Talking in global terms, India stands on the seventh rank in the list of largest economies of the world. In fact, the Indian government is making continuous attempts so as to boost the country’s economy, following to which, it has announced a slew of reforms in the past few years. In that list, ‘Make in India’ initiative- a national programme implemented by the Government of India, majorly encompasses all the potential key aspects to strengthen the pillars of nation’s economy. India comprises a few foremost industry verticals, including the agriculture as the core one coupled with the textile and manufacturing through which the country derives its major part of the revenue. According to the India Brand Equity Foundation (IBEF), during the period of 2018-2019, an estimated 283.37 million tons of food grain production was recorded. In addition, the total exports of agricultural products from India grew at a CAGR of 16.45% during 2010-2018. The country also extends its assistance to meet the food demand for various other nations including the US, Russia, and China. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the Index of Industrial Production (IIP) inched up to 2.0% in January 2020, from around 0.1% growth reported in December 2019.
Improved growth in manufacturing along with stronger growth in mining and electricity led to a better industrial performance during this period. The outbreak of one of the worst diseases in history, ie; coronavirus has taken place affecting 195 countries and territories, hundreds of thousands of people and thus, the surging mortalities so far. The COVID-19 outbreak will negatively affect the country’s economy over a few coming years. The economies with a huge population base such as China and India are at the forefront risk of community spread of COVID-19 infection. And unfortunately, India has become the latest target of the COVID-19 outbreak. With a huge population base of over 1.3 billion; the control of the outbreak will get difficult if the spread reaches to the community level. This is resulting in the unavoidable shortage of ventilators on account of the rapidly spreading COVID-19 which has urged for the production of innovative solutions.
This has pushed the world’s automotive manufacturers to enter in the manufacturing of ventilators to deal with this global pandemic. For an instance, on March 22, 2020, Mahindra Group has announced to cater to the increasing demand for ventilators in India and across the globe by fostering the local production of ventilators. In addition, with the outbreak of COVID-19 and to control its stretch to the community level, the Government of India imposed a nationwide lockdown, pioneering the ‘Lockdown 1.0’ which was effective from March 22, 2020 for 21 days. This has hindered the movement of the public and in turn impacting the country’s economy. The Government of India has asked the tech companies to stop sending employees on a foreign assignment, unless and until it is an emergency. At this time, the companies are dealing with foreign assignments through video conferences and calls. The Government of India has also announced the creation of a fund named Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) through which people can contribute financially to help the government in combating the virus.
