Updated: Sep 4, 2020
The latest report showed that the GDP of India has been contracted by 23.9 per cent which is among the worst GDP contraction in the world. India has never recorded a negative GDP in the last four decades and it is expected that the situation will become much worse in the coming days. Added to this the unemployment rate is highest and is touching 10 per cent which has become a very alarming situation for the country. Millions of employees have lost their jobs. There is unrest among the youth and religious tensions have increased. Also, our relations with our neighbouring country is not healthy. We have land disputes with Pakistan, China, and Nepal. The investor's trust is decreasing day by day, and the government is privatising the profit-making PSUs to compensate the deficit.
All this have not happened in just one day or is because of the COVID pandemic but it is a result of long-term bad policymaking and implementation. I will not go deep into the analysis of Policy or talk about any government today but will talk about the solution by which we as an individual can safeguard our selves and be prepared for tough times coming ahead.
Starting with the students, It is very important for them to understand the demand of current as well as future industry and get the skills which will make them job-ready. For example, jobs like data analyst, digital marketer, financial advisors, and e-commerce will be getting more push. The companies will need students who are more adaptable to the changing trends and get themselves accustomed to the changing technologies.
The existing working force must keep their skills updated with current trends. More automation will take place and jobs like customer service, data entry will vanish and new jobs in automation will get created. One must keep this in mind before choosing their long-term career goals. It has become more important to save now, and people should start investing small-small amounts as per their convenience into good mutual funds and SIPs. Financial literacy is a must in the current situation, and everyone should try to create at least 2 or more source of incomes.
For the businessmen and young entrepreneurs, it's important to manage their cash flow properly and keep a reserve aside for the coming recession so that they can survive the tough time ahead. The game will be survival of the fittest so improving and working on efficiency is a key at the present time. People who are about to start their entrepreneurship journey should thoroughly research the market and survey consumer behaviour in the coming days. It is important to analyse consumer behaviour in the past 2008 recession.
The government should analyse their policy and work on increasing consumer demand. Also, its high time now to take feedbacks from the business owners and work on Ease of doing business in our country. The International Index is not a good criterion to check the local scenario, the feedback should come from the business owners who are the real strugglers.
I really wish that this tough time would pass soon and we all come out without being much affected.