Manufacturing sector will be the next growth engine for Indian Economics
The Covid-19 pandemic is the deadliest outbreak in our living memory. The world has neither seen such a widespread shut down in mobility nor witnessed such a sudden economic slump.
With about 450 million social media users, 627 million internet users, and we are the largest consumers of the internet, which is why Netflix, Hotstar, Amazon Prime have become household names in the country. Applications such as WhatsApp, PayTM, Google Pay have revolutionized the way we communicate and transact money. India also has the highest average data usage consumption per smartphone at about 9.8 GB per month.
Our per capita data consumption is estimated at 11 GB per month and this is likely to grow to 30 GB in less than five years. This very growth will see rise in online transactions, e-commerce purchases, social engagement, watching movies online, internet based education, where schools are now delivering education through e-learning, telemedicine will also witness rapid growth. This will give rise to two things i.e. digital consumption and more and more global entities attempting to attract Indian consumers online.
Enterprises across the globe have been making every effort to safeguard their employees by following the rules and regulations laid out by the government. This has compelled organizations to shift to a remote work model overnight. As a result, employees are accessing enterprise applications, systems and data from multiple devices and internet connections. This gives a lot of entry points for cyberattacks. This sudden transition has introduced new uncertainties and heightened cybersecurity risks for organizations.
Mostly all sectors are going through a lack of work and production /manufacturing predicament which is leading to most of the companies to cut salary, lay-offs or close their production/work for the time being. Now the question arises should one opt for the Job loss insurance during COVID-19.
India has a magic and miracle left to experts to explore & decode. The gist of the story is India needs to be consistent and eliminate the certain residue of bureaucratic red tapisim. Achieving a strategic FTA with the USA, EU & UK will be a game changer. A major glitch on policy performance of India is contract enforcement and legal settlements. These two lacunas of corporate law need to be rectified at the earliest. To be fair the present administrative echelon (eh•shuh•lawn) are dealing mega projects with utmost care and additional benefits are getting handed out. In addition to this India now offers lowest corporate tax and ease of repatriation of dividend compared to anywhere in the world.
Bottom line is now the manufacturing in India is offering a two sided reward to improve top line and bottom line. The next gen manufacturing and intelligent manufacturing is perhaps having the best available support systems in India more than anywhere else in the world.
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