Industry Odisha Bureau, Jul 30: Even though the unprecedented COVID-19 catastrophe, despite having played havoc on precious human lives worldwide owing to its pandemic proportion as well as having caused normal life go kaput and get paralysed, it is also deemed to be a blessing in disguise as the enterprising Indian brains got bestowed with the golden opportunity for fishing in troubled waters by adopting and harnessing the digital platforms to foray into new business ventures.
Media reports, quoting analysts, have stated that, “While the post-pandemic period posted a surge in digital adoption as well as drove a record surge in new business incorporations across India, the unprecedented disruptions due to lockdown, social-distancing and mask mandates turned the problematic period into a catalyst for explosive business creations. The prime mover behind this post-pandemic boom and paradigm shift is the widespread use of digital payments and online platforms that made the entrepreneurs easier to reach customers, reduce costs, and expand quickly.”
Media reports, quoting analysts, have also elucidated that, “Adoption of the digital platforms like the Unified Payments Interface (UPI) at an unprecedented pace during the post-pandemic era paved the path for the entrepreneurs to access customers and vice versa more efficiently than before. Such an opportunity reduced transaction costs, expanded market reach and enabled businesses to scale much faster than they could have done in the pre-pandemic period.”
Analysts have also reportedly opined that, “Low capital requirements combined with digital reach gave asset-light service ventures a major boost.”
Media reports, citing data of the Indian Ministry of Corporate Affairs (MCA), stated that, “The total number of companies registered over the past ten years jumped from 97,851 in the fiscal year 2016-17 (FY17) to 2,47,755 in the fiscal year 2025-26 (FY26), while the momentum of entrepreneurial skills and new business ventures were, especially, witnessed in the services sector.”
