We need to look at capitalizing on manufacturing products that are labour intensive

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The Economic Times India Leadership Council – Empowering Leadership For Change

Dated:- 21st June 2021

(By Saif F. Qureishi CEO & MD, KRYFS)

“There is obviously a high risk to inflation looking at the huge monetization that countries across the world have undertaken as a response to COVID-19. Currently, however, the spike in prices is due to supply chain disruption due to COVID-19, I believe we are yet to see the demand-led inflation due to the huge amount of money injected into the world economy. Inequality has increased due to COVID-19 and the governments especially in developing economies will have to aggressively intervene to bridge this gap and restore the balance. Along with the inequality, there is a huge shift to protecting and creating barriers to global trade, the world over, which is very worrisome because globalization was a slow long route that the world agreed on travel and it took decades to make headway. It has taken just a few years to reverse all the progress and benefits that the world enjoyed due to opening and globalization. Manufacturing will become leaner and more automated. Manual and repetitive jobs will most likely be taken over by robots leading to higher standardization, productivity, and quality. Therefore, for countries like ours, we need to look at capitalizing on manufacturing products that are labor-intensive and can’t be done by robots or be easily automated. Simultaneously, we obviously must enhance the skill level of our labor force which would require a huge amount of investment in skill development which I believe the current government is doing. It’s a step in the right direction”

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