Following the attack on Pearl Harbour and the declaration of war by the US on Imperial Japan, the then President of the US in the Congress said, “Powerful enemies must be out-fought and out-produced.” Consequently, war production profoundly transformed the face of the American industries forever.
Amongst all, the automobile industry was the one that benefited the most out of the situation. Firms such as Packard, Chrysler, General Motors, and Ford Motors started producing war materials at an unprecedented rate. American industries saw the lack of war equipment as an advantage to boost up the production and hence making America a leader in the global economy forever.
The outbreak of coronavirus pandemic and lack of healthcare products and equipment across the world is an opportunity for the Indian industries specifically for the startups in the manufacturing sector to flourish like never before. Learning from what American industries did as per the need of the hour, Indian industries can also replicate the same.
The recent announcement of a package of INR 20 lakh crore by Prime Minister Modi to make India economically self-reliant under ‘Atmanirbhar Bharat Abhiyan‘ is a perfect opportunity for the Indian industries to exploit. The meltdown of the Chinese economy is also adding an incentive for the nation to take itself to the world as the best alternative for the Chinese market.
The deadly virus has disrupted the lives of over a billion people and is starving millions across the nation. This is the right occasion for us to turn our difficulties into opportunities. The world herself is giving elbow room for us to move ahead, there’s a huge shortage of products and equipment due to disrupted global supply chain giving rise to enormous demand. Hence, allowing India to produce more, therefore, giving more jobs.
This is easy to speak and write and difficult to implement in practice. It is a tough time, the governments and the people are already doing a lot to contain the virus. Several experts believe that we will have to learn to live with the virus. Therefore, battling with the virus, we will have to dig out opportunities in the challenges alongside for the brighter future of the nation.