The current pandemic condition has caused a huge loss to the industries including export-import, the supply of raw materials, and the service industry. Industry experts like Guru Swarup Srivastava are frequently joining webinars of different forums to discuss the present pathetic condition of Indian industries and how to come out of this ordeal. Industry experts, economists, and entrepreneurs all believe that both Central and State Governments should come forward with drastic steps in support of the industries to alleviate the Indian economy. They are suggesting different antidotes as per their understandings and experiences. In any situation, industry experts like Mr. Srivastava want Government agencies, chambers of commerce, all business owners’ groups, financial institutions, and banks should work hand-in-hand to keep the wheel of economic progress rolling.
Pandemic has hit hard the economic progress
India went to lockdown in the last week of March and continued it for the next three months. It was a complete lockdown except for essential services. Roads were blank, no rush in the petrol pumps, hotels were dead silent, no machine was creating a cacophony in the production units, offices were locked, and banks stopped daily transactions. COVID-19 virtually broke all plans and programs of industries and Governments. Economists opine the world is quickly heading towards a recession. People have lost jobs; they don’t have money in hand to spend. Industries are facing similar conditions where companies are experiencing zero profitability. They are forced to reduce manpower as they are not capable of arranging salaries. This is the condition that industrialists and entrepreneurs including Guru Swarup Srivastava think unprecedented. They want the Central and State Governments should take major steps to relieve the companies from paying taxes and interest on loans. They also suggested several other steps for protecting the interest of the companies to safeguard the economy of the country for the time being.
Crisis management is paramount in the current pandemic situation
According to Guru Swarup Srivastava, proper coordination between businesses and banks are necessary for the current situation. Central Government has the MSME program where banks play a vital part. Again, banks provide loans to the entrepreneurs on their interest as also for helping financially week entrepreneurs. This is the high time that banks understand the problem of the businesses. With zero to negligible revenues, businesses are not in a position to pay EMIs or interest thereof. With Government intervention, banks should consider the pathetic situation of the businesses today.
With combined efforts and considerations, India could set an example to the world. The current situation is painful but temporary. Everyone should try their level best to protect the economy from further downfall. This is the high time that the industries and Government agencies listen to the advice of experienced people like Guru Swarup Srivastava.
Guru Swarup Srivastava 