A forgettable year that 2020 was has finally ended. India and the world are tiptoeing into the new year with caution and optimism. Last year was a complete washout, and normal life was totally disrupted by COVID-19. There is some hope around the globe, with COVID-19 vaccine already being administered in some parts of the world and India expected to begin vaccination early this year. Yet vaccination in India – given its huge population – would occupy most part of the year, and it is likely to take a while before life returns to normal.

After a likely contraction of around 8 per cent in FY21, the Indian economy may gradually begin looking up in the latter part of 2021. But the faster pace of recovery will certainly depend on the government’s stimulus package. The government can spread the new year cheer with a Budget that will push up demand, create jobs, spur investments and recharge economic growth.

The viral pandemic has brought in a new normal. Workplaces can hence never be what they used to be in 2021. The concept of work from home (WFH) has liberated some sections of employees engaged in some kinds of jobs from traditional concepts of associating with working from office. The elimination of commuting has added hours to the day and enhanced productivity. No wonder, many IT, software and other sectors – and even the government – are thinking of making WFH an inseparable part of modern employment. A hybrid of traditional office work and WFH or working from a remote place is set to gain roots this year and likely to become popular, going forward.

The epidemic of 2020 expedited the change in the way people interacted, shopped, transacted and got entertained. Inter-personal interaction was largely replaced by telephonic and online interaction. At the height of the pandemic and during stiff lockdowns, people ordered food and beverage home and shopped online. Almost all transactions –including banking and sending and receiving money – were conducted online. Online streaming sites were already gaining currency before COVID-19 struck India. The virus only further got people glued to the likes of Netflix and other over-the-top (OTT) platforms, with cinema halls shut down for over six months.

Starting this year, these trends that gained ground during the pandemic are set to change so many vital sectors, such as hospitality, media and entertainment, retail and e-commerce and telecom, among others. Incidentally, there could be a greater blurring of lines between unorganised (small stores), organised (supermarkets and malls) and e-commerce and e-tail segments, as each segment intertwines with the other. The retail space would also witness a fierce battle for the market share between Mukesh Ambani-led Reliance Retail and Jeff Bezos-led Amazon.

The telecom sector would shrink further and see a tri-cornered fight between Reliance Jio, Airtel and Vodafone Idea. Besides, 5G could become the new battleground for the telecom tycoons. Banking would see more consolidation in the new year, with more public sector bank mergers. Moreover, more new-age banks may see the light of day. Non performing assets (NPAs) may deteriorate, in the meanwhile, and pain in the non-banking financial companies (NBFCs) may turn acute.

In short, life will not be the same in 2021 and the coming years. Coronavirus has changed many things – some for the better and some for worse. For one, the virus has shone the spotlight on the lives of the weak and the vulnerable and got society to care for them. It has also stopped humanity’s mad pace of development and got it to rethink about life. So, will the post-Corona world reset and renew itself?