While the Covid-19 pandemic has had a drastic impact on the economy and businesses of all sizes, however there is likely to be a silver lining as well. The post Covid 19 world will require businesses to operate differently, even governments around the world are likely to increase their spending on infrastructure, healthcare, and public health. Workplaces may also evolve differently to accommodate social distancing norms. All these changes are almost certain to create new business opportunities.
Here are five areas of opportunities for MSMEs to capitalize on in the post-Covid-19 world:
Healthcare & PPE Equipment
The need to take precautionary steps and increase preparedness for any such outbreak in the future has become abundantly clear because of the Covid 19 crisis. Healthcare equipment like ventilators, sanitization tunnels, hand sanitizing stations, non-contact thermal monitors and personal protective equipment are going to experience an increase in demand unlike ever before. The current manufacturing capacities are being rapidly ramped up and this presents a huge area of opportunity in the post Covid 19 world.
Construction equipment and machinery
The Indian government has projected a 43% growth in infrastructure spending in the 2020-21 fiscal year. Infrastructure spending by the private sectors as well as the central and state governments is predicted to be 19.5 trillion INR this year, which is sure to open several requirements in this space. Right from efficient construction machinery to individual machine parts and maintenance requirements, this sector will have a lot of opportunities for MSMEs to take advantage of.
Steel, Structural Fabrication & Construction
With the projected rise in infrastructure spending, demand for steel in construction and activities allied to steel fabrication are likely to see increased demand.Development projects of railway networks, airports, water and sewage pipelines, and power transmission and distribution will see increased demand in the steel fabrication space. With the need to provide better housing and public sanitation the government is also likely to redouble its efforts on public housing, sanitation, and healthcare facilities. This too is expected to drive demand for low cost and efficient solutions such as prefabricated structures.
Manufacturing moving out of China
Many foreign companies are shifting their business focus away from China, due to the negative sentiment around the country in in view of the pandemic .India is among the most lucrative alternative hubs for such companies and already over 300 foreign firms are already pursuing production plans for supply chains, textiles, electronics, mobiles, automobiles, home furnishing, pharmaceutical products, as well as medical devices. To know more about how MSMEs can rise to these manufacturing requirements in this scenario, visit: HOW CHINA’S BUSINESS LOSS CAN BE INDIA’S GAIN?
It is projected that remote working will be the new normal in the post-Covid-19 world, which will create an added requirement for businesses and organizations to stay connected. This will see a spurt in demand for commercial vehicles for the delivery of goods across geographies.
Also, with the need for social distancing in Public transport like buses, shared cabs & metro trains, there is a forecast of increased demand for personal vehicles in the near future. This is likely to benefit the Automobilesector and large number of MSMEs who work closely with this sector.
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