Shah, who is also a member of the Prime Minister's Economic Advisory Council (PMEAC), said in a talk that the market to bottom will wait for a cure, but when it bottoms out it will not wait for anyone to recover.
He said that many pharma companies are working for a breakthrough with Johnson & Johnson and other companies already in human trial phase.
Shah added that pharma stocks have not peaked yet and several countries will work to improve their health infrastructure and people will adopt a healthier lifestyle.
Companies across sectors that have leverage will suffer the most and hotel, tourism, leisure, travel companies will be the most affected, he added.
The gainers will include food processing, pharma, healthcare, sanitation, disinfectant, e-commerce, online, FMCG companies.
In the coronavirus crisis, the biggest benefit to India is the $30 fall in crude oil prices as India is the third largest importer.
Another benefit, that accrues for India is that the trade deficit with China has improved by $ 10-12 billion.
Shah said India will also benefit from the supply chain diversification effect. Companies are looking to move out of China, India and Vietnam will be contenders for this. The government is already in talks with companies to move their plants to India.
Real estate, both commercial as well as residential will be impacted by low demand, bigger names will benefit and small players will exit, Shah said.
A lot of good will is coming India's way after the supply of hydroxychloroquine, Shah said. "The world will remember this," he said.