrenchment of staff in many companies across multiple affected sectors.
Indian economy is hit by a rough patch. It was already going through the worst economic slowdown in the recent past when the Novel Coronavirus broke out in China.
It is the consumer who is facing the setback caused by this destructive duo combo. The citizens are already struggling on a regular basis to cut down their daily consumption, now with the majority of china-based production factories remaining closed the cost of a variety of products, primarily white goods, is expected to hit the ceiling.
As per the reports, the deadly virus has already impacted the prices of consumer durable products which have gone up by 5-10%.
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According to Novel Coronavirus – Asiawide’s report, manufacturers have started grappling with a shortage of components of and finished goods imported from China.
With summers around the corner, the demand for refrigerators and air conditioners is bound to go up, which will further make it difficult for the manufacturers to maintain reasonable prices with a limited stock of parts.
The report said, “Indian electronics and white-goods manufacturers rely heavily on Chinese supplies for television panels, LED chips, compressors for refrigerators and air conditioners, and motors.”
“There has been a disruption in the supply chain with regards to these critical components for Indian brands. The prices of these products have increased by 5-10% and could increase further if the supply disruption is prolonged,” it added.
Additionally, the report further talked about how the ongoing crisis in manufacturing sector can benefit other Asian countries, especially India.
“Any shift in global supply away from China will benefit countries like India whose “garment and textile exporters could see busier order books in the short term,” the report said.
Coronavirus outbreak has crippled the manufacturing sector across the globe as majority of the operations of big brands are conducted in China’s Hubei and Shenzhen regions. With the ongoing travel restrictions, workers are not able to rejoin work after a long Chinese New Year Holiday.
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