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Second Wave of Corona Hits City’s Economy Hard
Second Wave of Corona Hits City’s Economy Hard
G
Guru Prasad
Hyderabad
Tue Apr 20 2021
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Second Wave of Corona Hits City’s Economy Hard
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The second wave of the corona has once again directly impacted the economic situation in Telangana. During the first wave, the state experienced an economic slump, but it was expected that the approval of vaccines would make up for the loss. However, with the surge in COVID-19 cases, the Telangana government is once again in a crisis situation. 

The commercial activity in the city has come down quite a bit and it has become a cause for concern. Revenues generated through taxes and liquor sales have declined in the past week and the government is already worried. However, with the situation far from being under control, the officials are worried that the situation could worsen if the sales continue to fall consistently.

People have stopped coming to Hyderabad to make purchases from districts and this has resulted in business slowdown according to top Commercial Taxes and Excise officials. The sales in malls and shopping centers have reportedly fallen by 25-30 percent. Footfall in multiplexes and big shopping malls has also dipped to 50 percent. The weekend business has also slowed down with people refraining from visiting restaurants, pubs, bars, and eateries.Incidentally, consumption of fuel has also reduced by 20 percent, due to lack of commuting between districts and Hyderabad. Likewise, liquor sales that contributed to 70 percent of business in the state also came down by 30 percent causing concern to Excise officials.

On a normal day, the government earns about Rs 500 crore through VAT on fuels, liquor sales, and motor vehicle taxes. As of now, it has come down from Rs 350 to Rs 400 crore.Meanwhile, the revenues generated from property registrations and the sale of automobiles registered positive growth. The government has instructed the Stamps and Registration and Transport department to ensure that the revenues are consistent during the pandemic time.

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Second Wave of Corona Hits City’s Economy Hard
Second Wave of Corona Hits City’s Economy Hard
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