COVID-19 pandemic – Misfortune for some, opportunities for many

The COVID-19 pandemic was a major setback for the Indian economy after the repercussions of non-bank financial companies (NBFCs) crisis, demonetization, goods and services tax (GST), etc. With millions of people losing their lives, the grisly work of the infectious virus was nothing short of a war. Many sectors faced unexpected disruptions in their regular workflow, but as it is said, ‘change is the name of the game’, out of all the negativities, there were numerous reasons of hope and positivity for some, which is definitely a good boost for the economy.

For some players, COVID-19 pandemic was an opportunity to enhance their business models and generate new ideas. These platforms saw that silver lining in their business growth in the post-COVID scenario. Below are the three major sectors that most likely benefitted from the COVID-19 situation.

• E-commerce sector – Pandemic has allowed people to shift to online shopping platforms instead of the conventional way of going to the market. Now it is easy to buy groceries, clothes, home décor items, etc. with just a single click from the comfort of your couches. E-commerce sector has made players like Grofers, Big Basket, Flipkart, Amazon, etc. come to the fore, with demand for online shopping increasing from 25 per cent to 75 per cent.
• Pharmaceuticals and Healthcare sector – Although healthcare was always a primary aspect of concern, the post-COVID world has seen a gradual rise in people following better nutrition, hygiene, wellness and social distancing practices. Products like disinfectants, sanitizers, masks and other personal hygiene equipment have recorded the highest sales as personal protection remains ingrained within the human behavior. The sector has led to easy and affordable access of medicines for the people.
• E-learning – The closure of schools and institutes during the lockdown period initiated the concept of online learning and virtual classes aiming for a minimal or negligible impact on learner’s academic progress. As per a study forecasted by the education sector before the COVID-19 outbreak, Indian online education market aims to expand to $18 billion by 2022 and the pandemic further accelerated the growth by owing to effective digital learning tools.

Although the COVID pandemic hampered the country’s growth and developmental plans, some sectors found a way to shine even brighter. As the lockdown lifts, the country seems to be getting back to its normal pace with some industries hoping to grow further with their new concepts and ideations.