Threat of 2nd Wave of COVID-19 Impacting International Businesses and Students

Due to the novel COVID-19 there has been a huge loss of human lives and the impact has also been deeply felt by the global economy. The COVID-19 virus is having an impact on all businesses around the world as it is not restricted to a few sectors but is evident in all sectors of the economy. Reduced foreign trade, declining global PMIs, and deep GDP cuts this year imply that we have entered the predicted recessionary period. Businesses and organizations are taking strategic steps to keep physical contact to a minimum and keep the operations running.

A major setback has been seen in the education sector as well. There is a total transition from the traditional offline learning systems to the online learning system and for many students.

India is a major trading partner with several countries across the globe. The gap between the country’s imports and exports has declined steadily in recent months. We are likely to see numerous trends that emerge in the way business is conducted during the pandemic. A huge impact is also seen on the Indian students who planned to study abroad. Many students are going to postpone their study abroad plans because of international travel restrictions. This is a very crucial time for students who usually plan to go abroad for their higher studies as students just got done with their board exams and this is the time they start shortlisting the universities and colleges they want to get enrolled into. Sooner or later the higher education institutions might adapt to the e-learning practices.

The effects of the COVID-19 pandemic will continue to bring about vast improvements in teaching and learning practices at all educational levels. Studying abroad requires a lot of planning, both financially as well as mentally and because of the uncertainty of the situation right now, studying abroad does not seem to be a wise decision for many students.

Gopalan Anish Acharya, Founder of Medveda Educare Pvt Ltd said, “During these tough times, it is utmost important for students to get emotional support and guidance from their family, teachers, and career counselors. Planning to study abroad is a long process and this decision cannot be taken overnight. For most Indian students the pursuit to go abroad begins many years before the actual year they get enrolled. Counselors should help the students to explore more viable options. The situation is grim and might affect the long term plans for many of the students because many students are having financial issues as it is an unfortunate time.”