On Saturday, Amitabh Kant, the Ceo of NITI Aayog stated that the coronavirus pandemic and the subsequent nationwide lock-down has severely disrupted India’s supply chain.
Furthermore, Kant added that in the midst of industrial revolution 4.0, “This pandemic has created a unique challenge, which is complex and unpredictable. How do we skill our people for new kinds of jobs? We are heading into a totally new world. We need new courses—our IITs, engineering and educational institutions are all outdated with their curriculum.”
Kant spoke about these issues and more, as a member of a virtual session on ‘COVID-19 & The Future of Work’.
Also participating in the session, World Bank Country Director (India), Junaid Kamal Ahmad said, “Change was already happening, which started with the shock of climate change and how that has changed the economy, worldwide. A decade ago, we had thought climate change would have a devastating impact on developing countries and that they would not be able to adjust. India has put in so much resources in creating renewable energy and shifting its nature of energy. So change has always been there. What the virus, COVID-19, has done, is that it has created another shock and continued to put us on the path of change. For me, it is the acceleration of that change. So, no, we don’t go back to the world as it was, we go forward in terms of continuing to adapt to new realities.” Ayushman Bharat scheme was a great step but in the coming years, it is imperative to ensure India goes beyond it, he claimed.
Speaking about adaptability, Director Junaid Ahmad further added, “I see a very different type of social protection system, I see a different type of health system, I see very different type of informal economy, which becomes the new normal; informal becomes the new normal. I see fundamental shifts in the way we work, but see these as parts of the changes that have been happening.”
TeamLease Chairman Manish Sabharwal said, “Work from home has provided continuity but also has to ensure productivity. In the long run, we have to ensure that remote working is beneficial for all.”
“Essentially, our labour is handicapped without capital and our capital is handicapped without labour,” he said adding that the economy needs a dose of labour, social security, financial and education reforms to tap the opportunity offered by this crisis.
He added that India needs a dose of education reforms. “Ayatollahs of education and UGC have made sure that only 30 universities out of 800 can offer online learning in this crisis. US institutions have signed up 200,000 Indian students during the past one month.”
Summarily, Sabharwal stated that the virus has shown that India’s economy has three existing conditions that are problems: we are much less formalised, much less urbanised and have much less financial inclusion.
NASSCOM President, Debjani Ghosh said that the pandemic should be used to drive radical changes, ensure the reinvention of the nature of businesses.
“If we don’t use this opportunity to drive those radical changes, it’s our loss. We must completely reinvent business. Today, Rajesh Gopinathan, CEO of TCS, made a very powerful statement. He said, we really don’t have to be 100% back at work for productivity, it can be 25%. And TCS has come out with a vision, saying we are going to be 25/25, which means by 2025, they will be only 25% on campus and the rest working from home. We are going to see a mix of online and offline—we are going to see a blended model and that is going to stay. This will bring about a few changes. One, it’s going to change workplaces forever—how we look at them, how we design them, etc,’ she said. “It’s going to give a huge boost to the gig economy, because when you are working from home, you will realize you have far more opportunities to do more things. Three, and I one I’m very excited about, is that it will bring about the much-needed balance in the workplace, in terms of getting the other gender more involved. These fundamental changes are not going away anywhere. As an industry, we must reinvent our business model.”
Hero Enterprise Chairman Sunil Munjal said India has the potential to take over the supply chain of the world. He acknowledged, “We are well-positioned, rated as better managers of the COVID-19 crisis. We have the ability to attract more ideas and talent, all we have to do is repurpose ourselves.” Speaking about the scope of change that we, as human beings, will have to adapt to in a Post COVID-19 world, Munjal said, “The use of remote work, technology and communication will change many, many things in the way we do them today. So, some changes are here to stay. But some will go back once people feel comfortable to move around, socialize. I do believe efforts on public health will change, on preventive health will change.”
Furthermore, speaking about potential work space transformations, he added,”Business is questioning itself: what is the new model it would like to follow once things get back to normal? How many do you want boxed into an office? How much remote work is okay? How many do you want working for hours? And how many do want based only on output? The right attitude and the abilities to learn and skill will be very important while hiring new talent. So some changes will be here to stay and some new ones will develop after this,” he said.