New Normal Manufacturing Industry Post-Pandemic 2020

Manufacturing industry plays a paramount role in the world economy, accounting for almost 16% of the global GDP in 2018. Manufacturing has been identified as the key driver of dynamic growth and development of the country. The COVID-19 pandemic has caused immense devastation around the world. Due to the downturn in the manufacturing industry along with the factory blackout, the Coronavirus epidemic reduced the global FDI by 5 per cent -15 per cent. The aim of this chapter is to highlight the need to understate the vital role of manufacturing industry in the Indian context. It will further discuss and elaborate on the impact of the 2020 pandemic on the manufacturing industry and would suggest a framework to manufacturing industry how it can come back in a new normal position post-COVID-19 scenario. Manufacturers who acknowledge this new standard discussed in the present chapter and will operate on it will have enough growth opportunities and can have long-term sustainable success.