Finding Balance in Imbalance

India, a country with billion dreams and a 2.8 trillion-dollar economy! In the midst of making those dreams true, the diverse country was termed as the fastest growing economy in the world, and thus, it was earmarked as the one to touch the 5 trillion-dollar mark till 2024 by its masters. But who knew, a country’s dream which thrived to build under the imbalance of economics will come shattering down with an unprecedented wave of adversity trenching towards it.

Taking a moment to gaze at the imbalance, as per the three-sector model in economics, it divides economies into three sectors of activity: Agriculture (primary), Manufacturing (secondary), and Service industries which exist to facilitate the transport, distribution, and sale of goods produced in the secondary sector (tertiary).

According to the three-sector model, the main focus of an economy’s activity shifts from the primary, through the secondary, and finally to the tertiary sector. But when we take a wider look from our country’s perspective, the majority of the population (approximately 60%) is involved in the primary sector i.e., agriculture and it’s still the lowest contributing sector (18%) in the GDP. While on the other hand, the tertiary sector is booming, from information technology to pharmaceutical production, we stand top-notch in terms of service-based industry globally (55% contribution to GDP).

Sandwiched between the hustles of the primary and the bustles of the tertiary, what often gets neglected is the most significant manufacturing (secondary) sector in the country. Think of it this way, how productive can a country be if they have a credible and efficient manufacturing segment?

• The employment rise gains
• Most efficient usage of natural resources
• Lower dependency on global imports
• Price stability in terms of the value of basic goods
• A good industrial environment provides an upper hand in international business and standing
• Some industries, such as the capital goods industry, is essential for other industries or sectors to stand and flourish on

Here at OfBusiness, we run with a mission of providing vital procurement and financial services to the heart and soul of the manufacturing industry of the country i.e. The SMEs. In the words of our CEO, “we throw them [Interns] at the deep end of the sea with P&L responsibilities. While they are supposed to survive, historically they have swum to glory”. I feel immensely glad to find myself disrupting the upstream supply end of the project which can add prominent value to the supply chain of the Pharmaceutical Industry both in terms of financing and distribution in these tough times, especially when the country is in dire need of indispensable pharma products.

To encapsulate, the world has seen a major disruption with respect to the utilization of its resources in the chronicle of the COVID 19 pandemic. Resilience in the supply chain with the amalgamation of technology in it can play a key role in helping India learn from its downsides. In context to stabilizing the imbalance, we believe that the Manufacturing (secondary) sector is the lifeblood of our country, and at OfBusiness, I intend to empower it with intent, intellect, and improvisation.

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