Today on the 31st of March 2021, a small recap on the Financial Year we just completed!
1. Not quoting any technical stuff here
2. Just a general analysis
3. Solely personal views and experience!!!
On 01.04.2020, this year began with uncertainty, fear, panic, and all other negative emotions one can think of.
Job loss, shutting down of businesses, hostile oil prices, indefinite lockdowns and wfh, Sensex touching rock bottom were amongst a few of the things we had witnessed.
As consultants, our job had shifted from audit and financial compliances to motivate and calm down our panicking clients!!
We were all living our lives one day at a time, without thinking about any bad news we would wake up to the next morning!
The first two-quarters of the F.Y. were the worst hit.
However, these unprecedented times gave us learnings and taught us the difference between ‘wants’ and ‘needs’!
But as they say, the night cannot last forever; the sun has to show up! Things started getting a little better towards the end of the second quarter, with businesses getting back on track slowly. Movement in goods and demand acceleration could be seen, although COVID cases in India were on the rise at the time.
Restrictions were slowly getting lifted, and tax collections improved. The government treasury started functioning better. Stock market indices began booming again, and not to forget the massive jump in the crypto world!
The trend continued in the later half of the year too, and with the expectations of vaccine coming out soon, we saw things getting even better with growth in the economy, indices, and cryptos touching their record highs!
I wouldn’t say that everything is the same as it was before the pandemic. As a Practicing Chartered Accountant in a tier 2 city, I feel things are much better than what we had expected at the beginning of this year.
Hoping for an even better F.Y. 2021-2022
Wishing everyone a happy and fulfilling financial year!