India’s decision to lock down the entire nation closing businesses, curtailing the movement of people for a period of 21 days and the “stay-at-home” order that followed to combat the spread of the contagion, has been well-appreciated by prominent leaders across the globe.
India hardly affords another downward turn in the economy given the already persistent deceleration of its GDP growth in the last couple of years. However, such drastic measures are not only imposed by India, but also by several nations in the world including Italy, France, and many others to effectively manage the crisis and contain the spread of the virus.
With the rapid spread of the COVID-19 outbreak across the world, global auto industry and consumption is likely to be impacted significantly. This is likely to also pose challenges to export-oriented ancillary component manufacturers.