Omicron, which is growing rapidly, has raised the possibility of affecting the recovery of all types of service sector except IT. Due to the increasing rate of Omicron infection, night curfew and many other types of restrictions have been imposed again in many states of the country. This is going to have a direct impact on the retail, hotel, restaurant business. The business of pubs, spas, cinema halls is also under threat. Exporters are also expressing the possibility of affecting the growth rate of exports in the last quarter (January-March) of the current financial year 2021-22, seeing the spread of Omicron globally.
Due to Omicron, various restrictions have been announced along with night curfew in states like Delhi, Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat. Retailers Association of India CEO Kumar Rajagopalan said that the night curfew in various states will not only affect the business but it also has a psychological effect on the customers. He said that retail sales in October and November this year were 14 per cent and nine per cent more than pre-corona ie October and November of 2019 respectively, which may be affected.
Business will be less than last year’s December
According to the National Restaurant Association of India, December is generally the best month to do business, but due to restrictions imposed by the states, the business of December will be less than December from the year 2019. In Maharashtra, the curfew has been announced from 9 o’clock in the night, due to which the business on New Year’s party this year will also be negligible.
The impact of the restrictions announced by various states was also visible on the hotel industry and on Monday, the shares of several hotels such as Asian Hotels, Rugby, Country Club, Lemon Tree, Mahindra Holiday saw a slight decline. According to businessmen, due to this type of restriction, travelers traveling to the end of the year can postpone their plans. Share prices of Cafe Coffee Day, Barbecue Nation, Devayani International were also affected on Monday due to night curfew.
Exports may be affected by reduction in global trade According to Ajay Sahai, Director General, Federation of Indian Export Organizations (FIEO), there may be a slowdown in the growth of global business in the first quarter of the year 2022, which is a matter of concern for all of us.
Exports continue to rise In the third week of December, the export of goods has registered a growth of 20.83 percent as compared to the same period last year. Exports of USD 7.36 billion were made in the third week as against USD 6.09 billion in the same period of the previous fiscal. Exports were 36.20 per cent higher in the first three weeks of December as compared to the same period last year.