The first industrial revolution, which commenced in the second half of the 18th century, was driven in large part by technological innovation — the steam engine. It was a prelude to the “machine age” which unfurled the rule of capitalism, driven by Britain, to the whole world. A century later, the second industrial revolution began. The late 19th century marked the beginning of the “electronic age,” during which the old capitalist countries entered a stage of imperialism. The era witnessed later the fall of Britain and the rise of the United States. The third industrial revolution started after World War II and significantly led human society into the “information age” with computing technology, biotechnology, and information technology. The United States has been an almost unchallenged world leader in both technological innovation and political, economic, and military predominance since.
These industrial revolutions profoundly changed the political and economic landscapes of the world several times by significantly altering the productivity and production relations. These industrial revolutions ultimately changed the way we perceive, live, and act.
We see the mark of a fourth industrial revolution — Phase 1, and with the exhilarating innovative combination of virtual technology, quantum technology, and intelligent technology particularly on the basis of high-speed Internet of Things (IoT), the fourth industrial revolution may once again “revolutionize” human’s understanding of the world and itself. This seems to be a reasonably exciting moment for all
COVID will definitely pace up the Fourth Industrial — Phase 2 (*personal view) across the globe. This phase will determine the importance of Kind Nations. By Kind nations, I mean Nations that will prioritize humanity above everything else. It will not only change the “what’’ and ‘How’ of doing things but also “who” we are. COVID will expose us to a few fundamental questions.
Impact of COVID on Various Sectors :
My Personal Take on the Impact of COVID :
Healthcare: Safety and Health will become a priority. Finally, Healthcare will get the utmost attention it always needed. Telemedicine will become the new normal. Tertiary care will remain as it is. Self Medication will go away. Retail Clinics and small hospitals might take a hit as consumers will not prefer visiting the healthcare establishments. Mental health and Preventive healthcare will penetrate. People will start valuing it more.
Education: Higher Education will begin to move online. Hybrid Education in the form of Online and offline will be preferred but slowly things will move online. Students/Parents will start analyzing cost-benefit analysis where online education wins any day. Spends on Education will get exposed.
Ecommerce: Ecommerce platforms for essential goods will surge. Offline retail will take a hit. E-commerce for nonessential will follow a U Curve and come back with time. Consumer buying habits will change.
Real Estate: Real estate will slow down. People will stay away from putting money in real estate in the short term. Remote work/Hybrid work will become the default. This will cause a severe downturn for commercial real estate.
Mobility: The pandemic and shelter-in-place measures have had the very clear effect of shutting down most transportation — flying, using public transit, and commuting to work — temporarily. But it looks like the crisis could have a more unpredictable and longer-lasting impact on some forms of mobility and shared services. People will prefer personal transport more than shared transport.
Sports: Most of the Sports are a high touch model taking into account the spectators. This will slow down in the short term but considering the passion and patriotism, it will recover. Probably a U curve.
Travel: Non-Essential Travel will take a hit which in turn will impact the Travel Industry. Can we travel without traveling? The World will see an interesting virtual travel industry be it through gaming/online experiences.
Offline Entertainment Industry: Offline Entertainment Industry will take a halt. Forget cinema halls for the next 9–12 months. Online Entertainment will surge.
Banking and Loan Services: Loan services will get impacted. We will see lots of defaults. Loan to SMEs which was a big boom pre COVID will see a halt.
Current Scenario: It's like making a choice between lives and livelihood. It’s not easy. Life is like riding a bicycle. You have to balance. There is no choice. Similar is the situation for the governing bodies across the globe. The best is to balance and keep moving. What COVID has done, it has democratized everyone. It’s going to be step by step. No one knows the solution. The solution is a Trial and Error. This is the game of our life. Let’s win it. A new era is dawning, presaged by dark clouds. It’s time to give back to society.
Last but not least, Salute to the frontline warriors. Your warrior spirit will never be forgotten.
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Vikas
