Coronavirus will be remembered as a world re-ordering event. It will accelerate and change social and economic changes that otherwise would have taken years to materialize. We surely would beat the virus; our economies would eventually recover from the punishing recession it has brought about. But when the turmoil settles, the pandemic will have lastingly reshaped our social and economic behavior.
There are a number of possible futures, all dependent on how the Government and society respond to Coronavirus and its economic aftermath. Expectantly, we would use this upheaval to rebuild something better and more, humanitarian.
- Use of Digital technologies – Accelerated use of digital technologies will create economic and social order. It has intensified dependency on technologies such as mobile apps, social media, and its changing how we live, work, and communicate. We see the power of data in a pandemic in real-time. Governments from across the world are rolling out AI-driven mobile applications such as cameras, drones, face recognition, thermal imaging, and location trackers. The fair data movement which was already taking shape before the world was hit by COVID would lay down new rules of data usage.
- Transformation of the energy sector– Clean energy can support India’s economy post COVID. It will be a major driver for India’s economic recovery and international competitiveness. Four principles as a framework to support India’s clean energy future.
- Prioritize efficiency and competitiveness
- Least cost energy solutions
- Support resilient and secure energy systems
- Promote social and environmental equity.
Now more than ever, we need a champion to access renewable energy for most vulnerable and remote communities, so no one is left behind. It can power homes, businesses, schools, and hospitals without supplying the health of our people or our planet.
- Reorganization of food supply chains – A change in consumer food consumption behavior significantly. Reorganized way of food production and its trading. In order to boost up their immunity, the consumers are ready to pay that premium for homegrown food, locally produced, safe, and home-cooked food. This would incentivize farmers to produce high quality and healthy food while taking care of the environment. This process would invigorate the domestic supplies and demand, circulating money within the community and boost the local economy mitigating the risks of economic and financial contagion.
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- AI developed drug development– Telemedicine which would become normal. The faster we can create and deploy an effective safe drug to treat and vaccine to prevent COVID -19 viruses and future viruses, the faster it will be contained. Artificial Intelligence is the perfect partner in drug development as it can speed up and balance human endeavors.
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Other predictions include:- More Digital Events and Online Streaming, More Contactless Interactions, More Online Shopping etc.
COVID -19 is still rapidly expanding and none of the predictive models can accurately describe what lies ahead of us. There is a silver lining on the cloud of this pandemic, it has shown us the way about what future we want for ourselves, for our society and entire humankind.
The views and opinions expressed in this blog are those of the authors. It is the reader’s responsibility to verify the information.