14 October 2022, Mumbai:
When the lull called the COVID-19 pandemic struck some good two years ago something unexpected happened schools, offices everything entered our homes. The global Covid-19 pandemic had changed the way that various textile industries traditionally operated by restricting social gatherings, forcing laborers to migrate, and impacting all stakeholders, from farmers to traders and exporters in the textile value chain.
We have continued our professional exchanges and engagements remotely thanks to technology and the internet, which have been essential resources. As a result of the requirement to be physically apart, various collaboration technologies have been developed to handle all demands. It was amazing how we could change to new work models—previously unthinkable models—overnight.
Old vs New Economy
At the same time, it has opened up previously underutilized opportunities. To determine the problem brought on by the Covid-19 pandemic, the government undertook research titled "Impact of Covid-19 pandemic on Indian Silk Industry." At every point along the value chain, output declined, and money was lost, as has been seen. The industry has experienced several issues, including loss of production, a drop in cocoon and raw silk prices, transportation issues, a lack of skilled workers, difficulties selling raw silk and silk products, issues with working capital and cash flow, a lack of raw materials, a decline in the demand for silk fabric, cancellation of export/import orders, and import and export restrictions.
The government hasn't produced an official estimate of the losses experienced by the textile sector because it's a very disorganized industry. According to the Microsoft Work Lab's 2021 Work Trend Index, compiled from interviews with 30,000 individuals across 30 countries, over 46% of respondents planned to relocate to a more appropriate area to work remotely, while LinkedIn observed a fivefold increase in remote job posts.
Young people today work for digital-first businesses doing remote jobs or gigs supported by apps they can access on their cellphones that use inexpensive data, such as UrbanClap, Ola, Uber, Swiggy, Zomato, and Dunzo. Unbundling of work leads to democratization. It finally results in the creation of jobs and the improvement of all skills.
Businesses also gain since they spend less on administration and compliance. White-collar employment like editing and content creation, software engineering, and even engineering consultancy fall under this category, as well as blue-collar jobs like delivery boys. The gig economy will inevitably expand, given the technological upheaval that Indian businesses are going through.
The Jury Is Out
Being a highly man-power driven industry or working domain, the textile industry is facing a lot of setbacks as hybrid working conditions are not very suitable, unlike other corporate sectors; however, to some extent, maybe work outputs have increased from the advancement point of view as a lot of employees are finding it more comfortable working from home from a much more relaxed environment.
Additionally, the cost has also been reduced keeping in mind the electricity and other amenity costs that were earlier consumed when most of the employees were working in the office. However, the hybrid working mode has its advantages and disadvantages, making it a less favorable option for the industry.
