Post Covid-19: Impact on Indian Business
Authors/Creators
- 1. Assistant Professor, Department of Management Studies, Guru Ghasi Das Central University Bilaspur, Chhattisgarh, India
- 2. Research Scholar, Department of Management Studies, Guru Ghasi Das Central University Bilaspur, Chhattisgarh,. India
Description
The Covid 19 pandemic has had a significant impact on businesses around the world. In Indian, the lockdown has resulted in a sharp decline in economic activity, with businesses forced to shut down and consumers curtail their spending. This has had a knock on effect on businesses, with many struggling to stay afloat. The pandemic has also highlighted the importance of digital transformation, with businesses that have digitized their operations faring better than those that have not. In the aftermath of Covid-19, there has been an increased interest in the fintech industry. This is mainly because it is a growth sector with an estimated CAGR of over 20% between 2019 and 2021. The industry is expected to reach $700 billion by 2020, which means that it could become one of India's top three industries in terms of revenue generation within five years (according to McKinsey). In the post-covid-19, it is clear that businesses need to be agile and adaptable to survive. Those that are able to do so will emerge stronger and more resilient, while those that are not will struggle to stay relevant.