The impact of the Covid-19 pandemic is at its peak, and the menace of this pandemic is so high that many industries are at their demise state. Most of the industrial sectors are facing a similar type of paralyzed financial state. During the lockdown period, suddenly, immense changes were visualized in consumer needs. Health industry was the only one sector which had not shown any loss in a large scale.
Affected Economy of India
The Indian economy is the fifth largest economy by nominal GDP and the third largest by purchasing power parity (PPP). Now, Indian economy is at its worst performance due to the covid-19 pandemic. GDP of India was estimated for -23.9% in the 2nd quarter of 2020. Due to the condition of static world, unemployment rate for India was 23.52% in the month of April 2020. Now, in the month of September 2020 the unemployment rate is 6.67%. From this, it can say that, the need of employees in workforce is again remedying.
Corporative break during lockdown in India
For several months, the world took a pause. Busiest persons of the busy world locked-up themselves. Medical science was the only reason behind the hope of life. Every industry preferred a halt, rather than opting for the worst condition. Due to less demand of the major products and services, instantly, markets slowed down their supply. Many people losing their jobs in the covid-19 pandemic, as corporative sectors were unable to tackle with the financial crisis. Corporative sectors thought to resume their work through online platforms or work from home.
Consumer needs during covid-19 pandemic
Social distancing was the only one way to defeat the Corona virus. As social distancing introduced, public engagement with the society was also reduced. That’s why public needs were also diminished. At the time of lockdown, only health care products were on high demand. Many start-ups had come forward to provide health consulting services. Online platforms, to host virtual works, were introduced to the system. Work from home involved online services like online studies, virtual meetings, and product delivery. Lockdown effects in the education sector stipulated to re-introduce the E-education among students.
Mostly affected corporate
The severity of the Corona virus was so high that people in the world-wide thought about just living in a normal life instead of a luxury life. Personality and behavioural assets were on less demand because people were not in social engagement. Every sector was affected but some are less and some are more. To fulfil primary needs of daily life, people were using only necessary assets. Aviation, automobile, realty, retail industries are the most affected industry in covid19 pandemic. Earning resources of many people were low so that people are unable to extend their hopes.
Re-shape of industries in post-lockdown
Industries should have a proper strategy to make a come-back in the market. They have to reorganize their organization. Many industries were bound to fire some employee to avoid the financial crisis. Now, to continue their organization, they have to create proper workforce periodically. There are many ways to re-gain the growth curve of an industry.
- An Industry should assure a customer’s safety in the current situation.
- Again people are engaging in social activities. So, a corporate should continue its social engagement.
- Current situation needs a safe work environment, which will encourage the working team to do work without hassles in mind.
- Industries can provide products and services with the affordable price range, so that everyone can access to have that product.
- In the post-lockdown situation, industries should limit the production process as compare to the pre-lockdown situation. Because, according to some economist, inflation in some goods has been remarked and financial condition of many consumers are not settled yet.
Scenario of industries after Covid-19:
Now people are well practiced and well acquainted with the online platforms. Once again, it has proved that over the internet, everything is possible. Until the vaccine for covid19 has not developed, some will continue the practice of the online platform or work from home. Recently Indian govt. has issued a chain to localize everything and that scheme is “Atma-Nirbhar Bharat” and the theme is “Vocal for local”. During the lockdown period, govt. has announced that scheme. But, due to the pandemic situation, the scheme was not effective so much. Market analysts analysed that after neutralisation of the market situations in India, industrialists as well as investors will come forward to invest in the local market.Indian consumers were greatly influenced by boycott China movement. This movement can help the investors to invest in the Indian environment. This will create an open opportunity for Indian youths in industries.Peoples are facing financial deficiency. They are not willing to expend in other unnecessary fields. Construction materials and hardware materials are in less demand. Realty industries are not showing up in their business. Daily wage workers are out from their work. Retailers are also unable to touch the profit line.Due to this pandemic, industries are recruiting in less numbers. Once the whole situation is under control, opportunities for the fresher will open largely.
Reorganization and reform are the keys to get back the financial state of an organization. Industrialists are following these keys to be stable in the market. Due to the pandemic, many organizations came to know about the flaws and weak points in their organizational architecture. To re-gain speed growth, reform can be the best option.A recent study shows that, employees are getting fire from their companies and unemployment in most of the sectors is increasing. But, in agricultural field, a certain number of peoples have been jumped to agriculture to avoid financial shortage. Every sector is becoming more competitive. In India, people got a huge time gap in lockdown period. People were able to utilise the time and by proper time management, they prepared themselves to compete with competitors. That’s why it is going to be tough to compete in upcoming opportunities.Due to uncertainty in the market situation, nonfarm workers are going to suffer a lot. Inflation in goods and less in demand are creating an unbalanced condition among consumers and suppliers.
According to a report published by an agency, it is assuming that India’s economy is to be rebound in the financial year of 2022. To make an instant comeback in economy, India has to show a growth of 11% in its economy for the next three financial years, which has not happened before.
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