COVID 19 & We

Take care my friends, till we meet again

Keep me in your prayers, till we meet again

I wish you good health, till we meet again

I am sure this will end, till we meet again.

As I write this article, an astounding feeling has started to envelope my mind and that is whether we will be able to make through these tough and challenging times unscathed. COVID 19 or Coronavirus has brought down the entire world on its knees. Developed countries like China & Italy have been ravaged by this Pandemic with no early signs of recovery. COVID 19 positive cases globally stand at approximately 3,41,560 with close to 15,000 confirmed deaths reported across the globe. India has so far recorded 7 deaths with close to 415 positive cases of COVID 19. These numbers are rising with each passing moment. Italy which is fighting this monster since last 2 months is finally looking upwards for some divine intervention. Far developed countries like US, UK, Canada, France and Germany are looking puzzled & perplexed to contain this outbreak of coronavirus. Western Pacific region, European region, South East Asian region, East Mediterranean region, Region of the Americas and African region which covers almost 99% of the countries on the globe are affected due to this deadly virus which originated from Wuhan in China & is hence sometimes referred to as Wuhan Virus also. Terms like lockdown, Quarantine, community outbreak, imported cases, social distancing etc have become part of the daily lingo globally.  At this moment Its almost unfathomable for me to even imagine the impact that this virus is going to bring to India given its state of medical infrastructure to combat such pandemics. Imagine the magnanimity of destruction we are starring at, when we have just 0.9 beds per 1000 people, which by any imagination is abysmally low. Therefore, we must understand how important it becomes for us to self-quarantine or self-isolate in these trying times.

What does COVID 19 bring to India on the economic front?

·         The work culture of India is going to change drastically. The concept of work from home, which otherwise is an alien term for 90 % of Indian organisations, barring few MNC’s, will be an acceptable norm going forward. Will this mean cut in wages? Only time will tell.

·         As lockdown continues, recession is starring us in our faces. Hence part time work force or the gig economy will gain ground in India as there will be a dip in full time jobs. Therefore, this is the best time to hone your skills and be geared up for the inevitable.

·         Recession means no or very less investments. This will bring with it mortgage and loan defaults which in turn will severely impact the banking sector which is already in doldrums.

·         With this lockdown, India’s corporate world will learn the importance of digitization. Corporates will gradually move to digital platforms and thus IT and services will become the main drivers of India’s economy and key indicators of its GDP.

What is in for the environment?

The way we have ravaged our planet, I strongly believe that emergence of COVID 19 is the nature’s way to strike balance again. To quote an example, as majority of the motor vehicles are off the roads and industrial activity is also at its lowest levels, the NO2 (Nitrogen Dioxide) emission has dropped by 15-20%. So has the carbon emission levels globally. So is this the way of nature to tell us to behave. I Strongly believe so. This pandemic without any doubt has made us understand that the only way out is the sustainable development, and that means striking a fine balance between financial, socio-political and environmental factors. Let’s all wake up from our deep slumber and work together for a better and a sustainable future.  Give it a thought, till we meet again.

Sachin Raina