Looking at how year ahead would be for 13 segments of economy – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/2021-looking-at-how-year-ahead-would-be-for-13-segments-of-economy/articleshow/79969414.cms

Synopsis–Technology will play a pivotal role in sports businesses, too, allowing organisers to look at new ways to generate audience and revenue.

Year 2021 offers a glimmer of hope as it heralds positivity and a chance to return to normalcy. A large part of the glow, especially on the economic front, will emit from the low base effect of 2020. The lockdown forced upon us by the pandemic caused massive job losses, unparalleled economic shrinkage and overall despondency — a feeling that characterised the year we have endured. If the government carries on with its reformist agenda and loosens its purse strings, a fresh bout of demand will kick in.

That will whir factories forward, generate new jobs and set off a cycle of economic activity. We may also see novel ways in employment. For example, digital skills could be in high demand as everyone turns to tech. Also, with the virus unlikely to disappear soon, virtual consultations with doctors would become common. So will newer trends in wellness and immunity boosting. In tech services, India is likely to attract more business from across the world in cloud and cybersecurity services. Streaming services will boom, even as the movie industry tries to woo audiences back to cinemas.

Technology will play a pivotal role in sports businesses, too, allowing organisers to look at new ways to generate audience and revenue. In the political theatre, 2021 will be a highvoltage year as the BJP has three assembly elections on its radar, starting with Bengal. The race for survival, however, will leave some behind. Transport and tourism, for example, are bound to be hammered throughout the year, though a smooth rollout of a vaccine will trigger a sense of optimism in the domestic segment.

The aviation sector will continue to suffer, leading to more losses and debts. Two issues are likely to loom large over the year — first, the Himalayan ranges may see an eruption of hostilities with China if the situation spins out of control and, two, a virus may be still lurking even if vaccination starts. As the new year starts after a sharp bend in the road, the dusty path is hopefully behind us.

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