Keep pace with the change
Indian Management|December 2020
Long-term planning is passé. Companies need to periodically reassess the business environment and explore ways to rebuild consumer confidence, especially during difficult times.
R SUMITRA
Keep pace with the change

Indian economy’s graph started moving southward in 2019, as indicated by the fall in GDP growth, consumer confidence index, employment rates, and the Index of Industrial Production (IIP). This trend was reflected in the business environment too. As per Reserve Bank of India’s Industrial Outlook Survey of the Manufacturing Sector, Business Assessment Index (BAI) recorded its steepest fall since the 2008 financial crisis. Sluggishness in key industry segments is an indicator of the economy being caught in a vicious cycle. Uncertainty triggered by the coronavirus has added to the economic woes.

People are unsure about the economic situation, employment scenario, and earnings. As per RBI’s Consumer Confidence Survey (CCS), consumer confidence collapsed in May 2020 with the index touching a historic low. There has been a sudden fall in income for many, leading to a sharp cut in discretionary spending as well as a major drop in demand; however, consumption of ‘essential commodities’ like masks, sanitisers, personal computers, and data cards is picking up. The overall situation has brought about a radical change in consumer behaviour too—there is an increased demand for health and hygiene products, and online delivery is being preferred to store visits.

Most households are resetting their budgets with the intention to save for the future. In a recent survey by Bank Bazaar, 52 per cent of the respondents said that savings and debt repayment were their top priority.

Consumption trends

هذه القصة مأخوذة من طبعة December 2020 من Indian Management.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 2020 من Indian Management.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من INDIAN MANAGEMENT مشاهدة الكل
Trust is a must
Indian Management

Trust is a must

Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.

time-read
6 mins  |
July 2023
Listen To Your Customers
Indian Management

Listen To Your Customers

A good customer experience management strategy will not just help retain existing customers but also attract new ones.

time-read
4 mins  |
November 2021
The hand that feeds
Indian Management

The hand that feeds

Providing free meals to employees is an effective way to increase engagement and boost productivity.

time-read
4 mins  |
November 2021
Survival secrets
Indian Management

Survival secrets

Thrive at the workplace with these simple adaptations.

time-read
5 mins  |
November 2021
Plan backwards
Indian Management

Plan backwards

Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.

time-read
4 mins  |
November 2021
For a sweet deal
Indian Management

For a sweet deal

Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.

time-read
5 mins  |
November 2021
Humanise. Optimise. Digitise
Indian Management

Humanise. Optimise. Digitise

Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.

time-read
5 mins  |
August 2021
Beyond the call of duty
Indian Management

Beyond the call of duty

A servant leadership model can serve the purpose best when dealing with a distributed workforce.

time-read
3 mins  |
August 2021
Workplace courage
Indian Management

Workplace courage

Leaders need to build courage in order to enhance their self-reliance and contribution to the team.

time-read
5 mins  |
August 2021
Focused on reality
Indian Management

Focused on reality

Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.

time-read
5 mins  |
August 2021