Finding opportunity in crisis
Winston Churchill famously said after World War II, “Never let a good crisis go to waste.’ India seems to have taken a leaf out of what the former Prime Minister of United Kingdom said as the country is now on a path to become self-reliant Corona virus has affected 209 countries and with each passing minute, it is taking a toll of human beings with death toll crossing 82,000. As countries grapple with the problem, India is finding an opportunity in the gloom. One of the steps is the new policy initiative ‘Atmanirbhar’ meaning-self-reliance. The Government of India has come out with a sling of measures, boost to the MSME sector (We covered this in one of our earlier blog) and is encouraging mobile manufacturers set up shop in India (Read the blog ‘India turning into mobile manufacturing hub) and sops to several other sectors.
- CORONAVIRUS OUTBREAK OPPORTUNITY FOR INDIA TO EXPAND EXPORTS: CEA KRISHNAMURTHY SUBRAMANIA
The coronavirus outbreak in China provides an opportunity for India to expand exports, Chief Economic Advisor Krishnamurthy Subramanian said on Wednesday. India is one of China’s leading trade partners in Asia and has a huge trade deficit with that country. “It’s very hard to say how this will manifest in terms of India’s trade relations with China. If we go by the experience of SARS (outbreak), India was not affected that much. “But, the coronavirus outbreak in China provides a good opportunity to India to expand trade and follow an export-driven model,” Subramanian said at the Indian Institute of Management-Calcutta. He said China imports a lot of components, parts, assembles and integrates and then exports them. “India has been following the same pattern in terms of mobile manufacturing in the country. So, if one looks from this perspective, it provides a good opportunity for India,” Subramanian said.
The Confederation of All India Traders (CAIT), which represents 7 crore traders and 40,000 trade associations announced boycott of 3,000 Chinese products. The association made a list of 3,000 products mostly consumer goods, toys, textiles and few electronic items and decided to ramp up manufacturing locally.
- THE PRIME MINISTER’S CALL FOR ATMANIRBHAR BHARAT (SELF - RELIANT INDIA).
This can be just the right impetus for our domestic manufacturing. The world including India is currently overly dependent on China for raw materials and now is the right time to challenge this hegemony, as companies look for alternative manufacturing hubs in their bid to de-risk. India could be their destination of choice, provided we offer a conducive environment. A conducive business climate with better infrastructure and logistics, simplified land and labour laws and single window clearances can enable India to develop a robust manufacturing ecosystem. This will help attract foreign capital, latest technology, create jobs and boost our exports
- . COVID-19 LOCKDOWN MAY BE A BOON FOR GIG WORKERS WITH UNUSUAL PARTNERSHIPS
As the lockdown to contain the spread of coronavirus (Covid-19) progresses, companies, especially those employing gig workers, are looking at innovative partnerships to keep their businesses going. They also letting gig staff be employed meaningfully this time.
Over the past week, several unusual partnerships among start-ups, traditional businesses and hospitals have been announced, and several more are likely to materialise soon. “Gig workers have no social security and government advisories about keeping employees safe from layoffs don’t cover them. Companies are now thinking in terms of how to continue giving livelihood to these people,” said Amit Vadera, assistant vice-president at staffing firm Term Lease Services.
For example, Uber last week announced two new business-to business partnerships —UberMedic — a 24X7 service that will work with health care authorities. It will arrange transport for front-line health care providers to and from their homes and medical facilities.
