Post Corona Opportunities for Nordics in India
The catastrophic Coronavirus, has shook global economies and created a panic mode all across the globe. As businesses review the economic crisis and redefine their strategies, this pandemic is resetting societies and triggering a change in people’s manners and morals. It will be a window to new solutions and services to serve mankind. Businesses, which existed before Covid-19 outbreak, may see a change in how markets and customers perceive and adopt their technologically-enabled solutions in a post Coronavirus world.
India’s ambitious project of building 100 sustainable smart cities, now has become incredibly attractive for Innovations focused at sustainability and smart urban solutions. We’ve compiled selective areas of opportunities for Nordic innovations and businesses for a smooth entry into Indian market:
- Telemedicine: It is becoming the new normal for people to seek medical consultation over a call or video interaction. Telemedicine will certainly see traction as cities and hospitals get increasingly crowded. This would now be an expected norm and we might see some investment flowing in, for scaling these solutions from private and public sector.
- Drone-based solutions: Deploying drones for sanitation, farm monitoring, delivery of certain goods etc. and to avoid human intervention. This solution will probably become long term as government will also emphasize on restructuring policies taking into consideration the mayhem caused by Coronavirus.
- Education: It will be the key area benefitting from this pandemic. There has been a high surge in the numbers of users adopting online ed-tech portals, proposing high potential for such platforms. Speculations are high that digital learning and personalised coaching will become prevalent in the current situation. A very high interest from investors and business angels is expected.
- Collaborations Tools: Other areas of opportunities might spring up from the post Covid-19 world. It could be team collaboration tools that will help businesses cut their infrastructure and technology costs, helping MSMEs adopt online strategies to streamline their business operations and growth. This can providing hyperlocal information on app or website. We’ve seen exponential growth in user base from tools like Zoom, Skype etc. lately.
- Supply Chain: All countries are looking to diversify their supply chains away from China. In sum, it’s a golden opportunity to build New India.
- Customised Masks: It might be possible wearing masks will become more fashionable going forward. So, a startup designing and making comfortable masks will be interesting.
- Cost of Capital: Rates are also going down rapidly, which enables companies to borrow and invest at far lower levels. This will encourage companies to expand operations.
- Production Units: India’s young and healthy population is eager to get back to work. Young people with a strong immune system are much better at handling the coronavirus. Therefore production intensive businesses can explore opportunities in India, provided India’s cheap skilled labours and low barrier market entry for production focused businesses.
- Pharmaceuticals & Automobile: Many global players – in industries ranging from Pharma to Auto parts to apparel – are now actively scouting locations in India due to more stable production capacity and response to Covid-19 (based on the current scenario)