AN ANALYTICAL STUDY ON COVID-19: POST LOCKDOWN CHALLENGES AND OPPORTUNITIES
Dr. Suhas Dhande
Principal, Chameli Devi Group of Institutions, Indore Mrs. Mrunal Waghmare
Research Scholar, School of Commerce Devi Ahilya Vishhwavidyalaya, Indore
Abstract- The COVID-19 pandemic is now a worldwide crisis, with the number of known cases increasing daily and hundreds of millions of people in lockdown.
The whole time history, epidemics gave humans various challenges, but yet also brought with it many visible and hidden opportunities. The Corona virus (COVID-19) is no exception.
In this paper, we insight the challenges as well as opportunities for a better world that this deadly crisis brings to us. We assess different challenges and opportunities that this virus and other comparable recent virus, like SARS, brought to our life. Then, we analyze through reframing the hidden opportunities inside the (COVID-19) and similar coming problems and challenges. As countries struggle to support their people and public health systems, their economies are grinding to a cut short. This will implant the seeds of an exceptional global economic crisis. There is an urgent need for new research to improve our understanding of the social crisis, economic crisis in developing countries and the appropriate policy formation.
The paper concludes with a proposed structure to develop the opportunities of such a complex crisis while mitigating its risks.
Keywords: COVID-19, Corona virus, Hidden opportunities, SARS, Economic crisis, Policy formation, mitigating risk.
1 INTRODUCTION
This work insight the challenges and opportunities that could be regained from the occurrence of the corona virus (COVID-19) crisis and the possible positive impacts in the age of unbroken crisis. Almost every country across the globe has been affected by the distressing Corona virus disease. Health officials say it originated in a market in Wuhan, China that sold live and dead wild animals that people ate for food, improved health and vitality and a number of other purposes. The virus has now been detected in United States, Italy, Spain, France, Japan, India, Canada, Australia, Nepal, Thailand, Singapore and many other countries.
It remains unclear just how easy it is for the Corona virus to spread from one human being to another human being and how sustainably the conduction is ongoing.
According to Chinese Health Authorities, there have been two cases of suspected person to person transmission. The World Health Organization hosted a meeting to review the epidemic‟s severity. They accomplished that with number of people dead from the virus in Wuhan and Hubei Province, China should declare a national emergency. However, the WHO didn‟t feel Covid 19 was a severe enough threat to declare a universal health emergency at that time.
In the deficiency of treatment or a vaccine, ceasing most human contact is really the only method to stop the stretch of the virus. Essentially, the less contact people have with each other, the less the virus can spread. Given the rapid spread of the virus, social or complete lockdown is urgent to bring overall conduction down, and notice whether testing followed by isolation could be helpful to reduce infections and spread cases out over a longer time edge to avoid irresistible health systems.
Since the novel corona virus can spread unnoticed so easily, many governments have felt the best approach to ensure people have minimum contact with each other is to order total lockdowns, with people only being permitted to leave to get food or medicine, and to practice social distancing when they do leave their houses. Countries that had epidemics first, such as China and South Korea, have brought cases down radically through extensive testing and social distancing.
Covid-19 pandemic has altered our routines and lifestyles. Many of us want to go back to our pre-Covid days and are looking at living a regular life once lockdown is lifted.
But things are not expected to be the same anytime sooner. Till the vaccine come, only preventive measures like masks and social distancing will continue to remain in effective in every part of life. COVID-19 has taken over the world, forcing billions of people to change their lifestyles suddenly.
Sectors that depend on people's conduct would take the highest time to recover after the end of the lockdown period, Educational sectors, Aviation industry, Agriculture sector, Insurance sector Hotel industry, Banking sector are highly affected by this sudden lockdown. Some of these sectors are those sectors where it is difficult to satisfied the norms or rules of social distancing so these sectors has to face some post lockdown challenges while those restricted by the government to hold the spread of corona virus are set for a bounce-back immediately after the restrictions are removed, say experts. Pharmaceutical, medical and health equipment and digital companies are among those which have seen a jump in their business following the COVID-19 pandemic, they said. Telecom and IT companies connected with digital world and providing services which enable work from home, digital entertainment, office system, among others.
1.1 Objective the Study
To study challenges arises to the various business industries and service sectors.
To analyze the new opportunities occur to some sectors after lockdown period.
To study the changes in behavioral pattern of the people in the post lockdown period due to Covid 19
2 RESEARCH METHODOLOGY
This research is a kind of analytical research which is based on secondary data only. Data for the study have been taken from articles of Newspapers, Reports published by different organizations and information available on various Websites.
3 ANALYSIS AND DISCUSSION
3.1 Covid 19 pandemic: Impact on Educational Sector
The structure of schooling and learning, including teaching methodologies, was the primarily to be affected by these lockdown. Private schools could adopt online teaching methods. But on the other hand the low-income private and government school have completely shut down for not having the facility of e-learning.
The pandemic has radically disrupted the higher education sector as well, which is a significant determinant of a country‟s economic future. A large number of Indian students enroll in abroad universities, especially in US, UK, Australia and China. These countries are badly affected by this devastating virus. Many such students have now been expelled from leaving these countries. If the situation persists, in the long run, a decline in the demand for international higher education is expected.
3.2 Challenges
1. One of the important challenge is to Maintain the social distancing minimum of 6 feet among all the students, teachers, and staff.
2. Proper sanitization should be done at the whole campus of school.
3. All safety measures should be taken care of by the school management for the safety of the students, teachers and other staff.
4. In case if school opted for E-learning, there should be regular and uninterrupted power supply and internet facility for digital learning.
5. There is lack of personal attention in case of digital learning. So it may be convenient for the higher classes but it is not so effective and convenient for the pre primary and primary sections.
3.3 Opportunities:
1. There is an opportunity for many schools to make technical and digital advancement in the school.
2. The impact of this technical and digital advancement student will become pro technology and will have sound digital knowledge at very young age.
3. E-learning will be cost effective and time saving for the school management.
4 COVID 19 PANDEMIC: IMPACT ON HOSPITALITY SECTOR
The lockdown to contain spread of COVID-19 in the country has had disastrous impact on the hospitality sector, especially for hotels, restaurants. India‟s restaurant industry is facing its worst existential crisis. While the COVID-19 lockdown reduces risk of transmission, it has also meant that profits dropped to zero, with businesses struggling to find the money to pay the salary of their employees and payment of rent. Around the world, restaurants have been forced out of business.
4.1 Challenges:
1. One of the most important challenges is to maintain social distancing between all the customers, chefs, waiters, managers. There must be at least 6 feet distance between the two dining tables. Order should be taken by keeping adequate distance.
2. At most hygiene should be maintained while preparing and serving the food.
3. There should be sufficient stock of safety guards i.e. hand gloves, mask, and sanitizers for all the waiters, managers, and other staff.
4.2 Opportunities:
For the hospitality industry there are more challenges as compared to new opportunities.
Because even after lockdown hotels have to follow some social distancing norms so, they have to restrict the entry of customers with specific numbers, reduced the working staff.
5 COVID 19 PANDEMIC: IMPACT ON PHARMACEUTICAL SECTOR
Even after such crucial time there is no big negative impact seen on the companies engaged in production, distribution and sales of pharmaceuticals. Rather these companies are able to maintain the pace of their businesses to the some extent. It is a standard business as in spite of the odds. Procurement, production, distribution all have to run smoothly, efficiently and in very systematic manner. However, the lockdown has its own set of challenges for this industry.
There were not any breaks for the Pharma industry. Being an essential category, it was expected to continue with the production as it is, and keep providing the distribution pipeline till the last mile. However, the industry has been facing its own challenges during the lockdown.
5.1 Challenges:
1. This is very important challenge for all Pharma companies to provide adequate masks, hand gloves, sanitizers, to every doctor, nurse, and medical staff in hospital as well as all the people in country for the protection against Covid 19.
2. Providing PPE kits, surgical masks to the hospital staff, doctors, nurses who are in direct contact with the Covid patients.
3. Most important challenge in front of the Pharma sector is to find out the Covid vaccine as early as possible.
5.2 Opportunities:
1. Pharma companies can also take it as an opportunity to for generation of revenue.
2. Pharma sector can produced high quantity of immunity booster medicines and other beneficial medicines which can be used while treating corona..
3. There are many small districts, remote areas, villages where this masks, gloves, sanitizers are not properly distributed. Pharma sector has an opportunity to produced bulk quantity of these necessary safety guards and can generate the huge profits or revenue even in the lockdown period.
4. So for the Pharma sector lockdown period comes up with many challenges as well as opportunities.
6 COVID 19 PANDEMIC: IMPACT ON AVIATION INDUSTRY
The corona pandemic and subsequent lockdown have already stuck the airline industry. But as the lockdown is gradually lifted, airline planners are now faced with a new challenge.
The aviation industry is now facing some major decisions about the way forward.
This current epidemic, the airline companies operating levels slashed in some cases to almost nil and some airports are also sealed.
As per the report published in Times of India dated 7th May 2020, According to the CRISIL, a global analytics company Indian Aviation Industry will have to bear the loss of nearly Rs. 24000 crores during the period of lockdown due to Covid 19.
6.1 Challenges:
1. For the Aviation industry one of the most important challenges is to keep social distancing at the airport, in the flight to avoid the spreading of infection from one person to another. There should be at least 6 feet distance in between two passengers.
2. On the entry, exit, at the check in line every where the norms of social distancing must be followed.
6.2 Opportunities:
Post lockdown aviation industry has many challenges in comparison of opportunities. After the lockdown airline companies have to grab the opportunities to recover its loss and adopt the possible ways to start its revenue with proper safety measures and social distancing norms.
7 COVID 19 PANDEMIC: IMPACT ON AGRICULTURE SECTOR
Agriculture accounts for nearly 60% of aggregate employment in India, there‟s a reasonable scale of concern over what will happen in the future, especially post lockdown of this devastating disease.
It is important to note that in spite of the lockdown and the supply-chain affected all over the world. Even in such a pandemic, agriculture plays an important role. Because
„food‟ is one of the most basic necessity for the survival and cannot go out of business.
The Government announces its Covid 19 economic package, worth rs.1.63 lakh crore for agriculture. Finance Minister rolled out a Rs. 1 lakh crore to “ Agri-infrastructure fund” for aggregators, farmer producers, primary agri co-operative societies, agri entrepreneurs.
7.1 Challenges:
1. The government is working overtime to ensure trouble-free availability of vegetables, fruits, dairy and other essentials. But even with the Government support, it is inconvenient and difficult for the farmers to actually reach to that help.
2. During the lockdown period, labours are not available easily to the farmers. So, many agricultural works is getting stuck or pending due to non availability of manpower.
3. Farmers and labours are not technically sound so it is difficult for them to make use of advance technique
4. One of the main challenges for the farmer is that, they are not getting real or actual price of the crop that they are actually deserved go get. There are many brokers and mediators in between who are earning more than these poor farmers.
7.2 Opportunities:
We have witnessed that agriculture cannot continue to exist solely on traditional methods and we urgently needs large scale technology involvement to resolve various pre harvest
and post harvest agricultural crisis, which will help in generate the healthy production and revenue from the agriculture.
8 COVID 19 PANDEMIC: IMPACT ON INSURANCE SECTOR
Although the covid19 spread and the subsequent lockdown imposed will negatively impact the life insurers business in the short term, but with probable change in consumer behavior and attitude, and rise in demand for life protection cover for given uncertainties, the long term effect may turn out to be optimistic for insurance industry.
“The last quarter of the year is quite significant for life insurers and with the sudden lockdown in place; there was an impact on new business. However, the impact on profitability will be relatively less as the product mix shifted more towards protection product.
8.1 Challenges:
Moreover the loss of new business premium, the Insurance industry is facing at a challenge of increased death claims.
8.2 Opportunities:
1. Based on past experiences, it has been observed that such pandemics provide demand to protection and guaranteed products.
2. Corona virus is expected to consequence in improved awareness and importance of life insurance as a risk cover rather than a mere investment product.
9 COVID 19 PANDEMIC: IMPACT ON BANKING SECTOR
Banking is one of the most vital service sectors for the people. Essential banking services are available to the public that is cash deposits, withdrawals, clearing of cheques, remittance facilities and government transactions are carried on by banks during this lockdown period also
However, it will not be possible to take fresh loans, get project appraisals or approval or redraft existing loan terms, because it will not fall under the scope of essential services.
It will be suspended until this pandemic dies down.
9.1 Challenges:
1. One of the important challenge is to Maintain the social distancing minimum of 6 feet among all the customers, and staff.
2. Proper sanitization should be done at the whole campus of the bank.
3. All safety measures should be taken care of by the bank for the safety of the customers, and other staff.
9.2 Opportunities:
1. During this lockdown bank has the opportunity to make recommendation to the customers to use mobile and net banking facility and only go out if cash is needed.
10 CONCLUSION
This time is very crucial and hard for every industry and many businesses will struggle to survive and operate efficiently even after lockdown is lifted. All these trends are creating damage on the global economy as well. The lockdown is also expected to impact the financial services sector in many ways.
The world needs to be more alert and yet optimistic about the meaning and means of handling the potentially coming contagious pandemics. There are many social, economical even mental challenges which we are already facing and many more new challenges are going to come after the actual closure of lockdown. But in this pandemic there are also some hidden opportunities which we have to find and try to come out smoothly and efficiently from this deadly Covid 19.
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