The Covid19 pandemic has crippled India’s urban economies.
But fortunately for India, the rural economy is stepping up.
Over two thirds of the population and 70 per cent of the workforce of India are in rural areas. The rural economy is now 46 per cent of national income.
And India’s 650,000 villages have money to spend.
How is this happening?
Bharat, or rural India, is thriving – it is a combination of bumper crops, good monsoons and Government handouts.
In India’s auto sector, biggest demand is now rural – for tractors and two wheelers.
Rural unemployment peaked at 26 per cent in May but by June 21 had dropped to 7.3 per cent.
For once in a long time, the Indian rural economy is the good news and could be the big driver post this pandemic.
Author: Stephen Manallack
Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand.
Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication.
Passionate campaigner for closer western relations with India.
Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India.
A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.
View all posts by Stephen Manallack
2 thoughts on “India post-Covid to get major economic boost from the rural economy”
Excellent post Steve. Thanks for sharing.
Hope you, Bev and the family are well.
Talk soon And kind regards,
Sent from my iPhone
All good and hope you and family are well too! Best regards. Steve