India Has Potential for Quick Economic Recovery, Industry Leaders Say

Kashmir Times. Dated: 12/28/2020 6:28:09 PM

Global response to a "new normal" has brought many businesses and societies a newfound belief in their ability to respond and grow again. India’s own business leaders paint an optimistic picture for speedy recovery.

Indian Market Potential and Innovation Capacity – Keys to New Growth
India has fantastic potential as a market but, more importantly, it can be home to innovation and an important driver for economic growth. These are some of the highlights of the virtual event hosted by the Confederation of Indian Industry (CII) which had prominent national and global business leaders speak on economic and consumption trends after the outbreak of Covid-19.

Laxman Narasimhan, the CEO of Reckitt Benckiser – the personal hygiene, home cleaning and healthcare giant producing Lysol, Durex and Dettol – has been quoted as being "deeply optimistic" about the innovations that will come from India, as well as the overall potential of the desi domestic market.

Global Digitisation Is Irreversible and Ultimately Beneficial
One area where India can take up a more high profile role is global digitisation services. Technology has already drawn a definitive line with the past, changing our communication and the ways we buy and consume. India’s tech-savvy young population has a lot to say in this transition and its IT sector has experienced natural growth in 2020.

Speakers at the CII event also pointed out how digital consumer choices are here to stay. People already trust the virtual world for a number of daily choices. Industry numbers show that we lean towards online gaming, for example, and both play online and look up more info on Andar Bahar winning tricks or other top online entertainment casinos such as 10Cric.com.

But the coronavirus pandemic has also changed the world from an individual perspective. People have slowed down, taking more time to consider their choices and the impact they have on the environment – or simply their own pockets.

Consumers Dictate New Business Trends
Business surveys highlight similar trends in demand which already make some companies reconsider their business models. As many of us stay home, even when not explicitly required, spending tends to focus on personal experiences, emotional connections and entertainment.

"Connection and engagement" is the consumer experience most frequently indicated as a leading motivation for choosing a product or a service. As a recent PWC analytic report shows, people look for some sort of emotional connection with businesses, and companies spend more time responding and taking better care of their customer base.

This also leads to a better appreciation of one’s local community. People seek value in their own area and exploit much better their local socio-economic ecosystems. In turn, this highlights the importance of resilient supply chains created by businesses and associations. A Deloitte survey. shows that 3 in 5 consumers tend to use more local stores and services to support their community, even when they have the option to shop elsewhere. Ensuring the safety of employees and customers has become a basic requirement for many, ultimately improving the quality of services.

All these changes put this transitional period in a different light, somehow. It looks that once this is all behind us, hopefully sooner than later, we can expect more emotional stability and economic growth, after all.

 

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