The Covid-19 pandemic is wreaking havoc on global economics but one should always remember the Newton’s Third Law – “FOR EVERY ACTION THERE IS AN EQUAL AND OPPOSITE REACTION”
Similarly in human life too, for every negative event there’s always an opposite positive reaction that brings long lasting changes. Covid-19 undoubtedly is a mammoth presently but it will definitely generate equally strong opposite positive reactions.
One will find that Covid-19 is actually a change accelerator. I am of the opinion that corona is going to be truly a Blessing in Disguise for INDIA. It is like “A Bright Future That Has Already Started”. India can emerge as an credible alternative for companies looking to shift part of their supply chain network from China.
If India can prove to be a trusted supply chain partner that means we protect their Intellectual Property Rights,
patents and technology and we have the domestic volumes,
then the country can be a base as well as a market as compared to Vietnam or Cambodia.
Covid-19 is in many ways an Overnight Paradigm Shift likewise
Corona created natural hatred towards touching currency notes while Corona lockdowns imposed digital payments which will eventually accelerate the transformation into digital economy thus resulting in higher revenue recognition and higher tax collections.
This can become corona’s best gift to India.
Corona in an overnight made ” work from home” a new normal.
If we could standardise, regulate and accelerate WFH, it itself has the potential to catapult India to a different growth orbit of prosperity.
Also, P B Sharma (vice chancellor, Amity university) believes that the covid 19 lockdown has been a misfortune but it is providing positive outcomes for Indian universities as there was the fear of poor quality online teaching and the hesitation on the part of faculty members to use online portals,
all of which are completely disappearing.
Even in an extensive and long lockdown, this country is smoothly functioning despite the complete restriction on movement. It has proved that India’s digital infrastructure is strong and can deliver.
Now if we see Impact on Employment or Hiring or Recruitment:
It hardly needs intelligence to say that the worst impact of corona would be on employment hence recruitment industry would definitely suffer.
This is a half correct view.
In the immediate commotion, when nobody knows what to expect, there’s always going to be a standstill and retrenchment is definitely not ruled out.
However, when businesses start acting,
there’s going to be a dichotomy around the world in all commercial and economic activities including recruitment/ hiring.
The need for full time talent would be initially small and critical and on important and urgent basis,
recovery is likely to be in the order of top, senior and mid level hiring followed by bulk hiring.
It is 9 to 12 months from lockdown opening when the hiring for growth would happen and attrition would reach its new normal peak.
Most of the governments across the globe would be announcing mega packages to strengthen confidence to induce fast recovery and to tame unemployment.
We as a country needs a long term strategic structural solution.
It is the time when one can put India on the path of return to be GOLDEN SPARROW again or take to the path of NO RETURN.
This difficult has surely given opportunity to explore unbeaten paths, gauge unexplored strengths and use of technology!