The rapid spread of coronavirus has also plunged the travel and tourism industry in India.
A usually crowded Yaara market in South Mumbai today is largely deserted. This market specializes in selling Chinese products but supplies are now running low.
Aslam Malkani is in the mobile accessories business for last 10 years. He said, "prices are rising and all because of coronavirus."
"Due to coronavirus, the prices have gone up by 15-20% in past February and whatever is remaining, people are selling it at any price," said Aslam Malkani.
Jin Chin Sin is a Chinese business based out of Guangdong province in China and has his factory in Asia market of Guangzhou province.
"My business has suffered 50% losses because of coronavirus. There are a large group of people like businessmen and manufacturers who suffered big loss," Jin Chin Sin said.
Kantilal Purohit has his toy store in Manish market in Mumbai. He is seeing a 75% drop in sales. This is because factories in China are under closed down and there's no labour there. He's stocking Indian made products but these are costlier.
"My entire business is about Chinese products and it is not coming in..factories are closed there , there are no workers there and hence the entire business is down, " Kantilal Purohit told NDTV.
The sentiment is echoed by Ahmed Raza who sells general items mostly made in China.
"Difference between Made in China and Made in India products is that the profit margin is very low. There I could earn 50% but with Indian products, margin is just 10%. This has impacted my business a lot," Ahmed Raza said.
Even travel and hotel industries have been badly impacted with many cancellations amid coronavirus spread across the globe.
"Few airlines are not flying. Cathay Pacific is not flying, Air China not flying, hardly any flights here and there...This will impact the tourism industry very badly. Hotels have less occupancy. New bookings to southeast Asia has gone down to 50%," Shilesh Patil, CEO of Kesari Tours and travels told NDTV.
The deadly novel coronavirus is slowing catching up and is also impacting businesses across the country. Although the priority is treating patients at the moment but the effect on businesses can also not be neglected as it will have impact on the already slowing economy. According to a UN report, India figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade.
With the number of deaths crossing 3,000 and over 80,000 confirmed cases, China remains the worst-hit country in the world.