Foreign media reports, India’s epidemic continues to worsen, fearing that the country’s economic recovery has stalled, and the global shipping industry, garments, vaccines to financial services or will be affected.
Data show that about 80% of the global trade in goods carried by ships, there are many crew from India. International Chamber of Shipping (ICS) Secretary General Guy Platten pointed out that the world’s 1.7 million crew members, there are more than 200,000 from India.
Platten expressed hope that this situation can be resolved. Otherwise, or lead to a serious shortage of crew, thereby undermining the global supply chain. In addition, many countries have banned Indian flights, making it difficult to transfer Indian seafarers to ports around the world and swap personnel.
Global vaccinations have also been affected by the outbreak in India. The country is home to the world’s largest vaccine producer, Serum Institute of India (SII), and is a major player in the Vaccine Global Access Mechanism (COVAX).
SII agreed last year to produce up to 200 million doses of vaccine for as many as 92 countries or territories. However, in the face of a severe epidemic in India, the government and SII have shifted their focus from supplying other countries to domestic supply in India.
On the garment side, India is one of the world’s largest exporters of textiles, but its textile industry is struggling with a severe labor shortage. According to consulting firm Wazir Advisors, the number of confirmed cases in Delhi and Bangalore, the main garment production centers, remains high, with worker absenteeism rates as high as 50%.
In addition, India is also a major global exporter of leather and leather products, and is second only to China as a producer of footwear, producing nearly 3 billion pairs of shoes each year. Last year, the epidemic to India’s leather industry caused a heavy blow, and the recent severe epidemic more lead to large-scale shutdown and shortage of skilled staff.
Financial services, due to the well-educated and cheaper labor attraction, many large banks and accounting firms will be a large number of message technology and operations work outsourced to India. Data show that nearly 4.4 million people are employed in information technology (IT) and business process management in the country. Under the impact of the epidemic, the work of the relevant Indian employees are affected, some companies are taking measures to cope, including the transfer of work to other countries, encourage employees to work from home and extend the duration of the project.
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