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Government of India is working in tandem with various departments to find ways to tackle Corona
Several Programmes already launched to spread Covid-19 awareness in India
Government has invited citizens, companies and academicians to come up with innovative ideas to control the spread
Science & technology (S&T) Core Team
Government of India has set up a Science
& technology (S&T) Core Team to coordinate efforts to tackle Covid-19
The government has decided to crowd
source innovative ideas and solutions from companies, academicians, and experts
to fight the menace of Covid-19.
The S&T Core Team headed by
Principal Scientific advisor will look into the ideas. It will further work on to
collaborate the ideas and will ensure the solutions reach faster to the public.
Prof K Vijay Raghavan, the Principal Scientific Advisor to the government wrote on Twitter.
“The seriousness of Covid-19 requires that we, as scientists, proactively work together to ensure synergy, develop implementable solutions that health-workers, communities need,”
“The efforts of our clinicians and health workers will benefit greatly by effective and speedy inputs from science, technology, and innovation (STI).”
Government of India has already taken
necessary steps to ensure that we are prepared well to face the challenge and
threat posed by the growing pandemic of COVID 19 – the Corona Virus.
The deadly disease is creating havoc across the globe with almost all the countries in the world have reported the Corona infection. It was first identified in Wuhan China and took little over two months to spread across the globe.
India too has been fighting the Corona Virus with over 215 reported cases as on 19th March 2020. The government of India has taken a lot of measures to control the spread of Covid-19. It has put visa restrictions and stopped operating flights to the infected countries.
The government has been doing vigorous awareness campaigns to make sure people of the country are protected from the deadly virus. Even WHO is closely monitoring the situation and in constant touch with various governments, experts and health organizations to help the countries where the resources are limited.
The Corona outbreak has also infected the economies and financial markets around the world. The companies and workers all over are worried about the anticipated financial losses. The Bombay Stock Exchange was hovering around 28000 on March 19, way below the 41,952 peaks that it touched in Mid January just 2 months ago.
The Indian Rupee is also struggling against the US Dollar. On March 19, 2020, it just slipped below the 75 mark due to corona scare.
The Short Term and Long Term Economic Impact of Corona Virus
Certainly, there is going to be a significant impact of Covid-19 in the near future. The businesses across the globe have already suffered considerable losses. The stock markets of all the major economies including USA, UK, China, India, have crashed and the investments have dried due to the impact of Corona.
China, the world’s largest exporter is expecting a significant economic slowdown in 2020. China is one of the biggest trade partners of India and the Chinese slowdown will have an impact on the Indian economy as well. India imports 45% of its electronic items from China, apart from the major chink of chemicals. Indian Pharma industry is dependent on raw materials from China. Most of the top selling Mobiles come from China. The Indian imports will have an impact due to the current slowdown due to Covid-19.
Similarly, when it comes to exports, China is one of the biggest partners of India. The slowdown in China means less export from India resulting in a slowdown in India as well.
However, it is too early to predict the long-term implication of the Corona Virus disease. India is a big country with a large population and huge consumer spending. Once the virus is under control and the confidence of the public is restored it won’t take much time to revive.
Therefore economists are of the opinion that the impact may last long but there may be a slowdown in the GDP growth in many sectors.
Who will take care of Daily wagers and people who are losing Businesses?
In his address to the nation on March 19, 20202, The Prime Minister Narendra Modi requested the countrymen to not cut the pay of domestic help and others who can’t work from home. PM Modi also appealed to the Business community to refrain from deducting salaries of the employees during this period of Corona scare.
“Please understand that they too have to run their families”
The daily wagers, small vendors, contractual workers and many others like them are the most vulnerable when the cities are locked down. How are they going to make both ends meet? Here are some steps that the government can take to help the affected population
Tax relief to the small companies and MSME’s
Unemployment bonus for the workers who have lost the jobs during this period
Stipend to the daily wagers who are unable to get work, and to the small vendors who have to shut shop due to lockdown
Waiving of fees of the kids for few months
Offering loans at low interest rates to the companies to stand again.
There are some steps that the government of India has already taken like compensating the companies for employees’ leaves. Directly transferring the amount to the accounts of the poor and free medical treatment.
The meaningful steps by the governments will definitely help in keeping the local businesses afloat. It will also help the most impacted and mitigate the economic impact of Covid-19 outbreak.
The steps will help revive the economy once we are free from this virus.
Responsibility of the citizens
It is very important for the citizens of the country to cooperate with the government in controlling the pandemic. Many states of India are now impacted with Covid-19, the citizens need to be careful and informed. Everyone should follow the advisories issued by the health department, government of India and doctors.
The PM has urged the nation to observe a Janta Curfew on March 22, 2020 to fight Corona Virus outbreak in India. The PM is getting support from all quarters for the Janta Curfew. Celebrities like Akshay Kumar, Ajay Devdan and Amitabh Bachan have come out in support of it.
Janta Curfew will be observed on March 22, between 7 AM and 9 PM. “During this curfew, we shall neither leave our homes nor get onto the streets or roam about our localities. Only those associated with emergency and essential services will leave home,” the PM said. The fight against Covid-19 is a joint responsibility of the government and the citizens of the country. The community leaders, political leaders, companies and other influencers should contribute to reduce the spread of Corona Virus.
The Business community in particular should implement the government advisory. The employees who have travelled to the countries where corona is widely spread should be asked to stay quarantined. The sick employees should be asked to stay at home. Wherever possible the employees need to be encouraged to work from home. The companies need to follow flexible timings and can also work in shifts to avoid large crowds.
Above all, following a proper respiratory etiquette and hand hygiene is very important for all of us.
"From midnight tonight, the entire country will go under a complete lockdown. Every state, every Union Territory, every district, every village and every locality is being put under lockdown," – PM
While addressing the nation on March 24, 2020, PM Modi announced that the entire country will go on a complete lockdown from midnight. Modi while quoting the experts emphasized that social distancing is the only way we can fight this mischievous virus which spreads so fast.
Narendra Modi requested all the state governments to focus on the healthcare facilities during this period. Modi also warned the public to be careful about the rumours.
Modi also expressed concern about the poor but assured that the governments have all the plans to cater to their needs.
"We cannot ignore the fact that this unfortunate crisis has brought a lot of complexities to the poor. The central government, state governments, social organisations and civil societies are working to reduce the difficulties of the poor," he said.
Modi assured the citizens that the government will ensure that there is no disruption in the supply of essential goods and services.
List of Exemptions during the Lockdown Period
The ration shops, and shops dealing with, dairy and milk booths, groceries, food, fruits and vegetables, meat and fish, animal fodder shall remain open.
Online Ecommerce companies delivering milk, grocery, vegetables, fruits etc will also be exempted
Hospitals and all related medical establishments, including manufacturing and distributing units, both in public and private sector, such as dispensaries, chemist and medical equipment shops, clinics, ambulance etc will continue to remain functional.
The transportation for all medical personnel, nurses, para-medical staff, other hospital support services shall be permitted
Banks, insurance offices, and ATMs shall remain operational.
Print and electronic media will remain open.
Telecommunications, internet services, broadcasting and cable services will be operational to ensure smooth work from home as far as possible.
Delivery of all essential goods including food, pharmaceuticals, medical equipment through E-commerce
Petrol pumps, LPG, petroleum and gas retail and storage outlets shall remain open
To ensure a continuous supply of electricity, power generation, transmission and distribution units and services will remain operational.
As the Corona outbreak continues, the government of India is also taking all necessary steps to control the spread of Covid-19. The stringent measures like complete lockdown for 21 days, though has helped to control the spread. However, to ensure that India is prepared well for any future threat, the government is also looking forward to the innovative solutions for Covid-19.
Furthermore, the government is also encouraging, Startups,
Entrepreneurs, and companies to come up with innovative solutions, Bioinformatics,
datasets, Apps for diagnosis, etc. for strengthening the fight against Corona.
Which companies & Government Institutions are inviting
applications?
C-CAMP
C-CAMP is inviting Startups, innovators, and entrepreneurs
who can help fight Covid-19 with their innovations.
Cellular and Molecular Platforms (C-CAMP) is a special
COVID-19 focused accelerator set up in collaboration with the United Nations
Health Innovation Exchange (UNHIE) and Social Alpha. Amid Covid-19 pandemic the
C-CAMP is inviting Startups, innovators, and entrepreneurs who can help fight
the pandemic. The Special Covid focused accelerator is also called
"COVID-19 Innovations Deployment Accelerator" (CIDA)
The Innovations from the players should be under the following categories: diagnostics, vaccines, screening, containment strategies, therapeutics, public health & other relevant technologies.
According to a statement, the C-CAMP has set no specific last date to submit the applications. The received applications are being assessed daily in batches for scientific validity, market readiness, feasibility and impact
Startup India
The department for promotion of industry and internal trade
(DPIIT) and Startup India are seeking innovative solutions from startups to
fight the Covid-19 crisis. There is a competition for startups, entrepreneurs,
and companies to come out with creative solutions to fight Corona virus.
"We are building a one-stop repository of innovative
solutions for ready access by the government and the private sector for further
development and deployment," Startup India said.
According to Startup India, after analysing the feasibility
and quality of the innovations, the top solutions will be identified and
recognised. Besides, Startup India will also refer the innovative solutions to
the government and private stakeholders for further funding and deployment.
The solutions can be in the areas of low-cost innovative masks which can capture virus from the air and absorb respiratory droplets. The innovators can also come up with cost-effective thermal scanning devices, medical equipments like ventilators and protective gear for healthcare professionals.
You can Apply before April 15, 2020 at the official website link
Covid-19 Innovation challenge by Telangana Government
T-Hub has announced a Covid-19 Innovation Challenge in
partnership with Q City and Telangana government.
The purpose of this innovation challenge is to inspire and motivate students to come up with unique ideas to fight Corona virus. The programme also aims at empowering the student innovators to get mentorship from renowned subject matter experts. The students will also get assistance in transforming their ideas into business propositions from T-Hub and CCMB (The Centre for Cellular & Molecular Biology).
The call for applications is open until 20th April and you can apply online at the official website
Marico Innovation Foundation invites ideas to combat Corona
Marico Innovation Foundation (MIF) has launched
#Innovate2BeatCOVID, a challenge that will offer grants worth 2.5 crores for
the innovative ideas. MIF and Marico's chairman Harsh Mariwala is looking for
cost-effective ideas for making ventilators, protective equipment, innovative
products, and services that can assist in dealing with Covid-19.
Technology Development Board (TBD) & Department of
Science & Technology (DST) inviting Innovative solutions for COVID-19
The DST & TBD also invited proposals on COVID-19 &
related respiratory viral infections
The solutions can be in the areas of low-cost innovative
masks which can capture virus from the air and absorb respiratory droplets. The
innovators can also come up with cost-effective thermal scanning devices,
medical equipments like ventilators and protective gears for healthcare
professionals.
Other areas of innovation include large area sanitization and sterilization, Bioinformatics and Surveillance, Rapid and Accurate Diagnosis kit (paper-based and other points of care devices) or any other related technology.
Proposals submitted online via TDB website www.tdb.gov.in on or before 27th March 2020.
Conclusion
During any viral pandemic, the protection of the general
population is the priority of any government.
The system needs suitable devices
for screening and detection, efficient clinical masks and sanitisers, home
based ventilator systems to complement healthcare facilities.
Many other
products and technologies are also required at the same time to monitor and
control the spread of diseases.
The need of the hour is to have enough medical equipment like ventilators and protective gears for healthcare professionals. Therefore the government is looking for innovators to come up with innovative solutions that are cost-effective as well as of high quality.
Many nations have appreciated the swiftness that India showed in dealing with the Coronavirus. However, due to some careless citizens of its own country, who didn’t follow the lockdown guidelines, the rates of cases and mortality have exploded multifold.
According to the World Health Organization, the future course of the outbreak depends on India’s ability to contain the virus.
The government of India has set up a COVID-19 committee headed by NITI Aayog to ensure the control of the spread of Corona in India. The aim is to tie-up with healthcare companies that can provide innovative and cost-effective solutions to fight COVID-19.
Therefore, NITI Aayog has invited eight startups to be part of COVID-19 Committee. They would be responsible to produce health equipment and Personnel Protective Equipment (PPEs).
List of Eight Startups Working on Innovative Healthcare Solutions:
AgVa
The government has reached out to the Noida based company to manufacture 5,000 ventilators by April 15 to help hospitals facing a shortage of equipment across India. The regular ventilator used across different hospitals in India costs somewhere between Rs 4-5 lakhs. However, the device manufactured by AgVa is priced between Rs 1.5 lakhs to Rs 2 lakhs. The company has assured the government to provide high-quality ventilators at a very economical price. In addition to the price advantage, the ventilators made by AgVa are portable in size that resembles an electronic tablet as compared to the traditional heavy and bulky ventilators.
Portable Ventilator from AgVa
Founded in – 2017
Founders – Diwakar Vaish and Dr Deepak Agrawal (Co-Inventor)
Biodesign Innovation Labs, based in Bengaluru, is known for its innovative portable ventilator, RespirAID. The device manufactured by the company stabilises the patient during a respiratory arrest by mechanically providing intermittent positive pressure ventilation at specific desired ventilator parameters. The low-cost ventilator, hence, fits the bill.
Founded in – 2017
Founders – Late Adithya Pasupuleti (Co-Founder) and Gautham Pasupuleti (Co-founder)
The Bengaluru-based company works on deep tech and IT-based solutions. It has two significant products into its Krooze ADAS and KOUNT Traffic.
KROOZE Advanced Driver Assistance System (ADAS) provides multiple benefits for fleet operators, owners, drivers and riders from purpose-built hardware or a proprietary App running on an Android platform.
KOUNT Traffic: It is a radically new approach at doing complex analysis such as computer vision without needing to stream video data over 4G or fibre optic networks. This system is to make urban transportation safer and cities less congested and more livable.
Qure.ai is one of the leading healthcare AI startups in India. The company uses artificial intelligence to make healthcare more accessible and affordable.
Solutions for COVID-19 from Qure.ai:
COVID-19 progression monitoring tool – qXR &Pandemic Response Care Platform – qScout are used for tackling Coronavirus cases. These tools have the following advantages;
Source: qure.ai website (qXR)
Monitor progression of infected patients via daily bedside chest x-rays
Automated overread in seconds without burdening the radiology team
Estimates percentage area of the lung and tracks change with each chest X-ray
Collates information from qScout-EMR and qScout-Monitor and Map hotspots for COVID-19
Founded in - 2016
Founders - Prashant Warier (Co-Founder) and Pooja Rao (Co-Founder)
DronaMaps is geographic information systems to improve digital maps.
Currently, DronaMaps is working with the department of IT and communications, Haryana, to help map the infected and quarantined citizens using drone tech and analytics. DronaMaps has developed a live dashboard to track COVID-19 patients and their activities in the quarantine situation.
It will help in finding out positive cases, suspected cases, quarantined individuals, and the ones who are in the hospitals.
Founded in – 2016
Founders – Utkarsh Singh (Co-Founder) and Ayushi Mishra (Co-Founder)
Mfine is an innovative AI-powered healthcare platform that connects you to hundreds of top-notch doctors online. The platform offers instant access to high-quality and reliable healthcare, especially for non-emergency conditions.
The doctors associated with the platform come from various fields and specializations. The average experience of the doctors listed on Mfine is more than 10 years.
Mfine has also tie-ups with the top hospitals to provide accessible and reliable medical care to its users.
MicroGO is a R&D based manufacturing company that focuses on problems around 'Safe & Save' in water, food & hygiene.
One of the hygiene solutions from MicroGo is GOassure – an IoT-enabled device that assures hand hygiene compliance while saving water. Hand hygiene regime is a Six Steps process for a total of 25 seconds, to thoroughly cleanse and disinfect hands.
Staqu already offers AI-powered solutions to eight states and UT police forces, including Punjab, Haryana, Rajasthan, Uttar Pradesh, Bihar, Uttarakhand and Telangana to usher the state in AI-powered smart policing.
The company has now launched JARVIS, a new Thermal Camera under its video analytics platform. The camera will detect individuals with a body temperature of more than 37 degrees Celsius and alert the system. The inbuilt latest technology of JARVIS can examine the heat signatures directly through the cameras, enabling authorities to identify and further inspect suspected Virus Carriers.
Oyo Rooms, also known as Oyo Homes & Hotels, has announced that the company is putting its staff across the globe, excluding India, on furloughs.
Placing thousands of its employees globally on indefinite furlough means the employees will be on leave without pay until further notice.
Hundreds of companies are now taking stringent measures to survive through the coronavirus pandemic.
Oyo Homes & Hotels, said in a statement that, as of now, India is not included in furloughing.
Ritesh Agarwal, who founded Oyo in 2013, shared a video on social media platforms and told the employees that tough decisions are necessary for the health of the business. He, in his address, assured Oyo staff that there would be no job cuts anywhere in the globe “despite significant economic pressures.”
Amid Covid-19 crisis, Oyo has taken a severe hit and business is down by over 70%. Ritesh himself has taken a 100% pay cut amid this crisis.
Ritesh Agarwal also said the HR teams of their respective countries would give them details of these leaves.
Oyo is one of the largest and fastest-growing hospitality chain of leased and franchised hotels, homes, and living spaces. Oyo
Oyo Founding Year – 2013
Bigbasket to hire 10,000, Grofers adding 5000 employees
In this lockdown period, the online grocery and e-commerce companies like Bigbasket and Grofers are experiencing a surge in demand.
There is a massive spike in orders, and the companies are finding it challenging to meet the requirement of the consumers. The lockdown has forced the people to stay at home and work from home. Since most of the markets are inaccessible, people are placing online orders for the essential items.
Therefore, Bigbasket is looking at hiring 10,000 employees, mostly for its warehouses and for delivering the orders.
"We are looking to hire 10,000 people for our warehouses and last-mile delivery. This hiring will happen across all 26 cities that we are present in," BigBasket Vice President-Human Resources Tanuja Tewari
Bigbasket
Founders - Hari Menon, VS Sudhakar, Abhinay Choudhari, Vipul Parekh, VS Ramesh
Similarly, another online grocery platform Grofers is also looking to hire 5,000 employees to improve its capacity to meet the high surge in online orders in this Covid-19 crisis.
Co-founder and CEO Albinder Dhindsa said, "Every day our app is seeing over 1.5 million people trying to order. Given the constraints on how many people we can cater to, we are only able to serve 1 out of 8 customers today.”
Due to the considerable demand, most of the E-commerce companies have struggled to meet the requirements of the consumers.
In addition to the grocery platforms other online platforms, like Zomato and Swiggy have also started delivering groceries. They are also planning to hire people to fulfill deliveries of essential items.
Further, online medicine apps like Medlife, Pharmeasy, 1 Mg are also gearing up to hire more employees.
The Covid-19 pandemic is impacting a lot of businesses, and the liquidity in the bond and stock markets have dried up. In a latest move, Franklin Templeton Mutual Fund, one of the top fund houses in India, has closed down six of its open-ended debt funds, w.e.f April 23.
The Six Fixed Income Mutual Fund schemes are:
1. Franklin India Low Duration Fund (FILDF)
2. Franklin India Dynamic Accrual Fund
3. Franklin India Credit Risk Fund,
4. Franklin India Short Term Income Plan
5. Franklin India Ultra Short Bond Fund
6. Franklin India Income Opportunities Fund (FIIOF)
Although Franklin Templeton has announced that it will
sell the underlying securities of all these funds and pay off their investors,
a lot of retail investors are still worried.
The existing investors are concerned and curious to know when they will get their money back. The investors of other mutual fund schemes are also confused about whether to exit or stay put.
“The extension of the lockdown has heightened redemption volumes and reduced inflows to unsustainable levels. The schemes even resorted to borrowings within permissible limits, in line with market practice to fund redemptions. But given the situation, we felt that it would not be prudent to leverage the schemes further,” says Sanjay Sapre, president of Franklin Templeton (India).
The equity markets across the globe have crashed due to
the COVID-19 pandemic and lockdown. The India stock and bond markets have met
the same fate and have collapsed drastically. Foreign investors are selling
their equities and debt securities in Indian markets. Besides, the economic
slowdown has impacted many big and small firms across the globe, including
India. It has shattered the confidence of investors who are staying away from
both equity as well as debt markets.
The Franklin Templeton funds are also receiving
substantial redemption requests due to uncertainty in the markets. In such a
scenario, Fund Houses either need to use their cash reserves to meet the
redemptions, or they have to sell their underlying scrips. Under such
circumstances, Templeton felt that it would not be prudent to leverage the
schemes further, and they decided to discontinue with six funds.
Impact of winding down of the six Franklin fund on the investors?
The President of Franklin Templeton has assured the investors that their investment is safe and would be paid off in a staggered manner. Since the company was unable to meet the redemption pressure, and it did not want to sell off the investments at the current low prices. And so the management took this decision to wind up the funds.
Investors will have to wait almost as long as the
duration of the underlying scheme as they would not be able to withdraw their
money immediately or on their own.
For instance, Macaulay duration of Franklin India Income
Opportunities Fund as on March-end was 3.22 years. It means that the investors
of this fund need to wait for this much of period to get their invested money
back.
“Since investors in some of these funds had invested for the long term, it shouldn’t matter if they have to wait to get their entire proceeds back because it will take some time to liquidate all the underlying holdings,” Sapre said.
Generally, the shorter the duration of the portfolio, the faster the scheme is likely to be wound up, and the investors can expect payment accordingly.
India has been under lockdown since March 25, and it will now continue till May 3. The number of Coronavirus cases in India crossed 32,000 on April 30, 2020 and more than 1000 people have died until now.
Every business big or small has been hit by COVID- 19 and the stock markets across the globe have crashed. Major world economies including India are bearing the brunt of lockdown. The GDP growth is declining and the economists are even predicting that the world may go into recession.
Further, the economists are still trying to analyze the exact impact of Covid-19 on the world economy. However, they are sure that the pandemic is going to give a hard hit to the economy. Moreover, it is also uncertain how long it will take to revive the economy as the condition is still volatile and the world hasn’t recovered from Corona yet.
Even if the virus slows down the businesses are going to struggle for well over a year because they will have to make up for their losses. The companies and the marketers are trying their best to adapt to the situation. During the challenging times, they need to make sure that brands remain in a positive light. The approach towards advertising need to be changed to ensure long term consumer trust and loyalty.
How to use the 4Ps of Marketing amid Covid-19
The COVID-19 outbreak has affected the businesses and made a big dent in the revenues. That doesn’t mean a marketer lose all the hopes and stop the marketing activities. Marketing managers need to remain motivated during this time and keep on promoting the brands. This is a time when marketers can come up with innovative campaigns so that their brand is registered in the minds of the people.
Product
Customizing products according to the market needs is very difficult in the challenging times. Amid Covid-19 the marketers can think of making some changes that are acceptable and can be implemented to best serve the customers and communities without having a negative impact in the future.
There was a huge impact on the businesses of Swiggy, Zomato, Flipkart, Bigbasket, Amazon and many other online companies due to lockdown. Amid lockdown, only the essential items were allowed to be delivered at home. These players immediately shifted the gear and took permission to deliver the essential items like vegetables and groceries. They are effectively making use of their delivery infrastructure and witnessing a surge in the revenue even at the time when other companies are struggling.
The companies are also helping the government in reducing
the supply chain burden.
Place
The Corona Virus has also drastically changed the way
buyers are approaching the businesses. There are no physical meetings or
contact between the two.
Marketers are designing ways to interact with customers
keeping in mind the safety and social distancing aspect, and deliver what
customers want and need
The companies should start using AI-enabled chatbots options and to solve queries customer queries. Furthermore, giving a virtual demonstration of your products instead of sending a representative at home is a better idea amid Covid-19.
The training providers and educational institutes can use
the online platforms for their trainings and courses.
Country Delight- a Gurgaon based Dairy Startup, is sending the flowing message daily to its customers- “Dear Customer, Please help us keep you safe with 100% contact-less delivery. Your delivery partner has sanitized their hands and has a normal temperature of 97.3 at 4:00 am today, Thanks.”- Team Country Delight
Price
Pic Credit: Allie on Unsplash The people are already living in fear and are very
cautious while spending or purchasing anything during the pandemic. Increasing
your product price to take advantage of the situation is not going to help your
brand. Similarly offering a lot of discounts is also not good for the health of
your company. The price adjustment if needed can only be done in conjunction with
other departments like operations and finance. You may feel the need of giving
some discounts to your clients.
Some companies have waived off the shipping or delivery charges. Companies like Byju’s and Vedantu’s are giving free subscriptions till lockdown. Similarly, some matrimony apps are also offering free subscriptions during this period.
Promotion
Promotion is all about the act of communicating the
values and benefits of your products to your customers. Managers use various
methods of promotion to make their brand visible in the market. Promotion in a
normal scenario includes direct marketing, sales promotion, advertising, and
personal selling to persuade customers to your business.
Due to lockdown, there is an over 80% increase in social media usage and internet browsing. The TV viewership has also seen a similar surge. The advertising cost is also all-time low these days. Marketing managers need to identify the medium that will best suit their products. They need to take advantage of those mediums to engage their audiences.
Organizations need to assess not only the tactics or
mediums they use to engage their audiences and deploy their marketing strategy
but also the context of the messages they're transmitting via those channels.
The promotional campaigns also need to be carefully designed keeping in mind what
your consumers want to hear from you in those messages.
Many travel companies are requesting their consumers to
simply postpone and not cancel their vacation giving a message that they are
badly hit by Corona.
Some health drink companies, Multivitamin manufactures
are focusing on more immunity development amid Covid-19 as a person with strong
immunity has more chances to fight corona.
Conclusion
There is a need to reassess and readjust the four P’s of Marketing during the Corona crisis. Certainly, the companies are facing the heat due to lockdown. The marketing managers have a big responsibility to respond to these business challenges and pain points. They need to understand and adjust to the needs to find creative solutions to tackle the situation.
These 4 Ps of Marketing are very helpful when it comes to running a business. Under this unprecedented situation, the marketing managers need to rise above the storm to avoid the pitfalls. Hence the circumstances, if not handled properly can make these 4Ps Painful, Panicky, Puzzled, and Pathetic
Since everybody is working remotely, marketing budgets need to be planned accordingly by the managers.
The Startup India Association or (SIA) has requested the government to exempt startups from the foreign direct investment curbs placed on investors from neighbouring nations. SIA is an advocacy group representing the Indian startup community ecosystem. China is one of the neighbouring nations which has been investing in the Indian for many years now.
This comes after India tweaked its FDI policy after China’s central bank raised an equity stake in HDFC above 1 per cent. The change in policy is aimed at curbing opportunistic takeovers of Indian firms amid the COVID-19 crisis.
Therefore, India made some changes to keep an eye on investments from neighbouring countries including China. According to the new policy, any investment from neighbouring countries, including China, will now need prior government approval.
China's VC Investments in Indian Startups
The already struggling Indian Startups amid Covid-19 are worried about the outcome after this change in the policy. SIA, in a letter to commerce minister Piyush Goyal, said that foreign investors have put in around $82.1 billion into the Indian startup ecosystem in the last five years. Chinese investors alone have contributed to the tune of over $8 billion.
The concern of the SIA is genuine as the Chinese venture funds are one of the biggest backers of Indian technology startups. It may be noted that the Chinese Ventures like Alibaba, Tencent, Fosun RZ Capital, Shunwei Capital, and many others have backed the Indian companies. Some of them include the successful startups like Paytm, Zomato, Ola, Byju’s, OYO, Delhivery, Swiggy, Rivigo, Ixigio. There are other emerging startups such as Rapido, ShareChat, Trell, LetsTransport and more funded by Chinese VC.
Besides urging the government to ease the FDI norms, the SIA also requested the Minister and DPIIT for a bailout package. The association urged them to set-up a Rs 25,000 crore Startup India Fund. It will help the “running out of cash” startups as the VC funding have also dried up during Corona pandemic.
Furthermore, SIA also warned the government that without any support, startups may wind up and may also cut employee numbers. As a result thousands of people may lose jobs in India.
