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COVID-19 surge adversely impacts India’s economic outlook


London-based global information provider IHS Markit has, said prolonged COVID-19 surge has negatively affected India's economic outlook. According to Statistics from National Investment Promotion & Facilitation Agency of India, electronic manufacturing is among the hard-hit sectors in the country

Canalys, a global IT analyst firm, predicts smartphone shipments to plunge during the second quarter in the Indian market due to the worsening pandemic situation. Chinese textiles enterprises expect a huge rise in international orders, making factories working in full swing. However, analysts believe the flow of textile orders from India should be temporary, as textile industry is labor-intensive. Labor costs in China have been rising over a number of years and many such factories have been transferred to Southeast Asia.

Normally, India is a processor on the API supply chain between China and the final destinations in Europe and the US. But buyers are seeking to skip India on the supply chain due to its serious epidemic outbreak. A manager with an API exporting company based in East China's Shandong Province, added that the orders directly from the third countries are increasing in the past two weeks by around 10 percent after India's epidemic, including countries in Europe, South America and Southeast Asia.