Analyzing COVID-19 Impact On Businesses: Automation To Be The Way Forward For Most Industries?

Key Highlights

  • COVID-19 is the burning topic, with its economic and industry impact now being realized by countries, especially India
  • Aside from the relief packages by the World Bank and certain tax policy changes by the Government, there continues a desire to have a rethinking of the financial relief measures
  • While investment numbers can dwindle as other economies are getting impacted too, it is a continued belief that investor confidence in India as a business destination will be unaffected
  • Overall, the impact on most of the industries can carry a propensity to push on reforms in business models, including but not limited to automation

It’s evident that the global economy will be affected by the novel coronavirus pandemic, and now revelations regarding its impact on emerging economies such as India are being realized as well. While pharmaceuticals and essential goods continue to maintain a steady market because of the lockdown, sectors such as manufacturing, hospitality, tourism, aviation, and so on, are bearing the heat.

And because sectors such as manufacturing and infrastructure are considerably more dependent on human capital, this might be a pivot point in deciding how the push on automation becomes more relevant given a situation such as this, especially if a pandemic-like scenario arises in the future. The Government is trying to do its part, by enforcing a lockdown across the country, with more bailout packages likely to provide some relief but it’s a wait-and-watch game as of now.

Another arena which is to be looked at is the ecosystem of Indian businesses with global presence and foreign businesses with Indian presence, as financial and international tax implications like APA (Advance Pricing Agreements) might be renegotiated. To help understand the nuances of issues as mentioned above, we spoke to Karnik Gulati, who currently leads the Tax And Regulatory Practices at Coinmen as a Manager, and is an international tax expert.

Karnik’s insights and inputs about the impact of the novel coronavirus on the Indian economy, its various sectors, as well as the impact of various international tax implications on businesses have been encapsulated in an audio podcast.

The entire podcast has been shared on SoundCloud and you can access it here:

Whilst diving deep into the nuances of economic policies, sectoral impact and more, Karnik also talks about the recent changes in the working regime of Indian professionals will be impacted going forward, as the concept of working from home has become a norm in the policies of a multitude of companies.

Do listen to the podcast and let us know your thoughts in the comments. For those who wish to listen to the podcast via YouTube, you can access it on the following link:

Stay safe, everyone!

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