New Delhi: COVID-19 epidemic could actually be a boon to the Indian economy if it can become an alternative destination to companies planning to shift its supply chain networks from China. The idea was mooted by Chairman and Managing Director of Hero Cycles Ltd., Pankaj Munjal, during an interview he gave to Livemint.
According to him, India could be looking at a golden period after the pandemic passes over if Indian companies can become a trusted partner for global corporations.
Pankaj Munjal said that Indian firms must become a trusted supply chain partner of these foreign companies by protecting the intellectual property of these foreign companies, patents, and technology.
India can become a base for these companies and could also become a market for them which could lead to economies of scale.
He also stressed the need for a stimulus package to revive the economy and support small and medium enterprises. According to him an economic package could kick start the supply chain moving and it will stimulate employment and demand.
Pankaj Munjal said that after the lockdown in Wuhan was lifted the people were maintaining social distancing and thus public transport was avoided. The individual mode of transportation was opted. Personalized transport like bikes, cycles, etc. could see a big push.
