Impact Of Coronavirus On Businesses In India In 2020: Why Financial And Tax Relief Is Important For Companies To Sustain

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Key Highlights

  • Unsurprisingly, the coronavirus pandemic has impacted the Indian economy, with SMEs and large corporations both at the receiving end of tough times
  • This has provoked the Central Government to step in, but industry sentiment continues to show that more relief measures are desired from a tax-relief point of view
  • The spread of the pandemic has hit various major sectors, especially the likes of manufacturing, consumer/retail market, spectator sports, entertainment, etc. in India, and financial policies will likely require a revisit to ensure a turnaround
  • Amidst all this, it’s also important to analyze how labor-intensive sectors can cope with the pandemic and the consequent lack of human capital during this phase, as the industry awaits strong Government intervention

With the coronavirus pandemic impacting major countries of the world, India has been no exception. Ranging from enforcing a 21-day lockdown to undertaking financial measures to support the business ecosystem in the times of a health crisis is something that the Central Government has been trying to do, but there still looms the cloud of which tells a different story of an already troubled economy and a less-than satisfactory public healthcare system.

Regardless, life must go on and business won’t stop. It might pause, but that’s pretty much it. While the impact of the pandemic has obviously hit major markets and sectors, it is also imperative to consider how it will affect those in the bottom of the pyramid.

And to understand the current economic impact of the COVID-19 problem and its consequences going further down the line, we spoke to Daniel Lee, who’s currently the Korean Business Group Director at Coinmen.

Daniel’s unique experience as a Korean expat in India as well as his decorated industry experience across sectors ranging from manufacturing, electronic components, and infrastructure make his inputs even more valuable to our discussion. His insights allowed us to understand how the country dealt with the pandemic and how it could’ve, as well as what more can be done from a public policy point of view to help businesses survive the tough times and emerge from them stably in the near future.

Daniel discusses the impact on major sectors, SMEs, investor confidence, financial and tax policies of the Government and more, as we predict how the Indian economy can bounce back from its latest obstacle.

Is it a wait-and-watch game? Yes. Is it better for businesses to be prepared well in advance? Also, yes.

So, do listen to the podcast and share your thoughts with us in the comments.

For those who can’t access the SoundCloud link above, here’s the full podcast on YouTube as well:

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