With India being one of the few countries to have followed strict lockdown conditions, economists predicted a commercial contraction between 20-25 percent. At 23.9 percent, India is facing a challenge to bring back industrial growth to normalcy. A majority of the revenue gaining channels have been affected by the pandemic and the lockdowns, hence bringing down the country’s gross domestic product.
India’s employment sector, too, has been affected. Indian, job hiring portals have reduced their intake, while millions of salaried people are at the risk of losing their current jobs. In addition to job losses, new opportunities have also seen a dip. Major sectors such as aviation, hospitality, high-end retail, and tourism have been largely affected. The IT field has most adversely sunken over the months. Whereas in terms of growth within the IT segments, public cloud services like web conferencing, online teaching portals, educational applications, and online businesses have seen a progression.
In Western countries, a common economic recovery pattern now emerges as a ‘swoosh’ symbol, reflecting a sudden fall yet a quick partial recovery at a slower pace to full recovery. Owing to the critical lockdown measures in India, consumer behaviour has shifted to value and essential procurements.
Many start-up companies have sprung up from various web portals, willing to lend a helping hand to those looking for entry-level jobs. The total number of technology startups in the country has grown in massive numbers, creating thousands of direct and indirect jobs. India also witnessed the addition of seven Unicorns (a startup company with a value of over one billion dollars), making it the third-highest in a single country in the world. Meanwhile, white collared and high-end jobs would pick up by January or February 2021.
India can create more than 100 unicorns by 2025: Nasscom.
One of the ways to tackle the decelerating economy is planning ahead. Other ways to correct the path is making a list of the problems, coming up with their solutions, accepting the changes, adapting to the new norms, being innovative and open to new ideologies, and most importantly, acquiring the latest skills for the current industry trends.
The young generation should be picking up the 21st social skills of honesty, integrity, and communication to help them in their careers. Being responsible and productive can help our youngsters attain professionalism. Looking at the pandemic scenario, fear will not help our country grow commercially; only changing and improving our outlook on the business platforms will help.