In my view Corona will change the world permanently and events that reshaped society in lasting ways, from how we travel or buy homes, to the level of hygiene and security we’re accustomed to. Virus that keeps us contained in our homes, maybe for months s already reorienting our relationship with families, to government, to the outside world, even to each other.
But this pandemic will also present opportunities to us which will enable flexible use of technology, and appreciation for the outdoors and life’s other simple pleasures. No one really knows what exactly will come to us guide to the unknown ways that society—government, healthcare, the economy, our lifestyles and more—will change. Even the most influential political leaders world over are struggling to take care of heath care situation, loss of life, liquidity, job loss, economy slow down etc. Recently oil prices in US showed negative trend, 20% loss and if we all need to worry about is the recession in US & European countries. Having said that India still remains promising due to its domestic, GDP will still remain positive at 1.9% as per recent IMF forecast. Yes we will have job losses and layoffs too, which we have already started witnessing in some commerce businesses but this will be all will better offer in 1-2 quarters as we get to business as usual.
Businesses will bounce back when it all returns to normalcy as and when we see cases of virus dropping. RBI has already offered enough liquidity in the system and banks will have to take this us an opportunity to offer various loans rather than being conservative and worried about NPA’s. Falling crude price will further reduce the stress on fiscal deficit and enable govt. to announce much larger stimulus to boost the economy other than the first package offered by the daily wagers.
What businesses will have to adopt digital first marketing and focus on reaching it target audience through digital media, campaigns, virtual meetings, etc. and setup infrastructure accordingly if they have not yet started. Provide facilities for team to work from home and make it work smoothly with available tools such as attendance, payrolls, sales, transactions, meetings, deliveries etc as per the business needs. Commercial premises and interiors will have to be equipped with infrastructure such as temp check up, social distancing, sanitizers, hand wash, etc.
Co-working will definitely play an important role in this whole revamp if businesses infrastructure, many small and medium companies will evaluate online businesses and co-working spaces. Co-working will have to offer more cabin spaces, permanent spaces, etc. Common spaces such as cafes, stationery, lobbies and meeting rooms will have to be disinfected every hours.
By Haresh Motirale, Group Managing Director , Brandniti, Patabadio Proptech, Ishtaan Real Estate