New World Order Post COVID-19

Everything we do is going for a transformation that was never envisaged before

- Anagh Pal

Let us accept it. The COVID-19 pandemic is one of the most significant events of this century, with far-reaching consequences. It is being compared to the two world wars and to the great depression, but the last time the entire world went through something like this was 100 years ago during the Spanish Flu pandemic.

Nobody is sure how the coronavirus pandemic will end, whether it will go away, whether a vaccine is discovered or whether we have to learn to live with this for the next few months or more.

Says Sailesh Shah, Co-founder, Strta Consulting, “Like every part of the world, India is sitting on a fence that has COVID-19 on one side and economic activity stagnating on the other. That fine balance is critical as WHO is now stating that we may not be able to eradicate the virus any time soon.”

One thing is for sure. Our lives will change. And a lot of that change will be in our financial lives. “The COVID-19 pandemic is likely to leave a permanent imprint on consumers, countries and economies. There will be a ‘new normal’ for every aspect of our lives - be it business, personal or social,” says Prateek Mehta, Co-founder, Scripbox.

With social distancing norms in place, technology will play a bigger role in our financial lives. That is not to say that it was not already, but it will become a more intrinsic part of our financial lives and businesses that do not adopt will perish.