Due to the unprecedented situation of the pandemic, the year 2021 has seen a lot of individuals and especially the informal sector struggle and fight for their existence. On the other hand, the same year has seen a demand in the recruitment of tech talent and a huge rise of startup unicorns as well. There has been a drastic increase in IPOs and much more. This era has seen struggle in the informal sector and the rise of startup unicorns both at the same time.
It has been almost two years now that India has been facing a Coronavirus pandemic. After the devastating first and second wave, the footsteps of the third wave can also be sensed but the hope has not died yet and there has been a lot of positivity in the market in spite of multiple ups and downs all have faced in these last two years. Thanks to the largest vaccination drive, India has again fought back against the COVID-19 and as we look back to 2021 there are a lot of positive aspects we can take back home.
One of the biggest Blessing in disguise is that there has been a lot of innovation which can be seen in every section of business, whether small or large scale. This innovation can be seen across the sectors which have injected new confidence in every business and the use of technology and digitization is the latest buzzword in every sector. Everyone is looking forward in one direction and is bringing forward the future of work.
Startups have really done well in the year 2021 and more than 45 startups have entered the Unicorn club and also went public by launching their IPOs. From small to big size companies, as big as an amount of more than one lakh crore has been raised by Indian startups till year-end of 2021. The year 2021 has been a year of mixed emotions and experiences. As we all know there have been good, bad, and ugly all sorts of pictures seen across the sectors.
With the growing pandemic, it was quickly realized that the need for digitization and remote working habit will increase and so it will open a job market that will lead to borderless hiring across the world. Industry soon came to know that rather than financial capital, human capital is going to be more important in this era and it will affect the success of the business rather than anything else.
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2020 and 2021 have been the years of transition as far as education is concerned. There was a big threat that education of children may come to a standstill altogether but something happened totally in contrast of this and whole education system transformed into the online-education system. Since a big percentage of Indians are not tech-savvy and were not familiar with the technology, it was not going to be easy to transform mainstream education completely to the online format. But as time passed by, online education with computers and mobile became a household thing and now everyone is comfortable with this mode of education.
On the other hand, the informal sector has faced a lot of problems and has paid a heavy price due to the nationwide lockdown of 2020. Thousands of migrant laborers had to travel back home on foot without money and food. When these migrants reached back home, they were forced to test viruses as they were considered to be suspects for others as they had traveled and got in touch with many. These people who were already struggling for basic needs like food, if found positive were required to be sent to isolation for two weeks. This further added to their sufferings.
Talking about India’s MSME sector which is second biggest to China and due to its huge size, the challenges are multifaceted. The MSME sector has taken many steps lately to go digital as far as internal working and also the external environment is concerned. But there have been many challenges related to resources finance, etc. so to date it has not completely transformed and the process is still in the transforming stage.
Overall 2020-2021 has been an era of mixed experiences, a lot of ups and downs and taught a lesson to all the sectors and recharged the whole ecosystem, and shown a new way.