A country with 1.3 billion people was imposed with a lockdown due to the COVID-19 and several financial experts predicted that Indian economy would diminish beyond restoration. But various factors kept Indian economy running. We can find few key factors that enabled the economy below:
Nearly 35% of Indian population are millennials and globally, India leads in terms of millennial population and they constitute more than 45% of Indian workforce. A major proportion of them contribute to the economy. They have kept the economy running to a great extent.
India millennials have always had a positive outlook, their challenging mindset, technology evolution while their growth, availability of opportunities and exposure have aided this.
Millennials are moving towards the Gig economy and they would like to be on their own balance sheets. GenZ are digital natives who would have very less idea about the world as it existed before smartphones. Their preferences shall drive demand and supply in the future markets.
IT & ITES Industries in India has been rapidly emerging and GOI has brought various schemes for encourage start-ups. But the real abundance and availability of internet along the utilization of the cyberspace has exponentially increased over the few years. It is estimated that by 2023, there would be over 650 million internet users in the country.
Cheap data plans, affordable handsets, increasing popularity of video services and 4G networks have helped average data consumption. 4G data constitute more than 90 per cent of the total data traffic consumed across the country.
GenZ or DigiZens grew up after IT explosion and hence their desires and consumptions are distinct which shall lead to new business models.
Work from Home – The New Normal
Several organizations in India did not have a formal policy about Work from Home because they did not know mode of operation, suitability to their business model and scalability.
Organization with such flexi policies had not used it extensively to test its effectiveness.
The lockdown pushed several firms to enforce work from home to their employees. Millennials have adapted quickly along with tech savvy baby boomers. Agility has been a key competency for emerging businesses. Less agile employees have faced challenges adopting it.
A study from a Big4 consulting firm has told productivity has increased to 70%, leaders and managers organization have gained trust along empathising the family realities. They have also figured out employees are working for long hours than usual and have started experience social loneliness.
On an optimistic note, this has opened avenues for more women to work and it would increase people with disabilities to contribute to the economy.
Indian families have all the time been conservative and adaptive to changes. They have always analysed about the future, educated themselves, invested appropriately, and spent their money, which has vastly contributed to the stability.
Name : Venkatesh Suriyaprakash
Tinku Venkatesh is a management professional who has a good track record of implementing organizational change and development interventions. He holds a PDGM and Engineering Degree with specialisation in Biotechnology. He is deeply spiritual and he is in the course of learning as well as propagate the Santana dharma
Twitter id- @tweets_tinku