Category Industry Analysis

Indian Economic Outlook

The COVID-19 pandemic created structural damage to economy & bankruptcy, unemployment, financial crisis. The GDP is falling down and it depends on the virus spread, the effectiveness of public health response, and the effectiveness of government economic policy. India’s GDP is at its lowest in the past six years. The PMI (Purchasing Manager’s Index) of china loss to 40.3 on February 20, 2020, from 51.1 on January 20, 2020, the below 50 PMI indicates recessionary conditions.

Restaurant businesses are completely closed during the lockdown. Social distancing leads to collapse inactivity. Lockdown affected the consumption of non-essential goods and it leads to a loss in their business. The unruly impact on demand has created substantial cash flow gaps for corporates.

In India, Apparel market which contributes more than 2 % of GDP & more than 45 million direct jobs (as per 2018-2019) is getting affected, manufacturing and exports of yarn, fabric, apparel will get affected from 20-29% & price of imported man-made fiber will be raise by 20-25%. The Indian textile & apparel sector production is expected to reduce by 10-12 %.

The automobile & Auto components sector contributes 7.1% & 2.3 % of GDP respectively which creates employment of approx. 40 million. The manufacturing plants are shut down and it leads to stop the export of raw material. It is directly affecting the import of ready auto-components. While the automobile sector was already struggling in business and due to lockdown in pandemic customers are delaying the vehicle purchases. The companies will be postponed to new launches. The pandemic will affect Aviation and Tourism industry by at least 22 billion USD. The travel sector will reduce by 25 % result which can create unemployment of 50 million.

The real estate is one of the largest employment generation sectors and it contributes to 13% to GDP. More than 1600 big projects have stopped due to a shortage of liquidity. The overall closure in the manufacturing of Cement, steels, building material causing the slowdown in the real estate sector. There are weakened sales in the residential segment and commercial segments like retail and hospitality due to lower footfalls affecting the slowdown in fresh equity investment in the real estate sector. Raw material prices of Petrochemical have fallen down due to lower global demand and additional supply causing price war between Russia and Saudi Arabia. The maximum production of petrochemical in India consumed within the same country so there is no much impact on exports.

The education sector is affected by the closure of classroom lessons. The schools and colleges are trying to conduct online classes but it is working to some extent only due to the availability of the Internet, technology, and delivering skills. The Placement and internships of students are on hold.

Banks' profitability reduced due to fewer transactions in lockdown, reduced loans, and low-interest rates. The customer will move towards strong banks for a more safe deposit impacting small private banks and small finance banks. Meanwhile, the insurance sector witnessed rapid growth. The life insurance grew by 18 % and health insurance by 31 % as compared to Feb 19. The digital health products sales have increased substantially.

As agriculture is announced as an essential category, there is a micro impact on the sector. Harvesting of rabbi-seasonal products is impacted due to the availability of seeds & fertilizers and Agro-chemicals. In the lockdown, online grocery selling businesses are growing. The unavailability of labor & raw materials resulted in factory operations shut down & shipment of products has stopped.

The economy can restart only when people will immune to COVID-19 disease or a strong health system that can detect and respond to cases.

Information and Communication Technology

It is very common for a layman to confuse between the words IT and ICT. IT stands for Information Technology and ICT stands for Information and Communication Technology. It is of no shock that colloquial use of the word IT and with the same full form, ICT is also assumed to be the same as IT. But, here lies the catch, they are not the same.

Information Technology pertains to the hardware, software, and user skills associated with a stand-alone computer or laptop, while Information Communications Technology relates to networked equipment (LAN/WAN) that allows for intra-network and inter-network communication via email and the Internet. In short, IT refers to an entire industry that uses computers, networking, software and other equipment to manage information. ICT is an integration of information technology with communication technology.

Any process involving information exchange over the internet uses ICT. For example voice calls, e-mails, video conferencing, processing business data via applications, etc.  Recently there has been a drastic change in the ways data is gathered, archived, and used in the businesses and government institutions. Gone are the days when the workplace was filled with papers and files. Gone are the days when one had to spend hours evaluating sheets of business data manually and was too prone to errors. That also meant error in one page could create in the succeeding pages too.

Natural Language Processing

The Homosapiens, as they say, is the smartest animal on earth because of their ability to talk and communicate. With more than 6500 languages spoken all over the world, everyone is going crazy over the spoken by the computer software. Shocking, yet true, people are no more interested in talking to people, but robots!

This is where the concept of NLP or Natural Language Processing comes into the picture. Only about 21% of the available is present in the structured form. Data is created when we speak, write, or send messages through emails, WhatsApp, Instagram, etc. The majority of this textual data is in the unstructured form. In order to derive meaning from this data and get actionable insights from this data, one must know Text Mining and Natural Language Processing.

Whether it is interacting with a chatbot or giving instructions to Siri or Cortana or google translation, everything uses NLP. You may have also noticed that the products that you search on any shopping website, the ad of the same appear on your Instagram or Facebook page. This is using the buyers’ intent and it is also done via NLP.

Steps involved:

  1. Sentence Segmentation
  2. Word Tokenization
  3. Predicting Parts of Speech for Each Token
  4. Text Lemmatization
  5. Identifying Stop Words
  6. Dependency Parsing
  7. Finding Noun Phrases
  8. Named Entity Recognition (NER)
  9. Coreference Resolution

The best thing about NLP is that data can be fed manually and other parameters can be set in the system and then every time we just need to feed the input and the results are auto-generated. One can think of it as giving all conditions in a clinical report that confirms that a patient is suffering from a particular disease, manually once, and then whenever we feed a patient’s symptoms, the computer automatically tells whether that person is suffering from that particular disease or not. The accuracy of such reports is found to be almost 96%. The same medicines can be prescribed to the patients.

The online websites that find jobs matching your skills and education also make use of the same technology.

Unstructured data, as they say, is dead data unless converted into some analysis. This analysis is a piece of gold for the ICT workers and other businesses as well.

Oil & Natural Gas Industry

The oil & natural gas sector is recognized as one of the eight core industries in India and for which it plays a very important role
which is also responsible for the institution to make major influencing decisions that further affect the other sections of the
economy. Not in the very far past the GOI has allowed full-fledged FDI in many sectors including this and that is now a reason to
attract far more domestic as well as foreign investments such as RIL & Cairn India. As far as figures are concerned India has a
capacity of 4.5 thousand million barrels of oil reserve at the end of 2018 and produced 39.5 million tonnes in 2018. The country has
a 10,419 km stretched crude oil pipeline with a capacity of 145.6 Million Metric Ton Per Annum (mmtpa).
Market Size:
 India is expected to be one of the strongest and largest contributors to non-OECD petroleum consumption growth globally. The
imports in India rose significantly to USD 87.37 billion in 2017 18 from which was USD 70.72 billion in 2016 17. This is the reason behind maintaining the third spot in the largest consumer of oil in 2017 with a consumption of 4.69 Million Barrels Per Day (mbpd) in 2017 for the country. In Asia, India is considered as the second-largest oil refining capacity holder with a capacity of 238.60 million tonnes, of which 35.36 % is owned by private companies. The crude oil production of India in July 2019 was reported to be 2,769 thousand tonnes with an oil reserve of 600 million metric tonnes as of 2017. In FY19 the crude oil imports were valued at USD 111.96 billion with an increase of 4.41 mbpd in FY 18.
 India also has attracted investors all around the globe with a total FDI of USD 7.07 billion in the last decade. Various MOUs we resigned for example between ExxonMobil & ONGC, NSIC & ARAMCO Asia. Further, the previously known Reliance Gas Transportation Infrastructure is now acquired by Brookfield for Rs 13,000 crores(USD 1.80 billion). The starting of 2020 also saw INDMAX refining technology which is owned by IOCL has provided the license to the NIS(Naftna Industija Srbije) of Recently the industry has experienced a huge setback in April with Oil prices gone negative. The recent events reflected the global price war between the huge players amidst the global pandemic in the market which contributed to the increased dismissal outlook of the global economy and which thus leading to the steep decline in the prices of crude oil. The falling prices had an appositive fallout for the Indian economy since 80% of the oil requirements are met through imports in the country.
 The country has eventually used this development to improve the fiscal position of the country, though it must achieve way more than that. Moreover, there will be a significant impact on the price variation of key raw materials, the supply chain system, cash
flow, etc. On the customer side due to limited travel, there is less demand which reduced the consumption and not being sure as
to when the economy will restart will have a potential impact on the country’s economy. The impact in this industry will follow and
have a significant effect on the Aviation industry as well since the demand for Airplane fuel and Turbine fuel has declined. As of household and commercial fuel, there has been an increase in consumption and since that LPG is also imported (40-50%), that is expected to impact the supply chain.
 Amidst this crisis, the government should provide the labor class and daily wagers price support & DBT for kerosene and LPG.
Further, the GOI can reduce excise & state VAT on crude prices for healthy flow for retail consumption There have also been recommendations on policies by various market research institutions in terms of tax & compliances which include rolling out of
GST for the fuel & gases. Further for easing the stress in the sector, the banks need to provide short term borrowings which will
maintain the cash flow in the sector.

Unified Communication as a Service

Unified Communication as a Service (UCaaS) is one of the best-known cloud-focused solutions for enterprise communications. Unified communication delivers a combination of services. These include instant messaging, unified messaging, mobility, meetings, communication-enabled business processes, and telephony. UCaaS has numerous benefits include access to low-cost and flexible solutions for calling, messaging, video conferences, all in the same cloud environment. With UCaaS we can easily add new functionality to our communication landscape at any given moment.
unified communication makes it easier for people to do their work efficiently within less time duration. The UCaaS make use of Voice over IP technology to provide a cloud platform, which differs from traditional telephony. This shift from traditional telephony to Unified communications has reduced 40 % in real cost for an enterprise. It provides Secure network over communication, secure storage, better customer services, and enable remote workspace.

Technology origin:

Since 2006, there were several open source projects with a unified communication focus such as Druid and Elastix, which were based on Asterisk, a leading open source telephony project. In 2007 Microsoft came with the office Communication serves, a software-based application running on windows. In 2010, the Unified Communications Interoperability form, an independent non-profit alliance among technologically advanced companies. This alliance provided guidance and best practices for interoperability between UC products and existing communications and business applications. In the beginning members of the alliance were Logitech/LifeSize, HP, Microsoft, Juniper Networks, and Polycom.

Evolution:

After the invention of the telephone, switchboards were used to route calls. Switchboard operators would answer phone calls, figure out who the person on the line was seeking, and plug the phone cord in the right jack. Enterprises have acquired and deployed their own communication infrastructure known as private branch exchange-PBX.
The World of UC began as different technologies began to merge, such as voicemail, email readers on their voice mail system, and computers with unified messaging systems. Then with the advent of voice conferences, and Internet Protocol(IP), voice over internet protocol(VoIP) started gaining popularity. VoIP is a phone service over the internet. As companies moved their systems to IP networks, telecommunications started shifting from traditional PBX systems towards Unified Communication.

Technology impact industry-wise:

Rising deployment of AI and Machine Learning in the communications sector has created opportunities for team collaboration, thereby, enabling machine-to-human interaction. AI is continuously changing the way enterprises structure their workflows.
The telecom segment and the IT sector dominated the overall unified communication market. Due to the adoption of cloud-based solutions, Its services and Business outsourcing Service has grown tremendously.
Banking institutions handle highly sensitive information that needs to be stored on reliable servers over an extremely secure network. It is vital that banking data should always be available, always accurate, and always kept secure. Unified communication can be used to provide Ultra-secure network, high-quality voice infrastructure, provide central cloud-based security and exchange services to record all customer communications and provide real-time secure connectivity.
Because of cloud-based extremely secure storage and networking, real-time information, secure communication, accuracy unified communication as services become an important component of health care, defense, aerospace, etc.

Technology impact geography wise:

The Unified Communications as a Service (UCaaS) market by region covers five major geographical regions such as North America, Latin America, Europe, Africa (MEA), Middle East, and Asia Pacific (APAC). North America is dominating in terms of production and market acquisition.

Impact of COVID-19:

The Covid19 pandemic has forced organizations to keep continue business continuity from Remote location. The crisis has increased the demand for team collaboration to support the workforce from remote locations. Every industry adopting a new solution such as work from home to keep continue the workflow. To be successful in the COVID-19 situation organizations need to transform the way they connect and communicate. They need to connect employees, customers, partners, and other stakeholders with data and applications that are increasingly located off-premises, and drive communication between them. In such a situation unified communication is highly effective for keeping in touch with colleagues and using web-based voice or video conferencing. This will radically and permanently change the communication and collaboration processes in organizations.

Some of the leading companies providing products based on technology:

US-based Companies: Masergy, 8x8, Mitel, RingCentral, Cisco, Vonage, Fuze, NTT Communications Corporation, LogMeIn, Microsoft, Google, DialPad, Verizon Windstream, Intrado Corporation
France-based Companies: Alcatel-Lucent Enterprise, Orange S.A.
Ireland-based Companies: Ireland
UK-based companies: BT

Future of technology:

With the advancement of new technologies such as the internet of things-IoT and artificial intelligence, Unified communications space will grow smarter by today. There will be a more intelligent meeting room that will power by AI and machine learning. The future of Unified communication to increase mobility by In-car unified communication system and invisible Unified communication that allows users to wear collaboration apps in their ear, specs. With the rise of AL also UC will replace voice calls with virtual assistants and bots.

Online Gaming Market

Online games are multiplayer games played on the internet browser or by using other networks. The social gamings are with the subscription-based or freemium pricing model.

Technology Origin:

The concept of Online gaming came in the early days of packet-based computer networking in 1970. After the packet-based games, MUD (Multiplayer) games innovated in 1978. Then commercial games introduced after 1984.

Technology Evolution:

The easy availability of Internet leads to the rapid expansion of this market in the 1990s. A lot of games launched in the 1990s, Nexus: The Kingdom of the Winds (1996), Quakeworld (1996)  & one of the most popular games was the Counter-Strike. The online gaming market grew next decade more with the launch of amazing games like World of war followed by Star war galaxies, city of heroes. The multiplayer online battle arena started. The largest gaming market is located in China followed by the USA & Japan.

Technology impact Industrywise:

Banks could launch games to engage teens early and the bank will also guide them about saving money and invest it. The bank will provide small loans like 100 USD and the bank will provide e-wallet to save money. As the bank launches a new game, the money can be easily recovered by installing games by existing users. The growth in revenue of the gaming industry attracts foreign investment. China contributes 27 % of the global gaming market and the US contributes 23 % of the global gaming market. These two countries are getting the highest investments.

Top companies providing products based on your technology:

The top development companies are Nintendo, Valve corporation, Rockstar games, Electronics Arts, Activision Blizzard, Sony Computer Entertainment, Ubisoft, Sega Games CO. Ltd, BioWare, Microsoft corporation, Gameloft, Epic Games, and others.

Effect of COVID-19 on technology and industry:

In the COVID-19 era, the online gaming market raises suddenly as user engagement increases during the lockdown. People are finding ways to kill time.  While other industries are facing challenges in business, COVID -19 is a boon for the gaming industry.

As per a recent study from Verizon, there is a 115 % increase in gaming usage in the US during the lockdown. The companies are continuously breaking their own record for concurrent users in March and April. Also, there is a change in demand and supply.

Future of technology:

The gaming industry evolved rapidly with 2D to 3D games but some amazing advances in technology make the gaming future brighter. The online gaming industry is the most growing industry for entertainment. There will be different business trends and technology trends.

The online gaming industry will focus on will be focusing on mobile as there is an extreme increase in mobile traffic as it covered 51 % of overall traffic. It is because of the ease of use. One can play anytime anywhere and is advantage of mobility.

There will be more virtual reality (VR) games developed as developers find it will be a good source of income.

The other focus of the online gaming industry will be linked to social media as user can chat or talk with friends while playing and post it on social media, one of the best examples is PUBG.

The new payment method can be developed by industry for ease in payment.

There will be involvement of player-generated content, the player can contribute to the development of games.

Cloud gaming is continuously developed as the gaming industry sees an opportunity to make gaming easy to access like music.

Some amazing technological advances to make the gaming industry brighter are facial recognition, voice recognition, gesture control, amazing graphics, high definition displays, and wearable gaming.

Online Education Market

The online education system is an electronically based teaching system and it completely relies on the Internet technology of the modern world. It acts as a medium of interaction and distribution of knowledge and course material between the students and faculties. This online education system first started from the mid-1990s when the internet comes into the picture with a high number of users and also with the help of the World Wide Web.

This kind of education system in which only virtual presence is required first took place in the 1800s when the courses are and teaching is meant to be taught through parcel posts. Thereafter, with the help of technological advancements, it took place with the help of radio waves. Then this idea of distance learning got the expansion roots from the invention of the television between 1930-1950. With the spread of the internet, these distance learning programs caught the interest of the public. In 2000, only 8% of the students were enrolled for the online courses which got a huge increment till 2008 with 20% of the students. And this expansion never got the fall after that due to the spread of internet technology all over the world.

Impact of ED-tech on few of the Industries are:

  • IT Industries: With the advancements in the technology of the internet, the online education system serves a major role as an opportunity for generating huge revenues for the IT companies. As so many IT companies design some or other software or websites which help students to learn virtually. For example, TCS is providing some software as a platform for Online courses, Test preparation, certification training, etc. At present, many exams that are taken on an online basis belong to TCS online platforms.
  • Healthcare Industries: Various healthcare industries are now providing various kinds of online certification courses to enhance the skills of the students of the healthcare sector. They might be using their online platform or may be of any other IT industry but the courses they provide serves as a huge revenue generation to the company as well as they get equipped with more knowledgeable and skillful students. This ED-Tech helps students of the healthcare sector to learn virtually watching the video graphics in their free time.
  • Retail Industries: At present, the Internet-savvy world is witnessing a huge amount of growth in the retail sector. As we know that E-commerce is generating big amounts of revenue in the retail industry. And even for that, a person needs to be well trained with the technology to be in-line with the technology enhancements and for all that online education plays a major role, as it helps to learn the roots of online systems and understand the present market trends to grow the online business.
  • BFSI Sector: Recent training and development reports have clearly stated that banks and other financial institutions are investing high in the online education system. Most of the banks are using various types of e-learning courses for skills, knowledge enhancements, and assessments of their employees. For various companies in the banking sector, web-based training acts as a new opportunity to build a humorous and skillful labor force, which certainly helps in increasing the efficiency of business productivity.

Impact of ED-Tech on the various Geographic Regions:

  • Americas: The USA had witnessed a huge number of increases in online enrollments 14 years consecutively, irrespective of incline, or decline in the economy. And at the same, there is been a decline in the number of students taking classes face to face. However, a variety of educational institutions faced impediments related to institution policies, instructors, and students. It also helped the institutions to make such kind of strategies to reach the people beyond the country and subsequently increase their reach globally.
  • India: India being a developing country is in a better position to adopt the hybrid models of online courses, the addition of new interactive subjects, interactive online classes, etc. Indian online education system is currently of the value of US $250 million with an average of 1.6 million users. The Indian government has taken several initiatives to promote the online education system like Digital India and skill India.
  • Asia and the Middle East: China explored various programs through online platforms and found it to be more useful and flexible for the coming generations. Saudi Arabia took some initiatives to promote online learning like collaborations with other high-level institutions outside the country, high-quality level standards, regulations, and policies for governing e-learning.
  • Africa: South Africa is the most developed country in Africa, where digitalization has its foot well established all over the country. They have well-determined policies for e-learning.

Some of the leading companies (globally) providing the e-learning products are:

  • Com (US)
  • Pearson PLC (UK)
  • McGraw-Hill Education (US)
  • Blackboard Inc. (US)
  • Aptara Inc. (US)
  • Adobe Systems Inc. (US)
  • Docebo (Canada)
  • Edmodo (US)
  • PowerSchool Group LLC (US)
  • Tata Interactive Systems (India)
  • Udacity, Inc. (US)
  • Classteacher Learning Systems (India)

Effect of COVID-19 on the online education industry:

Due to the Covid-19 pandemic, all the schools and colleges across the world have been closed, which gives the boom to online education technology and taking it to the next level. All the educational institutions are adopting online platforms through which they can provide education, assignments, assessments, tests, etc. Various new start-ups of the online education platform also found this as an opportunity to place its foot in the competitive market by generating sales leads through online mode only. And these start-ups are also giving more opportunities to fresh graduates or interns to enhance their marketing skills. Although every countries economy is in a downfall due to this pandemic, the online education companies are trying to generate revenue as much as they can by utilizing all the opportunities.

Future of Online education system:

The online education system is itself termed as the future of education which lies at all the levels of the institutions. A recent research study says that 46% of graduates took the credit of online courses combined with the classroom sessions. Most of the institutions are now investing in e-learning, with the belief that it will act as the survival for them in this competitive world. Various high-tech education systems like AI and VR plays an essential role in developing and enhancing the skills of the students virtually.

Big Data Analytics in Agriculture

Agricultural productivity worldwide needs to improve significantly to provide satisfactorily for the burgeoning population. Little surprise then that agriculturists and researchers alike are harnessing the figurative new gold to enhance yield, cost-effectiveness, improve supply chain management while ensuring environmental sustainability.
GPS equipped tractors, soil sensors, weather data can help farmers gain insights about how to effectively manage resources including seeds, fertilizers, pesticides, and help them plan meticulously what to cultivate under different conditions to the minutest details.
Predictive analytics can even help mitigate damage to produce from diseases and pests and help navigate shifts in environmental conditions. Data-driven precision farming is also improving productivity by continuously monitoring crop health.

Besides, data is enabling stakeholders across the agricultural supply chain to customize their products and services to suit the evolving needs of the global agricultural market. Research suggests the adoption of smarter farming practices has the potential to save billions annually. Isn’t it time data permeates agriculture to provide well for posterity?
#PrecisionFarming #PredictiveAnalytics #AgriculturalInnovation #BigData

Artificial Intelligence Overview

An intelligent agent is a system that realizes its environment and takes actions that maximize its chances of success. Siri and Cortana are few examples of artificial bots or intelligent systems. It is an interesting technology that is emerging and can create a big impact in the future. AI research overlaps with tasks such as robotics, control systems, scheduling, data mining, logistics, speech recognition, facial recognition, and many others. Computational intelligence involves iterative development or learning.

One of the things that you sometimes hear from AI researchers is the idea that AI assistance could actually allow us to do better science, to discover and work on things like climate science, new-materials discovery, or other things. Is that a real possibility, that we could actually do new kinds of science and achieve new kinds of discoveries? Actually, yes. We are currently doing the same. It wasn’t built for us to be able to understand it. It was built by a process of evolution that’s produced something that’s incredibly complicated.

#artificialintelligence
#AI #technology

Impact of COVID-19 on the Restaurant Business

As the ongoing Covid-19 pandemic has brought entire industries and countries worldwide to a comprehensive operational halt, we’ll examine its potential implications on an industry that relies appreciably on the human interaction element, the restaurant business.

In a business that has long been notorious for its high failure and turnover rates and thin margins, the prospective measures to be undertaken by business owners in this dynamic sector to remain solvent and functioning make for an intimidating read.

Businesses face a fight to remain operational until the pandemic recedes, owing to its inherent nature of having high fixed operating expenses. The prevailing restrictions on travel have, for example, significantly brought down revenue for sit down establishments in several prominent business centers across the US as workers returned to their hometowns, thereby entirely depriving previously flourishing traditional restaurants and QSRs of their lunchtime clientele. Closer home, the National Restaurant Association of India has requested malls and landlords to waive off rentals for three months and adopt a revenue-sharing model for six months, which has prompted some mall owners to express their inability to do so, since they have yet to receive any form of relief themselves.

Moreover, adaptability to counter the effect of this pandemic is disparate and varies depending on the type of establishment. So, for instance, it is significantly more difficult for owners of fine dining establishments to remain sustainable for the coming few months as opposed to most pizzerias, which generate appreciable revenue from delivered orders. Add to this the fact that while retail at large has seen a significant downturn in footfall and dollar revenue generated, electronic retail is struggling to pick up slack with only 16% respondents to a Pymnts survey saying they have been ordering in more frequently to replace eating out.

It remains to be seen whether customers will enthusiastically return to their favored dining haunts as they reopen or apprehensive about being in closed, crowded spaces, whenever they do. Despite the widely promoted emphasis on delivery executive hygiene, contactless delivery et al., major online ordering and delivery service providers such as Zomato and Swiggy have registered a drop in orders amounting to over 60%. Kitchens are also struggling to procure supplies and delivery services in numerous locations have declined business, citing police action. This is despite food delivery services being declared as essential, owing to misinterpretation by local authorities across India.

In the event of continued shrinking consumer spending triggering a worldwide financial crisis, this may lead to widespread loss of livelihood in the foodservice industry and allied industries such as food processing.

The 2016 NRAI India Food Services Report projected the total food services market in India to grow to INR 498130 crore by 2021. Growth in this sector can in part be attributed to the increased frequency of Indians dining out, which reportedly grew fivefold from 2011 to 2016. It seems increasingly unlikely though that the foodservice industry will contribute 2.1% of the Indian GDP by 2021 as forecast then, as customers grow wary of dining out, and the pandemic drives down revenue in other industries, with the overall GDP growth rate in 2020 expected to be the lowest in the past 3 decades.