Impact of COVID-19 on India Business Industry

This is bad time for the entire business world even a small shop owner suffer crises due to this global pendemic . While there’s no slew of tried-and-true best practices for dealing with this global pandemic, the are some business which are going to be changed after covid-19 , these business ideas can help you emerge out as a leader through this crisis.

Moreover, it is equally essential to understand that the concept of the online marketplace comes with a futuristic approach. I truly believe that there will be a solution to this pandemic very soon. The world will be a healthier and safer place once again. And the businesses will be gaining their momentum. but after pendemic their is a new era of doing business, in which internet play a major role for making business easy .

We have been forced to adopt digitalization in our everyday life. These new habits have created new business opportunities but at the cost of huge economic losses. Enterprises had to adopt new normals and smartly diverse their operations. Other industries like tourism, travel, real estate have also been impacted. In these adverse times, the role of decision-makers to implement smart and sustainable business models is very important

1.Education Industry:

The 1st industry which is going to change Education , Children are missing their school/collage , as they have been inside at home for a long period of time. Digital education has experienced new growth in these periods. Many schools have tried different online teaching platforms to fulfill their requirements. The assessment of assignments and taking online exams are the newest challenges these schools are facing. Home tution and coaching centers are out of market , somehow big coaching center able to go online and hardly fulfill requirement and provide material to student because have fewer resources and facilities to avail these tools, but it’s very hard for them too, but small coaching and tution center are out. Their place is taken by some new internet era their is a lot of educational-Tech Platforms like Byju’s, Extra marks, Vedantu etc. are eating up their market.

Besides these, teachers are struggling to make their students understand the concepts. Therefore, recorded videos are frequently being used, which contain more options and animations to represent the concepts. but still it’s not enought for students

2.Health Care\medical Industry:

The most affected industry in the covid -19 is the health care industry.The impact of the coronavirus pandemic and the lockdown it triggered is clearly visible in financial markets. But there is still no clarity on the deeper impact that it is having across businesses and industrial sectors. Here is an impact analysis in healthcare sector.

The healthcare sector is at the epicentre of this unprecedented global pandemic challenge, and the private sector has risen to the occasion, by offering to the government all the support it needs, be it testing support, preparing isolation beds for the treatment of Covid-19 positive patients or deploying equipment and staff in identified nodal hospitals.

Just because of covid -19 all the global health care industry only focous on only COVID-19 , and all the other disease medicen on demand , all hospital are only about to check covid -19, putting on hold of a large number of patient of less harmfull disease , and all clinic are closed . their are also some online site / app’s which are providing home delivery of medicines and home service of doctor , but it’s not fulfill of requirement , and these are very expensive so poor people are not able to get medicine and doctors.

What is the impact on India’s medical devices industry?

• The medical devices industry has also taken a hit. The country imports consumables, disposables and capital equipment including orthopaedic implants, gloves, syringes, bandages, computed tomography and magnetic resonance imaging devices from China. Due to the current crisis in China, the medical device manufacturers across India are finding it difficult to source important raw materials and electronic components from Chinese factories.

3. Self-Care Industry:

This pandemic has shown us the importance of self-care during negative times. We got to know, to lead a stable and efficient life, keeping our mind stable is essential. This has resulted in a boost of self-care content consumption online.

Consumptions for motivational contents, exercises, healthy diets, mind management etc. has increased exponentially. Subscriptions for the online webinars of established trainers has increased hugely.

Minimalist mindset adoption has seen higher growth numbers, which suggests, people now care to stick with essential items than luxuries. We have realised we require a fairly minimal number of items daily and the rest of the items are actually blocking our cupboard spaces.

4. Entertainment Industry:

we miss the cinema halls, a cheers from the crowd and we enjoying the ridiculously priced popcorn looking at the big screen. We are unsure when we can experience this again, as people are preferring to maintain social distances and cinema halls seats can be an easy prop to transmit the virus. Therefore, some yet to be released movies are releasing online, through the partnerships with media streaming applications.

In the covid-19 lock down all shooting , editing , composing etc are closed all artiest are in house thair is no prodction house working, but soon as we expecting end of pendemic and all these start again and we enjoy it. but in this digital era, platforms like Netflix, Amazon prime etc. have capitalised hugely and have become a necessity for many entertainment seekers than a luxury.

Meanwhile, we realised that authentic and valuable contents can win hearts even after a quarter of the century. Mythological series like Ramayan, Mahabharat etc. were adored hugely by everyone, which showed us, true contents can hold the attention of any age group. The nostalgic feeling and throwback to old days kept the TV channels alive.

5.Hospitality Industry:

All Hotels and restaurants have been shut down across globe and in India since last 3-4 months which is hugely impacting the pockets of owners. Many owners had to fire workers to sustain the period, though the future revenue figures are uncertain.

 With leisure and business tourism coming to a standstill because of the Covid-19 pandemic, India’s hospitality sector is facing its biggest crises ever,  pandemic and the containment measures introduced by Governments globally and in India resulted in a severe drop in foreign and domestic travel across the world, in both the business and leisure travel segment. This will leave a lasting impact on the credit profile of airlines and hospitality companies. Globally, hotels have acknowledged the depth of this decline with recovery stated two to three years from now.

THANKS !

Deshdeepak

Image source : google