The unprecedented situation that COVID 19 has created worldwide has baffled most business owners. As Hon’ble PM, Shri NarendraModi has said that it’s going to be a long war against Coronavirus, nobody is sure how long it would be and what repercussions it would bring at the end of it. On one hand, global economy would be in turmoil and on the other hand, businesses would start losing the touch with their stakeholders.
Even if you have the vaccine, the main challenge will be to manufacture it in large volumes. The investigation going to understand , on the origins of the coronavirus pandemic, saying it doesn’t rule out that it came from a laboratory researching bats in Wuhan, China. China’s foreign ministry hit back saying the WHO has said there is no evidence that the coronavirus was created in a laboratory . However, the whole world knows on from where it has emanated.
Impact of Global Pandemic
The breadth of the collapse of global economy is beginning to appear in the initial trickle of economic data across the world, revealing a cratering of trade, reined-in business investment, cowering consumers and surging unemployment that’s sparing few industries. Asia Pacific region alone is staring at a staggering $620 Billion loss due to Coronavirus. About 25 Million jobs could be lost worldwide; moreover about 400 million workers in India may sink in poverty due to the epidemic. The evidence is mounting that March marked the start of a deep global recession. The Government should come up with Industry specific packages to overcome the crisis. The RBI should allow one-time restructuring of loans of companies based on future cash flows.
Objective of SPO INDIA Initiative
In these testing times, Kalinga Digital Media has taken the onus to support those who want to fight it back. Of course, we can’t change the global economic scenario but we can keep you in touch with your ecosystem and help your brand not losing the shine from the minds of its admirers. As everyone are starting at an unpredictable future. Coronavirus has brought the largest economics to their knees. Indian businesses are not strong enough t battle it alone.
Finance Minister Nirmala Sitharaman had announced a mega economic relief package worth about Rs 1.7 lakh crore, which included insurance for health workers; higher wages reaching up to 5 crore families under MGNREGA employment scheme; free wheat, rice and pulses distribution for three months to 80 crore people; cash transfers for three months to poor women. Even before that, RBI had announced mega liquidity measures, pumping in money into the system via LTROs.
Now there is a call on the RBI to further ease requirements for the non-banking finance companies, which still need to repay their dues to banks on time.
With all good hope in improving the liquidity as RBI Steps in, it would help the small business and poor.