The global economy is suffering leaps and bounds owing to the recent coronavirus outbreak. It has led to a disruption of the worldwide supply chain. Technology and automobile industry are the worst sufferers with China accounting for around 30 per cent of global electronics and electronic parts export. For many firms, shifting their attention from China started with the coronavirus pandemic. But it also had a catalytic impact on the various companies trying to relocate their production houses. And India with its vast array of human resource can just grab the opportunity to fill this void. Though Vietnam is a close contender of India, she herself is reeling with the shortage of labour with clogged ports and roads.
Understanding the situation and reaping benefit from it
Recently the Chief Economic advisor has made a point that this pandemic and the present world scenario can offer great scope for our country to adopt an export-driven model. But here the prime question is whether our country is equipped with the critical tools and equipment needed for replacing China in the world market. India has the potential to match its a contender in terms of both scales as well as cheap labour.
Development sector and the present crisis
The development sector of our country has always come to the forefront whenever there has been any crisis. Be it providing medical supplies or distributing food and other essential supplies to the migrant workers and underprivileged, there is no shortage of means to aid people who have been negatively impacted by this lockdown. But as a matter of fact, this medical diaster is of unimaginable proportion with demands and unknown challenges faced at every turn.
It is of immense importance to equip the workers in various sectors with the right knowledge so that they can handle this highly infectious disease. This crisis has also bright to the forefront how it is important to have the right hygiene practice no matter which sector one is associated with. There are different health indicators affecting all the aspects of life and they cannot be ignored. Many organisations have now become involved in the distribution of medical and other essential supplies and in such cases, it is important to take the necessary steps in terms of maintaining physical distance, using hand rubs and seeing that no large gathering take place is the preliminary step of functioning in this condition. This February, the Department of Expenditure, Ministry of Finance, India issued a memorandum that shows a guideline that must be procured by the government, both, central and state.
Each and every industry is different and must be handled with proper skill and knowledge. There are some industries like automotive that can yield fast gains within short span of time. But it is important to understand and act on the fact that it will take time for India to dethrone its contenders, nonetheless, it always pays to remain prepared and establish itself as a superpower of all industries in the near future.