One of the biggest objectives of any business today would be to build trust with customers through safe and hygienic products.
The impact of the Covid-19 lockdown on the Indian economy was severe. The manufacturing sector, which contributes 20% of our GDP, was at a complete standstill. MSMEs were already witnessing slow business growth due to the economic slowdown in 2019, which was further aggravated in the lockdown. The TV manufacturing industry saw a loss of 1.5 million units as it relied on imports of raw materials and had a value addition of only 10-15%.
With the lockdown, the impact on the TV manufacturing industry was intense. Production was halted and labor shortage was at a rise. In an unorganized situation such as the lockdown, uncertainties were huge which forced businesses to relook at their continuity plans. However, while challenges were aplenty, the lockdown gave invaluable lessons to the manufacturing industry.
Technology as the only reliable partner
One of the biggest objectives of any business today would be to build trust with customers through safe and hygienic products. Here, manufacturing plants must take a lot of necessary precautions for contactless production. At the same time, from a business continuity perspective, businesses need to optimize their investment. For both, technology is the only reliable partner, especially Artificial Intelligence (A.I) and robotics to improve accuracy and efficiency.
Source: Financial Express
