Second lockdown if imposed to be detrimental for economy: Nippon Paint India

By: |
April 8, 2021 4:57 PM

Stating that the manufacturing sector is still reeling under the effects of the last lockdown, the company said labourers are skeptical and anticipating a second lockdown they have started planning their return journeys as the memories of the last lockdown are still fresh in their minds.

A large number of people were seen in Dadar vegetable market, with many of them not even wearing face masks, eyewitnesses said.A large number of people were seen in Dadar vegetable market, with many of them not even wearing face masks, eyewitnesses said. (Representative image)

Amid rising COVID-19 cases, Nippon Paint India on Thursday said a second lockdown, if imposed, will be detrimental not only for the industry but for the economy as well.

Stating that the manufacturing sector is still reeling under the effects of the last lockdown, the company said labourers are skeptical and anticipating a second lockdown they have started planning their return journeys as the memories of the last lockdown are still fresh in their minds.

“With India in the middle of a second wave of coronavirus, second lockdown, if imposed, will be detrimental not only for the industry but for the economy as well,” Nippon Paint India President (Automotive Refinishes and Wood Coatings) Sharad Malhotra said in a statement.

The second wave of COVID-19 and a possible second lockdown is something to be concerned for, he said adding that “the manufacturing sector is still reeling under the effects of the last lockdown”.

Elaborating further, Malhotra said, “The supply chain is still not recovered completely and with the possibility of a second lockdown, we will have to wait for another 6-9 months, if not a year, for it to recover.”
To add to it, there are labour issues as well, he added.

“Labourers are skeptical, and anticipating a second lockdown they have started planning their return journeys as the memories of the last lockdown are still fresh in their minds.

“The sales for the first quarter of the year are not looking good already due to these factors,” Malhotra said.
According to Union health ministry data updated on Thursday morning, India registered a record single-day spike of 1,26,789 new COVID-19 cases, pushing its infection tally to 1,29,28,574, while the number of active cases also went upwards to breach the nine lakh-mark again.

The death toll due to the disease in the country increased to1,66,862, with 685 new fatalities being reported in a day.
Various states such as Delhi, Maharashtra, Madhya Pradesh and Uttar Pradesh have announced several measures, including night curfew and weekend lockdowns, as the number of cases of COVID-19 increases again.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Second wave of COVID-19 poses risk to economic recovery; Q4 GDP to be hit, says BofA Securities report
2Exports rise to USD 13.72 bn during Apr 1-14: Commerce Ministry data
3Ajay Seth takes over as new Economic Affairs Secretary