Okonomos IMT-N

Okonomos IMT-N Regular updates on business world happenings and the economics behind them, an initiative by Okonomos Forum, IMT Nagpur

Okonomos is the Business and Economic forum of IMT Nagpur. A word that has Greek roots (Oikonomos) means- Careful, thrifty management of resources, such as money, materials, or labor. This forum has an ambit beyond the meaning of the word and includes both business and economics. Our objective as a forum on campus is to create an environment that facilitates fun learning- to bring the theories of

economics out of the books and appreciate the learning in a practical way. Other activities is to help students in being up to date with current economic and business events and organizing plethora of events related to the forum.

India officially entered a technical recession with the economy shrinking for a second straight quarter. Official data s...
07/12/2020

India officially entered a technical recession with the economy shrinking for a second straight quarter. Official data shows, the country's GDP contracted by 7.5% in the July-September quarter after a contraction of record 23.9% in the previous quarter. This is India's first technical recession since the government started reporting quarterly GDP data in 1996.

16/09/2020

Briefing for Okonomos forum

10/09/2020

Stay in Touch....

πŸ€”RBI panel to review private bank shareholding norms.https://economictimes.indiatimes.com/industry/banking/finance/banki...
13/06/2020

πŸ€”RBI panel to review private bank shareholding norms.

https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-constitutes-working-group-to-review-private-bank-shareholding-norms/articleshow/76343724.cmsπŸ‘ˆπŸ‘ˆ

The central bank noted that changing financial market landscape arose a need to relook at these regulations since the broad policy relating to ownership and control in private lenders has been guided by the framework issued way back in February 2005.

As energy prices fall, developing nations cut subsidies
12/06/2020

As energy prices fall, developing nations cut subsidies

In contrast to the recent past, elected leaders are facing little political blowback for taking away subsidies and raising taxes. Thats because the prices of oil, natural gas and other fuels have collapsed in recent months. In addition, driving, flying and industrial activity have dropped off sharpl...

πŸ˜”Car sales decline 87% in May amid lockdownπŸ€”
11/06/2020

πŸ˜”Car sales decline 87% in May amid lockdownπŸ€”

According to Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,225 out of the 1,435 regional transport offices (RTOs), PV sales stood atΓ‚ 2,35,933 units in May 2019.

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10/06/2020

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"Awareness on health insurance cover in hospital bills".πŸ€”

πŸ‘‰There is an effort made to spread awareness about the significance of taking a health insurance cover for your family, so as to avoid the hefty hospital bills at the time of treatment.

View: Replacing China imports difficult, yet possible
10/06/2020

View: Replacing China imports difficult, yet possible

Just like India convinced Suzuki to start a lithium ion battery factory in Gujarat which in turn roped in Toshiba and Denso, it needs to convince Hyundai, LG Chem and Panasonic who have major presence in India to speed up investment plans in India for lithium-ion storage systems.

Mumbai most expensive Indian city for expats: Survey
09/06/2020

Mumbai most expensive Indian city for expats: Survey

Mumbai is the most expensive among Indian cities surveyed, followed by New Delhi (101st globally) and Chennai (143rd globally). Bengaluru (171) and Kolkata (185) are the least expensive Indian cities in the rankings, the survey said.

Mortality rate above 5% could be alarming: FC to ICMR πŸ€”πŸ™‚
08/06/2020

Mortality rate above 5% could be alarming: FC to ICMR πŸ€”πŸ™‚

In a recent meeting of the 15th Finance Commission, top officials of the Indian Council of Medical Research (ICMR), too, said every effort must be made to keep the mortality rate below 5%, cautioning that if the number of deaths per day rise to 1,000-2,000, it will become β€œalarming” for the gove...

Trends seen in this lockdown – by Lakshay JhalaniDuring the lockdown, when everybody is so much concerned about their li...
06/06/2020

Trends seen in this lockdown – by Lakshay Jhalani

During the lockdown, when everybody is so much concerned about their livelihood, there comes an opportunity for each one of us to make business out of the limited resources. Recently, we can all see that there is an increased usage of face masks. So, why not use this opportunity for our own benefit? One can start with a face mask selling business and earn a lot of profits out of it. Now a days, there are different patterns of masks being available at the markets. In order to break the monotonous living, we humans are so curious that we can’t sit idle for a long time and try to add some colour to our lives.

Till the time when there is no concrete evidence that corona virus does not spreads by air, the use of face masks will continue and people would have no option but to continue using them.
Now, let’s see the other trends in clothing industry. We are at our homes these days and prefer to wear something that is comfortable. We now require more of pyzamas, shorts, etc. to wear than jeans or suits. So, if one wants to make use of this business opportunity, then one can do online marketing of the lockdown trendy apparels and earn lots of profits.

Different colours and patterns of shorts and lowers are the new trend in this lockdown. The comfort looking garments are these days being used by all as their first priority. Sometimes it is seen that the jeans that we used to wear before lockdown has now become either tight or out of our priority list making the marketing of comfortable clothing easier. Earlier customers used to get discounts for shopping online but now we can see that the things are available either at their MRP or charged highly.

Now since we have discussed a lot about clothing, so now let’s turn our attention to eatables, beauty products. Neilsen has conducted a survey, wherein it has found that there is a surge in the sales of their products and amazing thing is that in the lockdown, there is an above normal sales of these products, thus it is not only helping the marketers achieving the break-even sales but also earning huge unexpected profits.
β€’ There is a 63.4 % jump in the sales of potato chips as it is consumed as an instant energy snack by the Indians.
β€’ There is also a slight jump of 16.4 % seen in the sales of sunscreen lotions as there are some services like media, which has to function as before, so people involved in these professions have to wear the make up for protecting themselves from the heat and virus.

After we have discussed the current trends, we should turn our attention to the businesses which are going to thrive in this lockdown:
β€’ Heath care
β€’ Pharma
β€’ Alternate sources of energy
β€’ Technology
If we talk about healthcare, then since there is an ever increasing patients of CORONA, one can provide health care services to people by opening new hospitals. Also by providing medicines at reasonable rates, we can contribute to COVID-19 pandemic. We should try to directly help the affected citizens by providing them with the necessary facilities like food, medicines, etc.
Now when we talk about technology, then one thing that comes to our mind is the online social media platform. If there were no internet, then it would have been very difficult to survive. There is an immense potential in technology and marketers can profit with this opportunity by charging heavy prices.

CONCLUSION- So, now when we are clear as to where the opportunity lies, we should be able to do meet our ends comfortably. When we find surround us anyone feeling depressed, we should be the ones giving motivation to others so that they can also survive and thrive in this lockdown. If we all take the initiative to maintaining and following social distancing norms, then I think that it itself will become a trend and we will set the example to the world.

AT last stay safe and take a good care of yourself in this lockdown.

Thank you!!

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