The COVID-19 hit sectors like commercial aerospace, air and travel, insurance carriers, oil and gas and automotive may not see restart until 2021 and business leaders need to create a multi-pronged strategy to overcome it, a new report said on Friday.
According to the report by McKinsey & Company, industry leaders need to begin with addressing the immediate challenges that COVID-19 represents to the institution’s workforce, customers and business partners.
“Address near-term cash management challenges, and broader resiliency issues during virus-related shutdowns and economic knock-on effects,” said the report. Create a detailed plan to return the business back to scale quickly, as the virus evolves and knock on effects become clearer.
“Re-imagine the ‘next normal’ – what a discontinuous shift looks like, and implications for how the institution should reinvent,” the findings showed. Confirmed COVID-19 cases worldwide reached 526,044 with 23,709 deaths on Friday.
According to the report, leaders should be clear about how the regulatory and competitive environment in your industry may shift.
“Preexisting industry challenges, a quick drop in possible revenue, and high fixed costs cause near-term cash flow and long-term growth uncertainty.
“It may take years to recover from production and supply chain stoppages, due to critical vendors located in areas impacted by the virus. Long order backlogs mitigate some concerns, though rapid adoption of remote work technologies may put a dent in high-profitability business travel,” the report noted. (IANS)
About 61 per cent of Indian business leaders and decision-makers think their business is more likely to experience a serious cybercrime during the Covid-19 situation as opposed to 45 per cent globally, said a survey on Tuesday.
About a third of small and medium-sized businesses (SMBs) believe that cybecrime is more likely to occur during Covid-19 situation than before, showed the study by US-based cybersecurity company CrowdStrike.
From February to March alone, CrowdStrike found that there was a 100x increase in Covid-19 themed malicious files.
Interestingly 62 per cent of Indian businesses surveyed, the highest among all the countries surveyed, provided additional training for their staff to learn how to avoid threats and Cybercrime while working from home.
The “CrowdStrike Work Security Index” surveyed 4,048 senior decision-makers in India, Australia, France, Germany, Great Britain, Japan, Netherlands, Singapore, and the U.S across major industry sectors.
The survey looked into the attitudes and behaviours towards cybersecurity during the Covid-19 situation.
It included responses from 526 Indian decision-makers across small, medium and large business enterprises.
The survey revealed that a large majority of respondents around the globe are now working remotely, with more than half of them working remotely directly as a result of the pandemic.
This, in turn has given rise to the use of personal devices, including laptops and mobile devices, for work purposes, with 60 per cent of respondents reporting that they are using personal devices to complete work — with countries like Singapore and India even reaching 70 per cent or higher in personal device usage. (IANS)
India is going through a situation of crisis from all aspects. From the virus to national border tension, from financial losses to rising death tolls. Not only India, but the whole world is in a state of emergency. The crisis is so huge that we tend to forget the problems on the grass-root level. While the world is busy fighting Coronavirus, protesting against injustice, grieving the deaths of celebrities, let’s take a look at the migrant workers in India who’ve been battling the pandemic in an altogether different way.
It has been over six months since the outbreak of the Novel Coronavirus. The first case in India was confirmed on 30 January. Since then, the nation has seen a constant rise in the number of cases as well as death tolls. The imposition of lockdown had put the privileged in their homes while the migrant workers had much more to worry about. No money, no savings, no shelter, and no resources to get back to their homes.
Even if we try our best, we’ll still fail to understand or feel the pain and suffering they have been put through. There are thousands of such workers across the nation who were forced to walk hundreds of miles to their native place with their families and kids, as there was no transportation available due to the lockdown which was imposed in the wake of COVID-19 pandemic.
Their story isn’t over yet. A recent report suggests that 198 migrant workers were killed during 1,461 accidents which took place over the course of the nationwide lockdown – from March 25 to May 31. The accidents killed at least 750 people, including 198 migrant workers. Migrant workers who were putting all their efforts to go back home comprise 26.4% of the overall deaths during the lockdown caused due to road accidents.
Not just road accidents, but migrant workers have also lost their lives due to starvation and heat sickness. Image walking thousands of miles the hot weather conditions of the summer season, with mercury shooting to 45 degrees Celsius, carrying all your belongings amid an ongoing global pandemic. What worse could you happen to them?
Last month a train in Maharashtra ran over 16 migrant workers who were sleeping on the tracks. The workers were walking to Bhusawal from Jalna to board a “Shramik Special” train to return to Madhya Pradesh amid lockdown. 14 of the 20 died on the spot and 2 lost their lives in hospital. The accident took place when they decided to take rest and sleep on the railway lines.
If you start reading and researching more about the stories of migrant workers in India, you will come across incidents that will break your heart and move you to tears. Women, children, joint families, elderly, everyone has to suffer and starve on the roads during this global emergency.
Rather than discussing and grieving the losses in India, the attention is put to other worldwide issues, easily overlooking the problems of our people. Why do we mourn the loss of a celebrity so much? A simple answer will be because they were legends in their field. That’s right. But we feel devasted because they die, and not because they were legends. It is a matter of loss of life. Similarly, when such a huge amount of people die on the streets, we tend to overlook. In both cases, someone dies.
The migrant workers in India are losing their lives every day, and it’s probably just a news piece for us all.
A year ago, a golden chapter was added to the history of Indian democracy. After decades, the people of the country gave a second opportunity to a government elected with a full majority. You have played a major role in writing this chapter. Today presents an opportunity for me to bow to you and honor you for your commitment to India and Indian democracy.
Had the situation been normal, I would have been blessed to be in your midst. However, the circumstances brought about by the global coronavirus pandemic have led me to write this letter and seek your blessings. In the past one year, your affection, blessings and active participation have given me fresh energy and inspiration. During this period, you have shown to the world democracy’s collective strength, which has become an example before the entire world.
In the year 2014, the people voted for a big change; you voted to change the policy and system (niti & reeti). In those five years, the country saw extricating itself from the quagmire of inertia and corruption. In those five years, the country inspired by Antyodaya has seen the change in governance in easing the lives of the poor.
In that tenure, on the one hand, the country’s prestige before the world grew, and on the other, we raised the dignity of the poor by opening their bank accounts, making available free cooking gas and electricity connection for them; and by building homes and toilets for them. In that tenure, whereas there were surgical and air strikes, there were also works for one-rank-one-pension, one-nation-one-tax GST and fulfillment of decades’ old demands involving procurement of crops under MSP for farmers. That tenure was dedicated to meeting several needs of the country.
In 2019, your blessings meant dreaming big for the country, for high hopes and for meeting the aspirations. The decisions taken in the last one year are the reflections of those big dreams. The people’s power fuelled by the common man is effulgently shining as the nation’s strength. In the past one year, the country had many dreams, many resolves as it also continuously took several steps towards realizing those goals.
In this historic journey, each community, each section and each individual has played one’s part responsibly. ‘Sabka sath, sabka vikas’ with this mantra, the country is forging ahead in all directions — social, economic, global or internal.
In the last one year, some important decisions have been in discussion, and that is why it is natural to for these achievements to linger on in our memory. Whether it was the topic of Article 370 for national unity and integrity, or the happy outcome of age-old conflict over the Ram temple construction, or the factor disrupting the modern social system, the ‘triple talaq’ or the symbol of India’s compassion, the citizenship law – all these achievements you remember.
Amid these decisions which came in quick succession, there are many other decisions and changes that have given new momentum to India’s development journey, have given us new objectives as we have strived to fulfill many expectations of the people. The constitution of the post of Chief of Defence Staff has led to increased coordination among armed forces. At the same time, India has accelerated its preparations for Mission Gaganyaan. In this period, our priority has been to empower the poor, farmers, women and the youth.
Today, each farmer has been covered under the PM Kisan Samman Nidhi. In the last one year, under this scheme, over Rs 72,000 crore have been deposited in the bank accounts of more 9.5 crore farmers. To make available piped drinking water for the country’s over 15 crore rural population, the ‘Jal Jeevan Mission’ has been initiated. To ensure better health care for our more than 50 crore cattle, a massive campaign for livestock vaccination is under way. For the first time in the nation’s history, the government has decided to offer the facility of Rs 3,000 monthly pension for farmers, farm labourers, small shopkeepers and workers belonging to the unorganized sector after the age of 60 years.
A separate department has been formed to strengthen ‘blue economy’ and increase the facilities for fishermen. Similarly, it has been decided to constitute National Traders Board to timely resolve issues concerning business enterprises. About 7 crore sisters associated with self-help groups have been given more financial assistance. Recently, the loan amount available without guarantee for self-help groups has been doubled to Rs 20 lakh from Rs 10 lakh. Keeping the education of tribals’ children in mind, a campaign is under way to build more than 450 Eklavya Model Residential Schools.
The government has also worked expeditiously towards making better laws linked with common man’s welfare. Our Parliament has broken decades’ old record in conducting legislative business. That’s why several laws – the Consumer Protection Act, amendment to Chit fund law, and laws concerning more security for women and children – have been quickly enacted.
The government policies have led to bridging the gulf between the urban and rural lives. For the first time, the internet users in rural areas have outnumbered the urban counterparts by 10 per cent. The list of historic works and decisions is very long. It is not possible to elaborate on all of them in this letter. But I would surely say that in the last one year, each day round the clock, the government has worked with full awareness, sensitivity, and has taken decisions.
Just when we were moving quickly towards realizing our country’s aspirations, the corona pandemic surrounded India too. On the one hand, there are countries with massive economies and most modern health services, and on the other, there is India with its huge population and so many challenges. Many people had expressed their apprehensions that when corona would attack India, the country itself would become a trouble for the world. Today, all countrymen have changed the way they look at India. You have proved that your collective capability and capacity are unprecedented in comparison with other more resourceful and prosperous countries.
You have shown that India alone holds the guarantee for a greater and better India – whether it was collective clapping or thali-beating or lighting the lamps, whether it was honouring of corona warriors by the armed forces, or following the Janata curfew or following the lockdown rules with sincerity.
In this crisis, no one can claim that nobody has been put to trouble or inconvenience. Our workers, migrant brother and sister labourers, those working in small industries, cart pushers and vendors, our shopkeeper brothers and sisters and those having small businesses have suffered immensely. We all are working together in an attempt to sort out their problems.
But we have to be careful that these inconveniences should not transform into a crisis of life. For that, each Indian has to follow all directives. We have to move forward with the same patience and courage that we shown so far. This is the reason why the situation in India has so far been manageable in comparison with other countries.
This battle will stretch on, but we are on way to victory and, to be victorious is our common resolve. We can draw inspiration from those people who recently faced the Cyclone Amphan boldly. They worked hard to reduce the damage caused by the cyclone.
under the given circumstances, there have been discussions as to how economies of India along with other nations will emerge out of the crisis. At the same time, there is this belief that the way India has surprised the world in facing coronavirus with its unity, the country can present the same example in the economic field — 130 crore Indians can not only surprise the world but can also inspire it.
Today, the time demands that we must stand on our feet, and we will have to move on our own strength. And for this, there is only one path: a self-reliant India (atmanirbhar Bharat). The recent economic package of Rs 20 lakh crore is a big step towards ‘Atmanirbhar Bharat’ campaign. This campaign will usher in a new trend of opportunities for every countryman – our farmers, workers and labourers, medium enterprises and the youth associated with startups. India will reduce its dependence on imports with the sweat of its citizens, with their hard work and skills, thus becoming self-dependent.
you have continued to bless me with your affection in the past six years. The country has moved ahead with unprecedented pace with historic decisions and development. But I know there is so much left to be done. The country has many challenges and problems before it. I am making all efforts day and night. I may have some deficiency, but the country does not have any. That is why I place more confidence in you, in your strength and in your capacity. You, your support and your blessings are the energy behind my resolve.
The global pandemic has brought about a crisis situation, but at the same time, for us Indians, this is also the time for determination. We have to remember that no calamity, no crisis can determine the present or future of 130 crore Indians. We will decide our present and, the future too. We will move ahead, we will race ahead to progress and we will be victorious. It is said in our country: “Kritam me dakshine haste, jayo me savya ahita-h” – meaning, in one hand we carry our deeds and duties and in the other, sure success.