The world is vehemently fighting the Coronavirus and is trying to find a balance between saving human lives and getting the economy on tracks. India is no different. We are already into the un-lock phase, and green shoots are becoming visible, albeit the increasing number of cases of the dreaded Coronavirus.
Thankfully, India has managed to handle this pandemic remarkably well considering the population density and poverty. India can potentially do well economically also under these testing times. India is well poised to garner a big chunk of manufacturing plants that many multinational corporations are thinking of relocating outside China.
For these MNCs, India is among the most attractive destinations as it has a big pool of manpower, raw material, a big market, among others. Moreover, the GOI (Government of India) has been continuously reworking on its policies for growth. Besides, GOI has been pushing for significant investments in infrastructure, agriculture, healthcare, transport, housing, among many other areas to boost jobs and economy. Also, local manufacturing efforts like “Make in India” are being propagated aggressively by the GOI. Also, start-ups are being facilitated to thrive and grow to add to the burgeoning economy.
India’s ambitious target of becoming a five trillion-dollar economy might look too eager at the moment. Still, India is extremely well poised to achieve the bigger plans of becoming the third-largest economy by 2030. For this to happen, India will need a skilled workforce and young managers in years to come. As such, there could not have been a better time to join a management course. Let’s delve deep to find the scope of management courses post COVID-19.
The relevance of a Management Course in These Times
As per RBI Governor Sri. Shaktikanta Das, India should post a sharp turnaround and attain its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21.
As India looks at a bright future ahead, its time young people arm themselves with competent management degrees. Students who have just passed out of 12th class should consider joining a BBA program so that they can start their management journey early. Graduates should opt for a suitable postgraduate business management program as per their interest.
Some of the Sectors That Will See Lots of Growth
Manufacturing
Just like the world, India’s manufacturing growth has also slowed down to a four-month low due to continued lockdown. This is the nadir, the lowest point from where India will only rise. As the trust deficit with China has grown to unprecedented levels, countries, including Japan and the USA, have already explicitly asked their companies to move out of China.
Recently, the iPhone manufacturer Foxconn has evinced interest in setting up a new manufacturing plant in India. This is just the beginning of a revolution that will transform India into the most prominent manufacturing hub within a few years. There are many Japanese and South Korean companies that are contemplating creating supply chains for their automobiles and electronics in India. This should help India double its electronics exports to $18 billion per year from the current figure of $9 billion. Besides exports, these companies will have access to a healthy domestic market of $120 billion.
Goes without saying, the manufacturing sector will require a considerable number of young and bright people. One can pursue management courses in operations management, purchase and procurement management, supply chain management, personnel management, financial management and general management.
Pharmaceuticals
India is at a cusp of innovation and tremendous growth, thanks to COVID-19! It’s in news that Bharat Biotech, a Hyderabad based pharma company, is into the final human trial stage for COVAXIN (coronavirus vaccine). Similarly, another famous ayurvedic company Patanjali Ayurved has been granted the go-ahead to market CORONIL (a corona management ayurvedic formulation). Besides, CORONIL, Patanjali Ayurved is said to be into user trials for many other formulations for diseases that do not have a cure.
Again, business management graduates in general management, operations management, personnel management, finance management, marketing management and exports management will find ample opportunities ahead.
Travel and Tourism
Human beings are not programmed to remain confined to their houses, as has been happening since the past many months. People are bound to go on revenge travel plans to compensate once the lockdown restrictions are over. They will go on random travel journeys with a vengeance. Already, tourism is one of the main contributors in country’s GDP. In 2018, the industry clocked the revenue of $240 billion, which is expected to swell to over $500 billion by 2029.
India already has a burgeoning medical tourism sector that has been growing at 30% per annum. The way India has managed Coronavirus pandemic has undoubtedly impressed the world. Also, the professionalism and commitment of the health workers have been widely applauded by one and all. This is bound to translate into more significant growth in the medical tourism sector.
As such, graduates in hospital management and healthcare management, along with general management, will be in high demand.
Arm Yourself with The Best Management Skills
India is riding the crest of immense opportunities emanating from the internal push for development as well as from across the world as MNCs are looking to relocate in hordes to India. Nothing can stop India from becoming the manufacturing hub of the world, a status currently being enjoyed by China.
The GoI and people are on the same page to work harder than ever before to outperform China and reach the top-three biggest economies bracket within a decade. As such, this is the best time to find a suitable management program for yourself so that you are equipped with all the essential skills to ride the big wave of growth in the forthcoming years.