Is pandemic right time to start a business

Is pandemic right time to start a business

This pandemic situation has been a real mess in the lives of both budding and permanent businessman. Along with the financial crisis, there has been a lapse in growth, communication and transaction over a prolonged period. Despite all unfavourable situations around, there have been certain segments that have been boosted or strengthened in recent times. There has been increased use of web services, adoption of advanced technology and changes in patterns of doing business that has opened newer prospects too.

Some sectors redesigned themselves while others have grown multiple other sides in their business. Some sectors recently show promising growth even in this tough situation. Let us have a better look at that:

Health care and pharma sector:

More than 8 to 9 million cases have been witnessed by India during the past few months. There have been numerous such developments in medical areas and various companies have come up with modern and speedy technologies to serve people on crisis grounds. Over 4500 start-ups in the medical field have been built already to address this current situation and an expected rise of about 20-20% is expected here. Initiatives in the medical industry and growth have also been sponsored by states like Telengana, Karnataka and Punjab. Even the government has increases expenses by 5.5% in this sector thus adding more positive strength.

Compliance firms:

There have been multiple regulatory changes and reverse migration in states like Orissa, Jharkhand, Rajasthan, MP, West Bengal, Bihar, UP, etc. there has been successful applicable headcount increase in states of Gujarat, Karnataka, Goa, Punjab, Madhya Pradesh under Factories Act, 1947, Industrial Disputes act, 1947 and Contract Labor Act, 1970. These countries have made easier new start- up business and also helped existing companies. The burden of registrations has been minimized along with procedural compliance. A contract on “Fixed-term employment” is another measure introduced by Karnataka and Goa under the Industrial employment Act, 1946 to strengthen direct employment. Companies will have to understand the changes and modify ways if an implementation so that the need for third-party reduces.

Data and entertainment services:

There has been an increase in the verbal use of mobile data over the past few months. Social distancing has increased use of broadband data and fibre net WI- FI. Today everyone uses these services for fast access and easy communication. From students to teachers to business people all relies on this. Consumption of entertainment has changed with an increased flux on OTTs.

Digital and education-based tech learning:

A new era of the digitalized world has been witnessed by all sectors of education. Training, learning and management skills have been pushed to a virtual online platform. These are the most promising sectors for earning revenue. The learner engagement platforms, learning management systems and assessment tools has created many opportunities. According to the new education policy, the growth of the education sector has marked the way for an immense base of digitalization in the field of learning and experience.

Labour compliance:

Various states have been encouraged to do business, especially on new ventures as per the Factories Act. The Contract Labour Act gives companies and vendors with relaxation from obtaining registration and license under the Act. There has been increased applicability of Chapter V-B under Section 25K according to Industrial Disputes Act. This has made easier procedure and compensation for lay-off. This further makes compliances related to CLRA Act, convenient.

Essential services:

Some outstanding growth is witnessed on the ground of essential commodities business. This includes milk, grocery, oil, fruits, gas, hospital services, vegetables, medicines, transport and media. E-commerce has not only fostered other business platforms but also nurtured the pillars of the online market more through online shopping of essential goods. Even telecommunication, media and transportation have undergone better transaction. This business sector shows new and optimistic results for all people who aspire to start in this situation.
Thus Covid-19 showed the world how the business operation and working platforms can be digitally operated and manifested to bring new services to the front through a digital transformation.