Corporate India expects quick turn around in 2021, says report

2020 has been one of the most challenging years as several businesses collapsed due to the global pandemic. As recovery takes root, many in India Inc expect a quick turnaround in demand cycle in 2021. As per a joint report by Bain & Company, Google and AWE Foundation, demand will be back to pre-lockdown levels in just three months from now.

While some corporates have adopted measures for a smarter working ecosystem, various other players are taking the digital transformation route to improve operations and efficiencies. Many others are gearing up to tackle the post-Covid world with new product offerings.

The sports segment was one of the heavily affected industries, but Rhiti Group adopted the digital mode for operations to escalate the audience engagements.

Arun Pandey, Chairman & MD of Rhiti Group, said: "Covid-19 will continue to haunt the Sports Industry in 2021 and we must leverage digital tools to drive newer and better revenue streams to survive the aftermath. We must explore new ways to fuel fan engagement and must be active in addressing social issues such as race, gender, and LGBT+ inequality and injustice."

The lockdown downgraded the automobile industry big time, as it worked hard to fight the economic slowdown but by implementing the new digital format of operations, the industry is set to set to upscale the business in the coming year.

Sharad Malhotra, President at Nippon Paint India (Automotive Refinishes & Wood Coatings) said: "We have used the crisis as an opportunity - with operational flexibility and lean manufacturing capabilities; our manufacturing will be more spread out, flexible and nimble than ever before. We are excited about our new lined-up service offerings and products that will expand our portfolio. We are hopeful to see good growth in 2021, giving good returns to our shareholders."

Players in the co-working space like Smartworks expect a surge in demand from occupiers looking for flexible, upgradable, and adaptable spaces due to the advantages of 'workspace-as-a-service'.

As per Neetish Sarda, Founder, Smartworks: "The pandemic has accelerated the need for flex spaces with hybrid work model taking centre stage. The year 2021 will focus on low touch/contactless technology or smart offices for touchless transactions, ergonomic designs, safety first spaces, and sustainability."

The real estate sector saw a major dip since the lockdown was implemented in March 2020, but later witnessed progress in sales during the festive season.

Prashant Solomon, MD, Chintels India and Honorary Treasurer, CREDAI NCR stated: "I expect the market to remain resilient and gradually pick up momentum in 2021 with technology and digital transformation seeing greater adoption and integration. The real estate sector will also undergo some elementary changes in terms of planning, adapting to market changes and customer demands in line with changing lifestyles and the future of work."

--IANS

san/vd