Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Jun 30: As per an estimate, the loss inflicted on the state by coronavirus has been in the order of Rs 40,000 crore for all sectors. At the same time, the pandemic has delivered a further blow in the form of 30 percent job loss and 70 percent tax loss. The disease, which has come as a bolt from the blue, has drained away all the hard and good work done to improve the economic situation of the state.

Sectors like tourism, readymade, manufacturing, hotels, real estate, transport, and information technology have, as per an estimate, lost not less than Rs 40,000 crore in such a short period of time. As a result, the government has been getting about 30 percent of monthly average tax collection of 7,000 crore.

Manufacturing sectors like steel, cement, electronics and automobiles contribute 18 percent of the state's GDP. Out of about a crore people employed in small, medium and big industries, 30 to 35 percent have lost their jobs. As many as 45 big information technology companies employing over 5,000 people each and thousands of other smaller IT companies with an annual export turnover of Rs 6,000 billion dollars, are heavily dependent on USA and other countries. Loss in this sector is huge, and the job loss is also difficult to assess.

As many as 60,000 hotels and 5,000 lodges employing over five lac workers are now slowly picking up after a long lull of three months. But they are not getting even 30 percent of their previous business. Catering industry is down in the dumps and hospitality industry is estimated to have lost Rs 2,500 crore.

In addition, real estate, automobile, small industries etc have also lost hugely.