India will recover from covid-19 led economic crisis in the next 6-9 months feel industry leaders, who were speaking at Confederations of Indian Industry (CII) webinar earlier today.
The panelists unanimously agreed that telecom and information technology will be the key to the survival and revival of the Indian economy.
“Today around 93-94% of our workforce is working from home. We see this as an opportunity for our industry to change the way of working and an enhanced engagement with the telecom sector, which has emerged as a lifeline, yet again. I am confident that the IT industry will bounce back in the second half of the financial year,” said Sujit Baksi, Head, APAC Business and President & Corporate Affairs, Tech Mahindra.
During the discussions, the business leaders highlighted the challenges before the economy and the on-ground realities in their specific sectors, in addition to making key suggestions to the government and the industry to mitigate the ongoing crisis.
Aditya Berlia, Chairman- CII Delhi pointed out, “We are entering in an economy contraction of 5 to 15% depending on the industry and this economic crisis is unique for India as we have not experienced something like this in decades.”
Berlia commended the measures taken by the Narendra Modi led government, but remarked that they are great for medium-term. Businesses right now require something that can help them in the next week and not in six months.
However, he was positive that economic issues brought on by covid-19 will start getting resolved by the end of the year.
Emphasising the critical role of telecom sector in the revival,Rajan Mathews, Director General, COAI said, “Telecom industry is going to play a critical role going forward. This also presents us the opportunity to innovate and create critical solutions indigenously which can be globally scalable.”
“Our industry faces unprecedented financial crisis and at the same time we require investments in our Infrastructure so that we can be future ready to take up emerging challenges,” added Mathews.
Prativa Mohapatra, VP Sales at IBM India/South Asia opined, the pandemic has shown the importance of Business Continuity Planning and need for businesses to be agile. How people and companies adapt from face to face communication to screen to screen communication will define their success.