Like its Western and European counterparts, India too is reeling under high inflation. Local media reports suggest that India's inflation breached the Reserve Bank of India's expectations for the first time in three months. There is no doubt that the current inflation figures are troubling. And on top of all that, even economists believe that the trend may continue for some time.
The reasons underlying the inflationary pressures are diverse and well-entrenched. The breakdown in the supply chain, an outcome of the pandemic, compounded with labour shortages, global energy shortages, along with the Ukraine crisis and wage inflation, has brewed a perfect storm of rising prices. If the current scenario continues, it will become difficult for India to realize its Atamanirbhar Bharat, or Self Reliance India, dream.
However, as bleak as the situation may look, we cannot ignore the push the pandemic has given on the technological front in all industries and sectors. Today, whether it is manufacturing, logistics, or even the pharmaceutical industry, every business and industry, despite their size, is moving towards digitalization and automation. This shift in behaviour has motivated the startup segment to further experiment and innovate, creating modern technologies and solutions that bridge the gap in the market. I believe that automation has the potential to provide a historical opportunity for businesses to reduce pressure and retain margins without drastically affecting the labour market. Robots, Cobots, and autonomous systems can address the issue of different waves of the pandemic, address the process inefficiencies in almost every industry, and soften the skilled workforce crunch.