write a paragraph on Covid 19 and new normal
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Answer:
As we brace ourselves for the end of the lockdown, the world quietly gravitates towards a new normal. Disruptive changes, some of them permanent, are imminent. And with the general consensus being that the development of a viable vaccination is 12-18 months in the future, we foresee tectonic shifts ahead in our financial lives.
Social Distancing, delineated “Hot Spots” and rolling lockdowns will drive a 180-degree overhaul in the way we shop, work, eat and travel. Businesses that will fail to transition to a minimum perceived health & safety level for their customers and employees will flounder. In other words, the very bedrock of brand loyalty will shift towards “Health and Safety”.
In the new normal, needs will overshadow wants – as impulse buying and high-ticket purchases get prudently postponed. This will drastically reduce non-essential consumption, at least for the next couple of years. We can temporarily bid adieu to the reckless “buy now, think later” culture! Personal leverage, too, will come down sharply despite the low-interest rate regime ahead.
An unexpected – but welcome – side effect of this would be marked increase in personal contentment levels. In other words, we’ll be happier with a lot less; and many will opt out of the thankless “rat race” that has long defined our lives! A tertiary impact would be an increased interest in philanthropic endeavours, as more people discover a higher purpose and extend their resources help to needy people and animals.
Answer:
A financial perspective
As we brace ourselves for the end of the lockdown, the world quietly gravitates towards a new normal. Disruptive changes, some of them permanent, are imminent. And with the general consensus being that the development of a viable vaccination is 12-18 months in the future, we foresee tectonic shifts ahead in our financial lives.
Social Distancing, delineated “Hot Spots” and rolling lockdowns will drive a 180-degree overhaul in the way we shop, work, eat and travel. Businesses that will fail to transition to a minimum perceived health & safety level for their customers and employees will flounder. In other words, the very bedrock of brand loyalty will shift towards “Health and Safety”.
In the new normal, needs will overshadow wants – as impulse buying and high-ticket purchases get prudently postponed. This will drastically reduce non-essential consumption, at least for the next couple of years. We can temporarily bid adieu to the reckless “buy now, think later” culture! Personal leverage, too, will come down sharply despite the low-interest rate regime ahead.
An unexpected – but welcome – side effect of this would be marked increase in personal contentment levels. In other words, we’ll be happier with a lot less; and many will opt out of the thankless “rat race” that has long defined our lives! A tertiary impact would be an increased interest in philanthropic endeavours, as more people discover a higher purpose and extend their resources help to needy people and animals.
For corporates and individuals; sustainability, not growth, will become the primary objective. Highly leveraged organizations and individuals will face tremendous stress. External capital will dry up, and venture capital driven start-ups will be forced to look beyond capital to survive. Both purely online and offline businesses will struggle while hybrid models that feasibly permit social distancing while adding tangible value, will thrive. Businesses will need to make this transition with urgency. With the inevitable bloodletting, Millions will lose their jobs and seek new avenues for income generation.
Even the unfailing darling of investors – commercial real estate – will come under fire as rental yields plummet. Airlines, Travel, Hospitality, Oil export, and export-oriented manufacturing economies will bear the brunt of this onslaught. Many will not be able to survive this. Domestic consumption will hold the key to survival as more economies will choose to close themselves out and discard the “global village” concept.
The way we move about and have fun will change. Public transportation, carpooling, mass transit, mass entertainment avenues such as bars, restaurants, concerts, entertainment hubs and cinemas will become taboo. Major taxi-based business models will be perforce constrained to remodel, as the cost of services will make render them unaffordable. Two-wheeler sales will rise, as it will become the only viable commuting option for many.
Contrarily, there’s a silver lining for India amidst all the tumult. Benign domestic inflation has already propelled the RBI to take extraordinary measures to safeguard the economy. If we can quickly reboot large manufacturing, infrastructure and mining besides the current focal areas that are agriculture, essential goods and power, then we’ll have successfully kickstarted 50-55% of our economy. In other words, we’ll be one of the few growing economies in the world; and would be set to attract the lion’s share of the stimulus-fuelled global liquidity that abounds today.
Grim as it may be, the present situation represents a big opportunity for new manufacturing set ups – both domestic and overseas relocation units. If the government succeeds in supporting this, then “Make in India” can change the face of our economy in the long run. Most job creation in the future will be contingent upon the success of the “Make in India” plan.
The future impact of COVID-19 on our lives is going to be more significant than we think. It is critical for businesses and individuals to understand that this is not a transient phenomenon. Lasting changes in our social fabric are in the offing; and if do not evolve you quickly perish.
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