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Over 70% small, medium businesses in India bat for digital shift to weather COVID-19 impact

Small and medium businesses, in India and across the world, have taken a severe hit due to the coronavirus pandemic-led economic disruption, with many even facing shutdown due to the drastic drop in their revenues amid the lockdowns

September 09, 2020 / 09:29 PM IST
Nearly 75 percent of the respondents in the survey recognised the significance of a switch to digital in order to revive business.

Nearly 75 percent of the respondents in the survey recognised the significance of a switch to digital in order to revive business.

Several small and medium businesses (SMBs) in Asia, especially their Indian counterparts, are batting for adoption of digital tools to weather the COVID-19 impact, a recent report has revealed.

Nearly 75 percent of the respondents in the survey recognised the significance of a switch to digital in order to revive business.

The HP Asia SMB Report 2020 highlights that about 73 percent of such businesses in India are confident of recovery in the post-pandemic scenario.

Over 60 percent of the respondents from India also see this period as a good opportunity to revisit and reformulate their business strategy.

SMBs, in India and across the world, have taken a severe hit due to the coronavirus pandemic-led economic disruption, with many even facing shutdown due to the drastic drop in their revenues amid the lockdowns.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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"SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment. But the agility and flexibility in their operations, coupled with the adaptability to changing business environment and customer needs means they can bounce back far more quickly. However, it is critical to discover their challenges and address their pain points, which was the primary motivation for HP to commission this study," said Ketan Patel, managing director, HP India Market.

The report also notes certain key challenges faced by these businesses across the continent on their road to recovery, global instability being a major one. However, its impact was felt to be less pronounced among Indian SMBs. Other challenges included adequate cash flow, access to finance and leveraging digital.

About 1,600 SMBs were surveyed between May 26 and June 7, 2020. This comprised of 200 interviews in each of the markets: Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.
Moneycontrol News
first published: Sep 9, 2020 09:29 pm

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