{"id":15721,"date":"2022-02-24T13:56:09","date_gmt":"2022-02-24T13:56:09","guid":{"rendered":"https:\/\/www.soil.edu.in\/?p=15721"},"modified":"2026-02-05T12:07:30","modified_gmt":"2026-02-05T06:37:30","slug":"the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained","status":"publish","type":"post","link":"https:\/\/soil.edu.in\/blog\/the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained\/","title":{"rendered":"The coronavirus impact on our economy and the future of jobs: Simply explained"},"content":{"rendered":"<style>\n.inner-pic {\n    display: none;\n}\n.blog-pic {\n    width: 100%;\n    float: left;\n    text-align: center;\n}\n.blog-pic img {\n    width: 70% !important;\n}\n.new_blog_section p strong {\n    font-family: 'Franklin Gothic Book', arial;\nfont-weight: 900;\n}\n.new_blog_section ul li strong {\n    font-family: 'Franklin Gothic Book', arial;\nfont-weight: 900;\n}\n.new_blog_section p a {\n    color: #008037;\n}\n.text-new {\n    width: 100%;\n    float: left;\n}\n.new_blog_section .new_blog_right_sidebar ol li {\n    background-image: none !important;\n    list-style-type: decimal;\n    display: list-item !important;\n    padding: 0px 0px 15px 10px !important;\n}\n.new_blog_section .new_blog_right_sidebar ol {\n    padding: 0px 0px 0px 40px;\n    margin: 0px 0px 0px 0px;\n}\n.blog_wrapper_full .one_column {\n    padding: 0px 0px 0px 0px;\n    margin: 0px 0px 0px 0px;\n}\n.pic-new {\n    width: 100%;\n    text-align: center;\n}\n.pic-new img {\n    width: 100% !important;\n}\n.new_blog_section h6 a {\n    color: #008037;\n}\n.text-new1 {\n    width: 100%;\n    float: left;\n    font-size: 25px !important;\n    text-align: center;\n\tmargin: 20px 0px 20px 0px !important;\n}\n.new_blog_section .one_column.pb_2 li a {\n    color: #008037;\n}\n.content-new1 {\n    padding-bottom: 0px !important;\n}\n.blog-pic1 img {\n    width: 100% !important;\n}\n.one_column.pb_2.list-new li {\n  background-image: url(https:\/\/www.soil.edu.in\/blog\/wp-content\/uploads\/images\/tick-icon.png) !important;\n  list-style-type: none;\n  padding: 0px 0px 12px 20px !important;\n  margin: 0px 0px 0px 10px !important;\n}\n.text-new2 {\n  width: 100%;\n  float: left;\n  margin: 20px 0px 0px 0px !important;\n}\n.text-new4 {\n  width: 100%;\n  float: left;\n  text-align: center;\n}\n<\/style>\n<h6>India Inc. and the Way Ahead<\/h6>\n<div class=\"blog-pic\">\n<p><img decoding=\"async\" src=\"https:\/\/www.soil.edu.in\/blog\/wp-content\/uploads\/2022\/02\/the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained-1.jpg\" alt=\"The coronavirus impact on our economy and the future of jobs: Simply explained\" title=\"The coronavirus impact on our economy and the future of jobs: Simply explained\"><\/p>\n<\/div>\n<p>The country&#8217;s continuing massive vaccination drive and  &#8216;precaution&#8217; doses starting for select categories of people the  month will provide a firewall against any  steep spike in Coronavirus cases amid the emergence of the Omicron variant. So,  what lies ahead for India&rsquo;s economy in 2022 and beyond? The Indian economy has  almost caught up with the pre-pandemic growth levels and that its size in  absolute terms has almost matched with the pre-pandemic year (2019) is no mean  achievement after Covid-19 brought life to a grinding halt in 2020 and a part  of 2021.<\/p>\n<p>Also, that the government&rsquo;s revenues, at least on the tax  side, has been doing wonderfully well despite handing out massive stimulus to  lessen the impact of the virus is something that will be etched in the history  books. The World Bank, The International Monetary Fund and The World Economic  Forum are among a number of global institutions that have commended India&rsquo;s  policy response to the pandemic, not only in protecting its own population, but  also providing medical supplies and equipment to more than 150 countries.<\/p>\n<p>What is the way out?   The government must recognize the extent of damage to the informal  sector economy and then extend benefits to them accordingly, in the upcoming  Union Budget. This has been demanded by many states in their pre-budget.<\/p>\n<p>Another major challenge on the face of the government is the  rampant rise in prices and growing unemployment due to the closure of many  small and medium industries across the country, the data for which is not  available. Supply chain disruptions due to Covid border controls have already  wreaked havoc on prices and are expected to further increase in cost labor if  infectious Omicron spreads fast.<\/p>\n<h6>Learnings at SOIL<\/h6>\n<p>In SOIL, as part of our case study analysis and group discussions,  we have often discussed the impact of COVID on various sectors for example medical  care, Leisure and travel, manufacturing, education, Transportation and so on.  Our Economics faculty also linked this impact mapping to Microeconomics and how  various factors effect unemployment, income, recent recession. Understanding what  that means for the business world has been eye opening for me. Me and my fellow  batchmates really appreciate the ritual from every class where we discussed  whatever was happening in the Indian economy and try to come out with the  different insights and perspectives.<\/p>\n<p>We learnt to look at the pandemic&rsquo;s long-term influence on consumer  behaviour, purchase patterns and the potential for recovery led by enhanced  productivity and innovation. We also assessed this lasting impact on labor  demand, job security, various occupations, and the skills required to succeed.<\/p>\n<p>The &lsquo;The future of work after COVID-19&rsquo; report by McKinsey  stated that &ldquo;Remote work and virtual meetings are likely to continue, albeit  less intensely than at the pandemic&rsquo;s peak. Perhaps  the most obvious impact of COVID-19 on the labor force is the dramatic increase  in employees working remotely.&rdquo;<\/p>\n<p>To determine how extensively  remote work might persist after the pandemic,&nbsp;<a href=\"https:\/\/www.mckinsey.com\/featured-insights\/future-of-work\/whats-next-for-remote-work-an-analysis-of-2000-tasks-800-jobs-and-nine-countries\">they analyzed  its potential<\/a>&nbsp;across more than  2,000 tasks used in some 800 occupations in the eight focus countries. They  found that about 20 to 25 percent of the workforces in advanced economies could  work from home between three and five days a week. This represents four to five  times more remote work than before the pandemic and could prompt a large change  in the geography of work, as individuals and companies shift out of large  cities into suburbs and small cities.<\/p>\n<p>Another aspect to consider was  that technically some work is best done in person. Negotiations, critical  business decisions, brainstorming sessions, providing sensitive feedback, and  onboarding new employees are examples of activities that may lose some  effectiveness when done remotely.<\/p>\n<p>As the world copes with the  uncertainty of the Covid-19 pandemic, India too has been working overtime,  formulating its response to the crisis. With government regulations evolving to  flatten the curve and manage disruption across industries, traditional ways of  working have been forever changed. The move from &lsquo;responding to the crisis&rsquo; to  &lsquo;thriving in the new normal&rsquo; will depend on how successfully organisations take  their learnings into the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India Inc. and the Way Ahead The country&#8217;s continuing massive vaccination drive and &#8216;precaution&#8217; doses starting for select categories of people the month will provide a firewall against any steep spike in Coronavirus cases amid the emergence of the Omicron variant. So, what lies ahead for India&rsquo;s economy in 2022 and beyond? The Indian economy &hellip; <a href=\"https:\/\/soil.edu.in\/blog\/the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The coronavirus impact on our economy and the future of jobs: Simply explained&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":15789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"posts_by":[],"audience":[],"industry":[],"faq":[],"class_list":["post-15721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OUR ECONOMY AND THE FUTURE OF JOBS | SOIL<\/title>\n<meta name=\"description\" content=\"The top b-school in India, SOIL Institute of Management throws light on our economy and the future of jobs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/soil.edu.in\/blog\/the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OUR ECONOMY AND THE FUTURE OF JOBS | SOIL\" \/>\n<meta property=\"og:description\" content=\"The top b-school in India, SOIL Institute of Management throws light on our economy and the future of jobs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/soil.edu.in\/blog\/the-coronavirus-impact-on-our-economy-and-the-future-of-jobs-simply-explained\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog - 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