The COVID explosion in India disrupts global economic restructuring: US Chamber | Business and Financial Issues
Many U.S. companies employ Indians for back-end jobs that could be hurt if the disease spreads: Chamber Manager.
The United States Chamber of Commerce warns that India’s economy – the sixth-largest in the world – could be affected by the growing number of coronavirus cases, leading to a global economic meltdown.
Myron Brilliant, vice president of the US Chamber of Commerce, said on Monday that the risk of spillover was high because many U.S. companies use millions of Indian employees to run their operations in the back office.
“We hope this can get worse before it gets better,” Brilliant told Reuters news agency, noting that the “real threat” to India’s economy would be disrupted.
“There is a great deal of concern about the pull of [US] economy is a dangerous virus, which is spreading in India. ”
The growth of cases seems to have already affected India’s economy.
The Bloomberg news agency reported on Monday that a number of high-profile cases were showing a significant impact on India’s retail sales week to April 18 compared to the epidemic that began in January 2020.
This is a major economic risk where consumption accounts for about 60% of all household items.
Putting people first
Meanwhile, Brilliant said his goal was to help the people of India.
The Chamber and CEOs from 40 companies on Monday set up a group of civilians to provide India with medical care, oxygen and other assistance and unveil a new door on how U.S. companies can make charitable donations.
The alliance also includes the US-India Business Council, the Business Roundtable and the US-India Strategic Partnerhip Forum, the Chamber said.
Chamber officials and CEO met with Secretary of State Antony Blinken and White House adviser Kurt Campbell on Monday to discuss the depth and economic and social problems in India.
India is now the epicenter of the global epidemic, with an epidemic of 352,991 cases in the last 24 hours and air-conditioned hospitals and beds.
The US and other countries have promised urgent medical help to deal with emergencies.
Many U.S. companies have already pledged to provide financial, operational and transportation support as well as medical supplies including oxygen generators and concentrators, the Chamber said.
U.S. and Indian exports and operations reached $ 146.1bn in 2019, according to the U.S. Trade Representative office. India was the ninth largest trading partner in the US, with $ 92bn on two sales in 2019.
