The COVID-19 pandemic has disrupted every single industry over the course of just a few months. It has completely changed human life, irrespective of demographics, profession and social status. Many of our habits have changed. Our lifestyle, social connect and work culture have mutated beyond reckoning. While economic slowdown brews on one end, new trends are evolving on the other. A new world is emerging…one that might finally accept that ‘abnormal’ is the ‘new normal’.
While world economies were shaken by the Coronavirus, many industries in India took a hit as well. Lower production, pay reduction and high job & business uncertainty have been spooking every tax paying citizen ever since the onset of the pandemic. But in some sectors, the results are exponentially positive. So adaptability and creative decision making will play a key role in the future sustainability of enterprises.
Many countries, including India, have started resuming work in a tamed environment. India could potentially lead the change in a post-Covid world with its vast array of engineers and investment opportunities, according to billionaire entrepreneur Mark Cuban. India could be the next biggest global exporter as many countries are looking to shift operations and this is a real opportunity for diversification for India. In such a case, manufacturing companies in India must quickly adapt to the global demands, diversify their supply chain and focusing on product quality. Every sector will have to reinvent itself to survive in a post-COVID-19 world order.
Several companies that incorporated the work-from-home system have now decided to continue it even post lockdown. From delivering work stations to providing high speed internet connectivity, every company working in the digital and tech space has ensured a smooth transition of work culture. This has not just saved on operational costs but also increased productivity. Such transition may never be possible in the manufacturing sectors, however, innovative systems may be designed to enhance processes that do not require physical presence.
India has become the new land of opportunities as foreign companies look to shift base out of other asian counties and into India. As entrepreneurs, we must work along with our government to create internationally acclaimed benchmarks in manufacturing and distribution to portray reliability and attract foreign investments. Expanding domestic capacity and capability in a strategic manner can make all the difference. With a youth population of nearly 230 million, man power and skilled labour can serve as our greatest strengths.
In summary, manufacturing companies need to articulate a measurable roadmap to increase their current domestic value addition. A strategic approach, technological enhancement, skill development and precise market forecast are some of the key focus areas to make India the next preferred global industrial destination post COVID-19.
