The whole world is afraid of this deadly disease coronavirus. Just to stop the corona central government of India has ban visa to foreigners till April 15th. It means no foreign person can come to India till April 15th. Diplomats and government servants are allowed. This decision is going to cost a huge loss to the tourism sector. The tourism ministry said that no foreigners come to India out of that 15 to 20% come in March and April. 17 lakh 44 thousand foreign tourists visited India last year in this month. More than 1 crore foreign tourist visited last year. Due to this ban, the country is going to lose 33,00 crores of money. It is a huge loss for India.
16 % of the revenue came in March and April month
Tourist sector help to generate 2 lakh crore of money every year. In 2019, the government earns 2.08 lakh crore of money from foreign tourists. Out of this 16%, it means 33,00 crore money generated in March and April. With this ban, the government going to loose 33,00 crore of money this year. It is a big loss for the economy.
Stock Market is facing a decline
There was huge volatility in the stock market due to coronavirus. Bombay stock market is witnessing a tremendous decline every day. The market is facing financial crises worse than the 2008 financial crises. Even Reliance lost more than 1.5 lakh crore of money in just 2 days. This decline will affect the Indian economy as the GDP of India is not so good.
Events and Films are canceled or Postponed
Many events and films are canceled due to coronavirus. Big events like IPL is also postponed. If IPL got canceled govt which earns a huge sum of money during tournaments will get affected. Events and Films also contribute to the Indian economy and if the Virus continuous this year will be the worst year in terms of money. India along with the world going to face one of the biggest financial crises of all time.
