The transport industry is called the lifeline of a nation. It involves the physical movement of people and products. Any nation cannot grow economically without transport infrastructure. Good physical connectivity between the urban, rural and remote areas is important for the overall economic development of the country. It helps to bind people together from the different parts of a nation.
Not only for a nation; the transport industry is the backbone of a business. Transport industries help in assembling of raw materials for manufacturing industries to continue their production process. Transport industry plays an important role in managing the supply chain and logistics to deliver the product at its place of consumption.
Transportation transformed a local market into an extensive market. But the outbreak of COVID-19 has stopped the movement of people and products affecting the transport industry. Due to lockdown, transport industries cease their activities causing declining in other economic activities as maximum economic activities depend on transport.
Reasons for depletion in economic activities due to the cease of the transport industry-
Transport industries are the backbone of any business that supports to carry out business operations easily and since it is halted causing discontinuation of business operations leading to the dwindling of economic activities –
Supply Chain and Logistics – Supply chain and logistics are responsible for maintaining and executing the free flow of goods from point of production to consumption. These activities completely depend on transport infrastructure whether it is local or international. Termination of the transport industries hampers the whole supply chain system making it impossible to make raw materials and finished goods available at the correct place and time.
Poor Fuel Consumption – Termination of transport operations has caused the poor fuel consumption which is affecting the price of fuel. Supply and demand of oil influence the price of oil which in turn directly affect the economic growth of the country. Poor fuel consumption decreases the revenue of a nation, forcing the government to impose fuel taxation to generate revenue. More tax means more price causing inflation in the economy.
Deranged Economy Growth – Halting of transport industry caused unbalanced growth in a nation, especially in developing countries. In developing countries, some part of the nation geographically is developed and some developing or underdeveloped. Therefore transport industries connect all these areas for maintaining the balanced growth in an economy. And now when this connectivity is disrupted it is resulting in a deranged economy.
Effect on Equilibrium – Transport industries termination of activities has harmed the equilibrium which may influence the prices of products. In economics, equilibrium means a situation in which market forces that demand and supply are in balance as a result it stabilizes the price of a commodity. Disequilibrium precipitated the market to fall out of balance bringing instability in the economy of a nation.
Unemployment – Halting of transport industries caused unemployment at a large level which may push half a billion people into poverty. On a rough estimation, it is found that there are around 20 million people employed in the transportation sector in India and 13 million employed in the public transport sector around the globe. Unemployment forced the government to pay a large amount to unemployment as a benefit which reduces the gross domestic product GDP of a nation.
The solution to the Problem -
Now that the world is gradually moving towards unlocking, it doesn’t mean that it will improve the situation fast. The major challenge in front of us is to safeguard the health and safety of the workforce. There is a high risk of transmission of the virus, in moving from one place to another. By following, guidelines issued by the State and local government can control the situation, but that is not enough. Hvantage Technologies understand the problem and we work towards finding the way, therefore, we came up with the solution “H-Guard”.
“H-Guard” safeguards your health and safety by maintaining & monitoring social distancing and records the contacts to do proper contact tracing at your workplace. It is a wearable device connected to your phone via Bluetooth. The primary objectives of “H-Guard” are:
Monitoring and Maintain Social Distancing.
To Control Community Spread.
The important features of “H-Guard” are:
Alert History Reports
Safeguard the health of your employees as well as your industry with us!!