Coronavirus: choking global and Indian tourism economy and leaving industry on the ventilator

Abstract

PurposeThis study examines the economic crisis caused by coronavirus on the global tourism industry in general and the Indian tourism industry in particular. This paper highlights the strategies that tourism companies should implement in times of crisis to reduce the negative impact. It also discovers the business opportunities which can be offered amid this deadly pandemic.Design/methodology/approachThe study is based on a systematic literature review. The literature has been explored by utilizing the keywords “economic crises,” “coronavirus,” “Indian tourism industry,” “Global tourism industry” on the three most popular databases namely Scopus, Web of Science and Google Scholar. In this study, statistics, current events, published research papers and a synthesis of news transmitted by various media sources were used to assess the economic crisis caused by coronavirus.FindingsThe obtained findings demonstrate that coronavirus severely affected the economy of the world and India. The pandemic has hit the economies that are dependent on tourism the worst. These countries are expected to bear the brunt of the crisis's consequences for longer than other economies. This coronavirus outbreak indicates that the tourism industry was unprepared to deal with such a pandemic, which affected and crippled the economy.Research limitations/implicationsThis study demonstrates economic crisis, management strategies and business opportunities during any crisis, chaos and disaster, in addition to its academic contribution to the existing body of the literature. Policymakers and industry practitioners might be offered suggestions based on the findings of current study to design futuristic strategies for better economic crisis management. The data given in this study is timely because taking an exact idea of tourism losses through the data is difficult, as the data changes as quickly as the virus spreads.Originality/valueThis paper forms its originality by concentrating on the aspects of economic crisis, strategies to mitigate the negative impact of coronavirus on the tourism economy and detailing the business opportunities which these crises can offer. This paper provides an evaluation of the current status of the tourism economy of the world and India as well.

Enzyme Immobilization Technologies and Industrial Applications

“…Besides impacting global health, the COVID-19 pandemic possessed numerous adverse consequences on the economic, social, mental/psychological, environmental, cultural, and political aspects . The growth of the enzyme market depends on the demand for the enzymes’ end-uses, e.g., cleaning, biofuel, food/beverage, pharmacy, animal feed, etc. , Even though the industrial enzyme market witnessed a significant evolution in terms of its revenue during the past decade, it was dramatically affected adversely in 2020 due to the coronavirus pandemic. It was reported that, during the 2020 pandemic year, the highest enzyme market share was that of the food and beverage sectors, as well as the house care products and cleansers .…”

“…It was reported that, during the 2020 pandemic year, the highest enzyme market share was that of the food and beverage sectors, as well as the house care products and cleansers . The demand for enzymes for industrial applications dropped severely during the last two years because of disruptions in global supply chains . However, most of the pioneering companies in their fields tried to return their production intensity back and strengthen their production in other relevant products (e.g., sanitizers and handwashes).…”

“…A report comparing the global enzyme market between 2019 and 2020 displayed that a 1% decline in the enzyme market size was reached in 2020 . The market is continuously growing and is estimated to reach up to $13.25 billion during 2025 with a yearly growth rate reported at 14%. , Hence, the consuming rate is anticipated to continue increasing significantly until 2027 to reach up to $17.7 billion; however, this estimation could be disturbed again in the event of upcoming waves of coronaviruses. , …”

“…128 The demand for enzymes for industrial applications dropped severely during the last two years because of disruptions in global supply chains. 127 However, most of the pioneering companies in their fields tried to return their production intensity back and strengthen their production in other relevant products (e.g., sanitizers and handwashes). The influence of the COVID-19 pandemic was devastating, with the market perceiving a negative need throughout the world during the pandemic.…”

“…128 , 129 Hence, the consuming rate is anticipated to continue increasing significantly until 2027 to reach up to $17.7 billion; however, this estimation could be disturbed again in the event of upcoming waves of coronaviruses. 127 , 129 …”