Coronavirus pandemic has provided new opportunities in various sectors, says analyst
The world is gripped by a massive natural crisis whose gravity it is finding onerous to tackle. However, the coronavirus pandemic has also thrown up opportunities in various sectors, which if worked on prudently, could prove to be beneficial both in short and long term.
These views were shared at a webinar titled ‘Covid-19: A look at the brighter side of the global threat’, which was organized by IPS on April 27, 2020 as part of its webinar series ‘Covid-19: Global Challenges, National Response’. The session was addressed as main speaker by Mirza Hamid Hasan, former federal secretary, Water and Power and chaired by Executive President IPS Khalid Rahman, whereas Senior IPS research associate Ambassador (r) Tajammul Altaf also participated in the proceedings.
Hasan was of the view that Covid-19 has generated some employment opportunities in the industry for manufacturing Coronavirus-related products such as personal protective equipment, face masks and hand sanitizers. This also includes medical devices such as ventilators, which though are still in the prototype stages. The government has also given incentives to the construction industry that will help provide employment both in upstream and downstream areas.
The speaker also highlighted the benefits resulting from the substantial reduction in demand for energy in almost all major consumer sectors due to lockdown along with the falling energy prices in the world market. This can be gauged from the fact that petroleum imports fell by more than 37 per cent from Rs170 billion in February to Rs106 billion in March.
“The development has resulted in reducing the country’s import bill and the corresponding pressure on foreign exchange reserves. The saved funds could be diverted to measures for controlling the pandemic” he added.
Hasan opined that Covid-19 has shown that shipping and logistics problems pose a considerable risk to the supply lines of energy. This should act as a motivating factor to develop new sources of oil and gas and renewable energy. There could be long-term benefits if the government starts to formulate policies for energy efficient industries.
Another benefit, he pointed, was that the prolonged lockdown and closure of industry and transport have brought down emissions of greenhouse gases worldwide and resulted in visible improvements in environment and possibly global temperatures. This improvement will directly reduce expenditure on mitigation and adaptation measures along with funding required to reduce the intensity of environmental degradation.
Hasan pointed that due to the lockdown, the private institutions have moved their teaching services online while the government too has started a television channel for teaching activities of public institutions. He said this change will be long-term and perhaps permanent for a number of reasons including cost reduction, time saving, flexibility, and convenience for both teachers and students. It will also make quality education affordable for many students as the large institutions will be able to reduce huge overheads.
The speaker further viewed that online classes will also allow greater parental control and supervision, resulting in better grooming and character-building of students.
Regarding matters pertaining to health, Hasan said most diseases such as hypertension, heart disease, diabetes and various psychological problems are largely a result of stress caused by the rat race, unhealthy lifestyles and overwork. Covid-19 will likely bring about a major change in work systems by promoting working from home and flexible timings. This will also provide more time for family and friends and leisure activities. He said this will improve the health of both employees and employers and also help to further promote telemedicine.
Besides, he continued, getting together with families during the long lockdown periods will lead to a re-bonding of families and will restore social etiquette and curtsies.
Hamid was of the opinion that a large part of humanity has drifted away from spirituality and religion, which has created a myriad of problems in society. “Large-scale spiritual revival has been witnessed on social media as well as places of worship due to Covid-19,” he deduced.
Rahman said some positive changes in society have taken place due to the pandemic as well as by the lockdown measures taken by the government. But the patterns that have changed in a positive way – such as in lifestyle and consumption – are of a transitory nature and efforts should be made to make them long-lasting. “This would require proper planning. The government should not only engage in crisis management during the pandemic but should also identify areas that are in genuine need of change,” he added.
Speaking about education, Rahman said that both education and training are closely related, whereas the growing trend of online education will enable children to train at home while acquiring formal education. He said International educational institutions and universities have already started inviting and associating with themselves the students from other countries, which does run the risk of their increased influence over our children. At the same time however, this situation also presents us with an opportunity to extend our viewpoint over matters like education, difference of civilizations, and faith, before the world the same way in an articulated and cogent manner.
