There will be a huge shift towards localisation, with digital gets a real push and cash is always king for business and survival. Now companies have started moving jobs away from India as coronavirus shakes up back offices.
Most of the companies have to opt for remote work and their employees are now online and working from home ( WFH). Many organisations are going for the digital channel, this brings the immediate opportunity to drive efficiencies through digital. Technologies like Cloud, data analytics and cyber security to get boost.
COVID is permanently shaking up the global outsourcing industry as lockdowns is effected across the country. Having their staff work from home is difficult because of rules governing the handling of sensitive material such as financial transactions for bank customers from across the globe.
The outsourcing industry doesn't lend itself to working from home, the companies which used to ask employees to leave even their pens and pencils outside the office because of security concerns. Most of the firms have resorted to having staff live at their place of work. However, having staff work from home is difficult because of rules on handling of sensitive material. Many companies are rethinking on the whole outsourcing model.
1. Apparel and textile industry ,which 2 percent of GDP, employees more than 45 million , are strongly impacted
2. Automobiles and auto components market is controlling about 7.1 per cent and 2.3 per cent of GDP and appoints about 40 million , demand is not get revived fast, as this segment is significantly impacted by economic/market sentiments and consumer purchasing behaviour.
3. Aviation and Tourism is about 2.4% and 9.2 % GDP (FY 18) and employees about 42.7 million people
4. Building and construction, which is one of the largest employment generators in the country and has a multiplier effect on around 250 allied industries. This sector is contributing about 13% of GDP
5. Chemicals and petrochemicals industry is ranked with the sixth largest producer in the world, contributing to 3.5 % of global chemical Industry.
6. Consumer, retail and internet business ,contributes to 10% of GDP and contributes to 8% of employment( 2018-19), it is catering to a market size of USD 950 billion.
7. Education and Skilling
8. Financial services- Banking and NBFCs
9. Financial services- Insurance
10. Food and agriculture, brings 43% of employment and 16.5 % GVA
11. Metals, mining and MSME
12. Oil and gas
13. Pharmaceuticals
14. Power
15. Telecom, which contributes about 6.5 % of GDP and employees to 4 million people, with 1.9 billion connections.
16. Transport and logistics contributes 14% of GDP and employees to 8.27 million.
The above mentioned industries is standing at the edge of uncertainty. Companies move jobs away from India as coronavirus shakes up back offices. It has shake-up the world’s economic agenda. We can’t deny the fact that , there will be a huge change on how we live, work and play. There will be also a big question mark on our priorities which will be a challenge and an opportunity.
