In today’s globalised world, there is hardly any place that has remained unaffected by the severity of the Novel Coronavirus or the Covid-19 pandemic. Almost every commercial activity is suffering at the hands of the ruthless Covid-19. Because of the inherent nature of business activity, some industries may unwittingly prosper under the pandemic, while some would weather the storm, albeit with much difficulty, but of the hardest affected, construction and engineering sector is definitely on the wrong end of the curve.
COVID-19 impact across the economy is sudden and wide-spread. “But this presents an unprecedented opportunity for us to respond and reset some of the baselines in the construction sector in India.” The coronavirus pandemic has influenced foreign firms to shift operations out of China. India must spruce up domestic business environment to take advantage.
‘COVID & National Motif Of Subjectivity To Conquer The Pandemic Present Crisis’
Prime Minister Narendra Modi held a meeting on April 30 to develop a strategy to attract FDI, particularly foreign firms wanting to move out of China, to boost investment. In fact, the Indian government is reportedly in the process of identifying and developing 4.6 lakh hectares of land, including 1.1 lakh hectares of existing land in industrial areas, and planning fiscal incentives in the form of preferential tax rates, tax holidays etc in order to attract foreign firms. Further, a few state governments are also proactively working to capitalise on the opportunity.
The initiatives by the government are timely; they are coming at a time when foreign companies are looking to shift their production base out of China and their home countries are facilitating the move. Japan has announced $2 billion worth of incentives and Korea is encouraging its firms to shift from China too. It is not surprising that approximately one thousand companies are in discussions with the GoI to set up their production base in India. China has been the world’s factory for the last three decades mainly because of its FDI-led manufacturing exports. Almost 50 per cent of China’s growth comes from exports, creating millions of jobs.
Unlike the US, Italy, Spain and a few other countries, the COVID pandemic has, so far, not been severe in India in terms of both positive cases and fatality rate, if we normalise for the population. The initial stimulus package of Rs 1.7 lakh crore in March, followed by liquidity measures by the RBI and now, the stimulus package of Rs 20 lakh crore may help the Indian economy towards a vertical (V-shape) recovery. Therefore, post Covid, India could be the brightest spot among the emerging economies when it comes to attracting FDI. “Make in India” will become a success provided we prepare the ground and grab the opportunity.
The government deserves to be complimented for efficiently managing so far the fallout of the dreaded Covid-19 outbreak, that is devastating many countries in the world. The clamping of the lockdown was timely, as were the announcements of steps by the Reserve Bank of India to facilitate increased lending by the financial institutions. It is difficult to predict the likely impact of this virus on the economy as a whole, though there are estimates being made by a number of experts. There is absolutely no doubt that world over, GDPs will be adversely impacted, and India too will suffer. The issue now is of limiting the damage and making use of the few opportunities that may come our way.
The world will certainly undergo a change, but it is difficult to predict what will finally emerge. As of now the end to this scourge does not appear to be in sight, but one day it will. The key question is, are we preparing ourselves when the world does come out of the crisis?
‘COVID & MEDIA Sector’
The Covid-19 pandemic is disrupting every industry. For the media sector, coronavirus creates both opportunities and challenges. What has stayed constant is the indispensable role that media play in society. Media don’t just help us pass time; they keep us informed. Increasingly, the media create shared cultural moments and reflect who we are as people. The industry needs financial models that work to be able to keep fulfilling these functions, which appear ever-more important during times of Covid-19. This makes understanding how content creators, consumers, and advertisers value media is as important as ever. Research by the World Economic Forum sheds light on some metrics that do so, as well as calling for new thinking on improved criteria.
We know we need better metrics for consumers’ perceptions of value in media. We now need better metrics for how these companies provide value for society. It’s said that the media love a crisis. This may be the most important one yet for the industry.
‘COVID & Nitin Gadkari’
The outbreak of Covid-19 in the country should be seen as a ‘blessing in disguise’ for Indian industry, and India can emerge as a potential alternative choice for cost-efficient, quality products which are preferred from China, Union minister of road transport and highways and MSME Nitin Gadkari said. Gadkari added that the government is looking to provide a big boost to infrastructure projects in the country, which will help bring liquidity into the markets, and will help accelerate the economy. “This should be seen as a blessing in disguise,” Gadkari said in a session on post covid entrepreneurship opportunities and challenges organized by Bharatiya Shikshan Mandal. There are countries like Japan which want to divert their investments in China, Gadkari said. Talking about the current lockdown in the country in light of the pandemic, Gadkari said that the government will look at a measured approach in opening up industries, while ensuring that hygiene and social distancing are given utmost priority.
Conclusion..!
The crisis has begun and will continue to force us in the future to think innovatively. We have to decide for ourselves whether this pandemic is an unmitigated disaster or whether we can make the best use of the opportunities that will come in its wake. This is what will help decide which path India will take.
