The outbreak of Covid-19 has severely impacted the global economy, with obstructing businesses across distinct sectors around the world. The spread of the virus now has led countries into lockdown, worrying about the economy of a reversal. As the virus significantly touches most established countries, its impact on India is relatively low than others but has a larger impact on the country’s businesses and economy.
India’s software and services exports gained 8.1% to $147 billion in the fiscal year 2020, according to the National Association of Software and Services Companies
In the neighboring future, IT companies could touch the heat of pricing obligation, revenue loss because of lockdown (in India and all countries globally), customer bankruptcy, and slower client decision making led by lower discretionary spending,” wrote Devang Bhatt at brokerage ICICI Direct.
Although, the country’s nearly 55 percent of electronics brought from China, these have now fallen into 40 percent due to the coronavirus explosion and consequent lockdown. Across the last several decades, the IT industry has been India’s foremost sector to economic growth. It acts an imperative role in achieving the country’s numerous middle-class desires of accomplishment and aspirational careers.
As a result of coronavirus, a lot of opportunities started up in the IT industry, such as the increasing demand for the 5th generation (5G) technology. This will help grow connections that strengthen the primed remote interactions. This has been the head priority for many organizations due to the pandemic.
Some intelligent resolutions around the world:
- Telehealth is one of the progressing industries in the crises. This could assist people to get diagnosed, treated, and operated with the requirement of a physician to be physically present. There are lots of apps that have been developed in the past few months to support achieving this. A lot of patients who are in self-quarantine who want medical guidance and medical supervision every day and these applications could support them to achieve this.
- Many countries who are suffering the shutdown have funded in smart city solutions such as in Australia, the government had originated a chat-bot to keep the residents up to date among the condition and answer their problems so that they will be capable to decrease the spread of misrepresenting information and stop the confusion or fear that could be created in public.
- In South Korea, the regional government has originated a Smartphone app that directs the self-quarantine employees in touch with their co-workers to keep the updates to the work manner and to ask about any doubts.
- China is using drones associated with thermal sensors to know the symptoms for coronavirus and get instant medical help.