BY ROBIN GHOSH
(ECONOMIST)
KOLKATA, 16 JUNE 2023:
Post covid, India has managed its economy well. It appears that the economy is most likely going to clock around 7% rate of growth.
Numbers aside, the spectrum of the economy has undergone a radical change. It is more diversified, technology intensive, more digitised and more customer oriented.
India now is a transformative economy. Key questions are – what kind of transformations are we talking about ?
Anybody in business or wishing to be in business should watch the generic changes that are happening in the body and soul of the Indian economy.
Observe the wave of changes that is happening now.
1. Wave of convergence of mobile and digital e-commerce.
* India’s consumption equation has changed.
* 25 million smart phones are added every quarter – boom in online shopping and e-commerce.* Customers from the Tier 2 and Tier 3 cities and towns are doing e-shopping for branded goods.
2. Platformization of consumer financial services.
* Customers are moving away from physical assets to financial assets.
* To get higher wallet share, and to aggregate more customers – companies now want customers to bank, take loans, make utility payments, buy stocks, insurance, file taxes online.
* Companies collect consumer data, leverage the data to create a perfect product market fit and sell convenience to the customers.
* A consumer oriented model which is going to stay and grow.
3. Moving towards clean energy.
* India is committed to climate goals of decarbonisation.
* Future is bright for clean and green energy businesses in India.
* Given the global trend towards decarbonisation, low cost large investment is expected to flow creating opportunities for solar and ACC batteries.
4 . Move towards Healthcare Services .
* Trend Towards Online Consultations.
* Customers increasingly use E – pharmacies for buying medicines.
* Trend towards single point contact from diagnostics to purchase of medicines.
5.Transiting to the world of the metaverse.
* A new market is emerging for business in digital assets especially in the entertainment sector.
* The technology of VR headsets, one can stimulate the real world – the metaverse – and create a new and magical world for media events. And a gallery for artists to trade their unique concepts and vision.
That’s it. Be alert. Watch the moving ball and flick it to secure new business.
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