How COVID-19 is impacting Trade and Supply Chains in India

The coronavirus pandemic is an unprecedented challenge on a global scale. In just a few short months, the COVID-19 outbreak has disrupted trade, brought the travel industry to its knees and wiped trillions of dollars from stock markets worldwide. 

All over the world, containment measures are crippling production and spending, with a momentous economic impact. According to the United Nations’ trade and development agency, the novel coronavirus could cost the world economy at least $1 trillion.[1]

In India, as in many emerging markets, the economic fallout could outlast the health crisis itself. Barclays predicts that India’s 21-day lockdown alone could reduce GDP growth to 2.5 percent – down from its earlier estimate of 4.5 percent.[2]

India’s corporate community will need to put sound business continuity plans in place to endure a pandemic of this scale, especially when so many organizations are having to suspend or limit operations during the lockdown period while still paying wages, taxes, electricity and other expenses.

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Diana Caceres is the Senior Tax Research Manager for the Middle East, Asia and Emerging Markets at Thomson Reuters. She joined Thomson Reuters in London to be part of the Indirect Tax Research team across Europe and Latin America.

Diana started her career as a Tax Accountant with KPMG where she gained knowledge in Direct and Indirect taxes, as well as tax matters relating to Mergers and Acquisitions. Diana is a Chartered Accountant and holds an M.B.A (Finance) from the University of Wales, UK.

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