Digital fintech platforms have taken advantage of this opportunity by leveraging their distribution systems to meet customer needs during this difficult period.
COVID-19 has dominated the news in recent months due to the pandemic’s unparalleled reach. The Indian economy could take more than a year to recover due to the halt in economic activity. According to a new estimate from Barclays, the total economic loss from the lockdown is $234.4 billion, assuming a partial lockdown until the end of May. Surprisingly, the economic battle would be a major determinant of the war’s final outcome on COVID-19. A crisis of this magnitude also presents an opportunity to implement significant policy changes, especially to boost manufacturing and investment, and re-establish the country’s growth trajectory.
The crisis has provided India with an opportunity to position itself as a viable alternative to China as a manufacturing hub. India should implement trade and investment-oriented policies to leverage a young nation’s demographic trends as countries seek to de-risk their supply chains globally. Even though the COVID-19 situation appears to be grim, great opportunities are often forged in the crucible of a crisis. COVID-19’s global effect has reaffirmed that pandemics know no geographical boundaries. Similarly, inventions must be universally applicable. We in India have a once-in-a-generation opportunity to make “Make in india ” and “Digital India” a reality. Telemedicine-assisted remote health care will help to close the gap between urban and rural health. The Aarogya Setu was designed to be a sophisticated monitoring tool for identifying disease hotspots. While sceptics have expressed concerns about “surveillance misuse,” apps like this may be used to provide health care long after the pandemic’s acute period has passed.
The way medicines and vaccines are developed is being rewritten. A plethora of modern inventions are showing what human imagination is capable of in the face of adversity, from wrist-mounted disinfectant sprays to a wristband that buzzes whenever you are about to touch your face. To do better than our best, we must urgently leverage dormant talent from every culture, city, and nation. There’s a lot of untapped potential out there, only waiting for the right opportunity. Drones and robotics are now being used in government hospitals as a result of COVID-19. It’s only a matter of time before they’re discovered to be useful in a number of circumstances outside of a pandemic. Drones and robots will be around for a long time. In the AC (after corona) age, what is revolutionary technology today will definitely be the standard. We must change with the times. “It is not the strongest of the species that lives, nor the most intellectual, but the one most adaptable to change,” said Charles Darwin.
We’re learning to be humble and reasonable right now. When there is a global crisis, people come together to help each other. We’ll demonstrate that the bright light at the end of the coronavirus tunnel isn’t a train approaching! Human creativity shines brightest in the face of global hardship, as we’re working toward a deadline from yesterday!
