The lockdown imposed in reaction to this COVID-19 pandemic had consequences that echoed in every corner of India. Not just one family, farm, store, office, or factory might escape.
Along with also the lockdown and the pandemic will probably possess short-term and long-term consequences for most of us the new normal’ has come to be a much-used and mistreated cliché and, purveyors of doom and gloom abound.
As stakeholders in India’s present and its potential compels us to look past this miasma to the proverbial silver lining and also operate on re-building India to greater heights.
And the same as a startup utilizes its resources to begin construction, we also will need to begin by’bootstrapping’, which is exactly what ‘ being’Atmanirbhar’ (self-reliant) is all about.
Let’s begin with touching upon among the classes from the lockdown which are relevant to our discussion.
We have, with time, become increasingly more reliant on imports from China–from pharmaceutical components to raw materials and foundation components of cars, chemicals, and materials.
Unsurprisingly, this has become an urgent wake-up phone for the Indian sector to understand its potential and create its local sourcing components to be resilient and flexible.
Our supply chain and also the logistics industry have faced the largest harm on account of not having labour, its most crucial resource.
And this, then, is because of the dependence on migrant employees who’ve returned to their native village earning over 50 percent of India’s trucking fleet stranded with no drivers and in addition to the logistic sector of freight loaders and handlers.
Along with this, the production sector continues to be directly affected because of the unavailability of their labour force in addition to disturbance in their supply chain.
Positive outlook for tech startups involved in the industrial sector
In reaction, the government of India in its own economic relief package has pushed , among a bunch of different matters, technological innovation throughout the use of e-market linkages for strengthening the production industry in addition to trading of products.
Furthermore, a funding of INR 1 lakh crore was provisioned for updating agriculture infrastructure jobs at farm gates and aggregation factors; such as championing sectors like solar PV manufacturing and innovative cell battery storage, etc.; for indigenization of imported spares in defense production; and technology-based enterprise goods catering to the industrial industry.
Historically, startups are in the forefront of technology adoption to improvise several operations and processes in addition to bring innovation in solutions and products. They’ve disrupted various companies and affected nearly all of the industry sectors in some manner or another.
Even today, Indian entrepreneurs should capitalize on these improvements. A fantastic opportunity exists for technology startups to interrupt the standard production, logistics, and supply chain industry using emerging technologies including Internet-of-things, robotics, artificial intelligence, machine learning, blockchain, augmented, virtual and mixed reality, computer vision and other technologies that are accepted.
It’s our opportunity to accelerate Business 4.0 rather than just lower the dependence on China and manual labour, but to prove to the world we are the upcoming international production hub and a much superior one at that.
With the adoption of the latest technology to boost efficiency and productivity, manufacturing has increased globally. To make manufacturing the best in India globally, tech startups can contribute significantly by using innovative technologies such as the use of cloud technology and examples of sensors for the concept of power and connectivity;
Applications of big data and advanced analytics, artificial intelligence and knowledge-work automation; Enhance human-machine interactions through virtual and augmented reality, robotics and robot process automation; And additive manufacturing and renewable energy. Startups and manufacturing enterprises must collaborate for meaningful commercial impact.
Smart processes and systems: With social becoming a standard, there will be a huge demand for startups making automation systems in cargo, conveyor systems, machine monitoring tools, robotics, drones and drop-boxes. A rapid shift towards omnichannel procurement is imminent.
Indian startups can focus on digitization of logistics, supply chain and transportation by enabling core technology modifications such as Internet, things, blockchains, control towers, artificial intelligence / machine learning-enabled demand forecasting, self-adjusting . Stock allocation, autonomous equipment such as AGVs and drones, others. This will power the supply chain sector with intelligence, visibility and agility.
This sector is contributing the most at the present time and it is expected that it will grow even further; We have seen a major contribution by startups, which have adapted very quickly to the market need to deliver technology-based products and solutions.
Apart from digital solutions, there is a huge opportunity for growth in healthcare manufacturing and supply chain. The applications of artificial intelligence, computer vision, IoT and robotics-based startups have already introduced the concept of products and services. Along with innovating in the manufacture of medicines, medical devices etc., it also contributes to their research and development.
Storage and storage to agri-tech startups, market access to farmers, digitization of formal agriculture and digitization of sustainable agricultural best practices, digitization of government plan linkages, e-markets of B2C and B2B platforms, cloud Kitchen needs to be accelerated.
E-Retail, Agri-Equipment Hiring, Agri Supply Chain, Forecasting Using Drones and Many More. Food startups can use the broader gamut of the region i.e. food processing equipment and innovative technological solutions in technology, packaging, food safety and supply.
Environmental care has increased during this epidemic and it will continue the lockdown as people are becoming more environmentally friendly and opting for eco-products.
Recycling can play an important role in bringing new technology-based products and solutions to the recycling sector (plastics, MLP and paper), cleaning up waste and composting and scientific disposal of renewable energy, and many more.
Here’s a quotation by Ratan Tata at conclusion,”In previous challenging times, entrepreneurs have shown farsightedness and imagination which couldn’t have been considered to exist.
All these became the flagpoles of invention and new technology now. I expect the ability to get another way to construct a product, conduct business, run surgeries a much better manner, will emerge as a consequence of this present catastrophe.
I will not downplay the challenges as well as the issues embedded in these recent times. However, my confidence stays high from the creative character and the imagination of entrepreneurs now who will find ways to empower new or altered enterprises that are the benchmarks of tomorrow.
It could all start on a fresh sheet of paper which looks at ways of accomplishing things which were never thought of earlier. This crisis will induce entrepreneurs to create and adapt.”
Wednesday September 20, 2023
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