The novel coronavirus pandemic has resulted in unthinkable loss to the global economy and the loss of human lives has been extraordinary.
Globally, the coronavirus pandemic has killed 119,666 people and infected almost two million people, according to Johns Hopkins University data.
The large wave of novel coronavirus has affected most business sectors from agriculture to poultry, from petroleum to shipping, from aviation to hospitality and from real estate to apparel. As no sector has been spared the list is lengthy, comprehensive and wide ranging.
Due to Covid-19 has the world has changed crucially. To safeguard the people the nations are practicing the lockdown by keeping their businesses on hold, which have brought a halt to the wheels of economic growth.
After facing this situation and dealing with this unaware pandemic wherein there is an economic dip due to the coronavirus everyone around the globe including the organizations and workers are thinking that is there any light at the end of the tunnel, and where do we go from here?
For which according to many experts, there would be new opportunities, too, for greater cooperation in sectors such as pharmaceuticals and textiles. Besides, there is a golden opportunity for joint investments that could be made.
And when it is gone, the countries with proper plans will take a lead. We have to make sure we are ready for the new world post- coronavirus. There are many steps that we can take now to make sure when the lockdown is lifted, our systems are ready for economic growth. If we can do scenario planning, we, as a country, will win.
Now if we talk about India which even after being under complete lockdown less than a quarter of India’s $2.8 trillion economy is functional.
Lifting the lockdown will not be an easy process. It is a bumpy road ahead but if we can plan for it in advance and tackle major issues, we will be on the right path towards rebuilding India.
After the COVID-19 pandemic, India will have a favourable chance to build an economy that is more strong, adaptable and attractive to the global manufacturers as the majority of the businesses world wide are facing disturbance and are in confusion.
This is a great possibility where we can focus on rebooting the Indian economy.
The world is looking at India and manufacturers & service providers from across the globe are hopeful to identify opportunities in India.
Luckily for us, our agricultural backbone that accounts for almost 14% of our GDP can retrieve rapidly and in fact, grow next year.
The Micro, Small and Medium Enterprises (MSMEs) sector, which contributes to 30% of India’s GDP, is one of the key drivers of the Indian economy. We will also have to focus on integrating technology with distribution. If consumption products can be delivered using technology, it will be a massive push in reviving MSMEs.
These sectors will put people back to work and build some traction in the recovery of our economy.
Arguably, India and Indonesia should top the list of candidates. They are large countries located near China. Moreover, India has been extraordinarily been dealing well with the Covid-19 crisis so far.
It’s important that India is considered to share values and interests that align closely with those of Western democracies. It has impressive entrepreneurial talent, a large internal market and thriving private enterprises. India can offer everything that the world is looking for right from analytics, financial and management services.
Indeed, ever since the global financial crisis, more than 50 global companies (Apple, Nintendo, Sharp, HP, Dell, etc) based in China were already shifting, or planning to shift, their production location to other countries. The reason for their relocation was mainly due to rising unit labour costs, as rapid wage growth in China outpaced labour productivity growth.
If India aggregates its State capabilities with more open trade and investment policies, it could be a major beneficiary for the ‘Make in India’ strategy that would get a jump-start. India undoubtedly has the potential to be the winner in a post Covid-19 world.
India has showcased how responsible and reliable it has been by supporting the world medically during the tough times of pandemic. Prime Minister Mr. Narandra Modi is sure to ensure the post-Covid era belongs to India.
TendersInfo India Market Entry Services is organizing a Webinar on the topic: “Opportunities for investment in India post covid-19”. In this webinar learn how Companies from South Asia, Europe, North America and many other major countries can look at India as their alternative manufacturing or investment hub.
What our Experts will Cover:
+India opportunity in the post-Covid 19 scenario
+India as the global supply chains
+Markets reboot after the crisis
+Make in India initiative
+India’s advantage of abundance resources
Register for the webinar by clicking the below link:
The COVID-19 pandemic and the consequent situation has shaken us all, but what we need now is a judicious mix of optimism and caution. Civilisation has endured several crises in its history which we have put behind us, we will overcome again. This too shall pass. So do register and be a part of this insightful webinar.