Authored by- Sanjhali Bajaj
Introduction
The fast flare-up of the Covid presents a disturbing well-being emergency that the world is wrestling with. Notwithstanding the human effect, there is additionally a critical business sway being felt all around the world. As infections know no boundaries, the effects will keep on spreading.
The principal half of any new financial year is an incredible opportunity to speed up development, yet the COVID-19 flare-up changed the situation this year. The circumstance is remarkable for pretty much every area of the economy, particularly the early-stage ventures.
At this point, it is not about which areas have endured harm rather how much industry has been harmed. From that harm evaluation viewpoint, the movement and accommodation area has endured broad misfortunes, and it is probably going to be the region that will take the longest to reappear because of the new normal. Essentially, other people-intensive industries, like manufacturing, logistics, transportation, and so forth, should confront stiffer difficulties.
Before the pandemic came into the picture, there were a small bunch of brands, and the item was thought about as a thing of need in certain medical clinics. Notwithstanding, today, it is an item that the majority cutting across monetary and geographic divisions know about. The utilization has expanded a few folds over the last year. Likewise, hand sanitizers, cleansers, masks, gloves, sanitizer splashes, and other such cleanliness items have seen such ascent popularity that there is a huge demand-supply gap today. It is only during the COVID-19 pandemic that made hygiene to be one of the most rapidly growing industries in the future.
War obliterates as well as sets out open doors for the individuals who are strong and quick to modify. Today, our conflict against Covid has brought to us comparable difficulties and opportunities.
Challenges and Ways to Overcome it
- Fluency of Cash
We are generally seeing a drop in deals and the level of effect shifts as indicated by the area an organization works in. Notwithstanding, what is required now is the capacity to be versatile and creative. Carmakers are making ventilators and wine creators are making hand sanitizers. Such flexibility keeps the cash flow going as well as helps in scoring important showcasing focuses by serving the consumers in their hour of need.
- Manpower
This is one key space of concern, particularly to labor-intensive areas like farming, assembling, and development, and so on. There will be the exhaustion of valuable assets, and it may prompt forceful talent poaching. The work cycles and rules will likewise change because of the social distancing standards that will presently get required on a drawn-out premise.
- Growth setbacks
Independent of your association’s size or industry, enduring the hardship and not development ought to be the center regions for the present. There may have been plans to dispatch new items, cover new domains or secure subsidizing, in any case, those plans should be required to be postponed until the circumstance improves. Indeed, the evident development mishaps could be a chance to show your versatility.
- Cyber Threats
It features the cybersecurity challenges organizations looked at as they quickly moved a greater part of their representatives to a distant working course of action because of a pandemic. As per the investigation, 73% of associations in the nation have encountered a 25% or higher bounce in either digital dangers or cautions since the beginning of Covid-19.
Associations are directing their concentration toward building a strong online protection establishment, with cloud security arising as the top speculation for 31% of organizations in rethinking their working environments post Covid-19.
Brands that turned challenges into opportunities
- Suparshva Swabs
The rising number of COVID-19 cases during the nationwide lockdown prompted a demand for polyester swabs for testing. Be that as it may, till March 2020, polyester swabs were not made in India and were imported from China or the US. With the worldwide interest for the swabs on the ascent, it turned out to be more troublesome and costly to source them for domestic use. Simultaneously, Delhi-based Suparshva Swabs ventured forward to rotate its assembling business of individual cleanliness items, for example, cotton buds, cotton balls, and exceptional swabs under the Tulips brand. The privately-run company changed over its 100% cotton preparing lines at its Ghaziabad manufacturing plant to create polyester-turned swabs on programmed creation lines.
- Hula Global
Established in 2018, Noida-based Hula Global was doing great until the Covid pandemic hit India. With an end goal to tide through the difficult situations, Founder Karan Bose broadened its business into assembling PPE units, N95 covers, face masks, to fulfill the rising need for such items in the country.
- FabIndia
The cross-country lockdown accompanied an admonition for FabIndia and its 250 retail locations. The famous ethnic wear brand — worked more than 60 years — shut its stores in March. Nonetheless, it rushed to see that the public authority was permitting the deals of fundamental things and cleanliness items during the lockdown, and chose to increase its natural food varieties creation.
- 10by10
Toward the start of the nationwide lockdown, with emergency clinics running out of beds and a lack of ventilators, Indian business visionaries approached binding together to contribute their touch in battling against the threatful conditions, accordingly expanding their item portfolio. Seeing the deficiency of beds at isolated offices, Bengaluru-based 10by10 — which is into building manageable and keen arrangements that advantage the two its clients and the climate — thought of ISO.POD — a moment seclusion room arrangement that goes about as a wellbeing envelope ensuring individuals against further infection.
Conclusion
It isn’t just the Indian economy however those everywhere in the world have been hit hard by the pandemic. Consequently, the resumption of routineness will observe interest for quality, imaginative and reasonable items from everywhere in the world. Indian new companies that can make items to address the worldwide requirements will see a development speed increase that will outperform even the pre-COVID-multiple times. Generally, the circumstance represents some genuine temporary difficulties as of now. There is a requirement for help from the public authority, financial backers, and authoritative initiative to overcome the present circumstance. The possibility of arranging and patching up labor forces to productively deal with the post-COVID-19 interest is of great importance. The organizations that keep on working in the new ordinary or are established after the lockdown is finished, will remain to acquire from the circumstance.
References
- Vikas Bagaria, COVID-19 outbreak: Challenges and opportunities for Indian startups, Your Story, April 19,2021,https://yourstory.com/2020/07/covid-19-outbreak-challenges-opportunities-indian-startups
- Tish Sanghera, Surviving COVID: The challenges facing India’s small businesses, Aljazeera, April 19,2021,https://www.aljazeera.com/economy/2020/12/23/surviving-covid-the-challenges-facing-indias-small-businesses
- Prashasti Awasthi, Covid-19: Indian companies reported over 25% jump in cyber threats, says the survey, The Hindu, April 20, 2021, https://www.thehindubusinessline.com/info-tech/pandemic-impact-majority-of-indian-companies-reported-over-25-jump-in-cyber-threats-says-a-survey/article32915829.ece
- Uday Kotak, Indian industry has met Covid-19 challenges, The Week, April 20, 2021, https://www.theweek.in/theweek/cover/2020/08/27/indian-industry-has-met-covid-19-challenges.html
- Palak Agarwal, 10 Indian brands that turned challenges into opportunities by pivoting at the face of the COVID-19 pandemic, Your Story, April 20, 2021,https://yourstory.com/smbstory/indian-brands-pivot-persist-covid-19-economic-challenge