As the world is still battling the impact of the global pandemic and lockdown, the focus is now on reviving the country’s economy. Amid the ongoing farmers’ agitation which has rocked the national capital and country that resulted in the blockades in different borders of the national capital, several raised concern over the economical condition of the Indian Industries. A recent report titled ‘The impact of COVID-19 pandemic on potential income and employment in India’ by professional services firm KPMG said that the Indian economy is expected to contract in FY21 over FY20 under different scenarios of shocks.
The low economic growth has been seen as a result triggered by the coronavirus outbreak and the associated lockdowns over the year 2020. Experts have discussed many steps to revive India’s Economy & Businesses post-Covid 19. The stimulus packages from the government have helped the corporate sector and are helping the Indian economy to be back on track.
The Indian economy has been badly hit by the corona pandemic. Many experts and entrepreneurs are discussing and introspecting how small businesses can become self-reliant and help the economy to go back to the pre-corona figures. The opening up of the economy and implementation of a broad set of measures under the ‘Atmanirbhar Bharat’ package introduced by Prime Minister Modi has led to a continuous improvement over time in the performance of businesses.
Another major outcome of COVID-19 is a likely shift in global supply chains away from China to other economies. To capitalize on opportunities that could come India’s way, there is a need to strengthen India’s manufacturing ecosystem.