Before the global pandemic hit, the Indian hospitality industry along with tourism was one of the key segments driving the growth of the services sector in the Indian economy. And while Covid-19 and the resultant lockdown brought things to a standstill for a while, the hospitality industry is taking stock and reinventing themselves to successfully revive the sector in the post Covid world, says Zaid Sadiq – Executive Director, Liasoning & Hospitality, Prestige NSE 5.23 % Group.
What, in your opinion, will be the long-term effect of Covid-19 on the industry? How long will it take to recover?
Given the dynamic and unprecedented nature of this global crisis, we expect to witness the ripple effects of COVID-19 across socio-economic sectors for at least another year. However, we hope to begin the journey towards recovery by June 2020 – provided India manages to flatten the coronavirus curve. We must not forget that the pandemic is first and foremost a human concern. The dominos long-term effect of the COVID- 19 pandemic is expected to last for at least another 12 months. Having said that, we are very optimistic in our approach to recovery, which shall commence by July 2020, provided that the spread of the virus is contained. Above all, public health and safety is critical to form a strong base to develop customer confidence.
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