Coronavirus disease has already caused a big impact to China’s economy, and China being India’s biggest trading partner and also a big market for India’s domestic goods, the disease can have an impact on several sectors in India as well.
“The disruption caused, if prolonged, could have a bearing on India’s imports from the country which is critical for domestic economic activity. Finding substitutes for imports from China in the near term could be a challenge. Further, a slowdown in economic activity in China could impact exports from India,” noted credit agency CARE Ratings in a recent report.
The fatal virus disease will have an impact on Bollywood business as well.
Due to the outbreak, China has shut down almost all its movie theaters across the country (close to 70,000 theatres).
In recent years, Bollywood movies, 3 Idiots, Dangal, Secret Superstar have become huge hits in China and the demand for good Indian films is only growing. Lot of Bollywood films that had scheduled releases in China will most likely be impacted due to the disease.
The outbreak has also caused several Indian airlines to temporarily cancel/suspend flights operating from India to China and Hong Kong.
Coronavirus has also hugely affected its own film industry, with the release of several blockbuster movies now put on hold.
Chinese film studios were expecting huge crowds over the Lunar New Year holiday (which began Jan. 25), one of the biggest weeks for movie goers. However, according to ticketing platform Maoyan, the film studios were hoping to generate as much as $1 billion globally during this period, but could gross only about $2 million over the holiday weekend.
China’s government does not allow Chinese films to be released in theaters in other countries before they have made their debut in China.
In terms of box office revenue, China’s film market is next only to the United States. Many analysts believed that 2020 was the year when China would overtake the US and become the biggest film market in the world, but the Coronavirus outbreak will likely delay that feat.