Hit by the dreaded virus- CORONA or COVID 19, as it is called, the world (180 + countries) is under the pandemic and struggling to fight and overcome the virus. All affected nations are on their toes to combat the disease by all means in a war against Corona. This virus, as we all know now, is directly hitting at human life and is contagious.
The trends indicate that it may take upto 20 -25 weeks to overcome the outburst by any nation in terms of time. It’s impact is all round – local as well as global and social & economical as well. It has a multiplier effect on economy as a whole which inter alia, include international trade, finances, health, education, consumption, unemployment, industrial slow down, demand- supply mismatch, inflation, production, foreign exchange volatility and earnings, life style and what not .
While in India, it has entered the ninth week now, we are in the midst of virus impact and the only solution appear to fight and move forward with all available resources – human, physical and financial. We are in May, 2020 now with closure of business, shut down of industrial and economic activities, virtually no trades happening has already disturbed the business cycle, production capacities, turnover, profitability, liquidity …..and what not.
The rupee has been devalued over pat few days so much so that it has crossed INR 76 mark against USD, stock market indices have tumbled down substantially, bullion prices have witnessed unprecedented volatility and there is reportedly acute shortage of various raw materials and inputs and other logistics management related issues.
What should be done in the Indian context ? While collective action ought to be taken by the citizens proactively, responsibly and with all seriousness, it is also testing times for government including opposition, which should take all steps to fight this menace and take some immediate measures which may include:
- provide and upgrade medical facilities in all parts including setting up of temporary medical infrastructure including testing and treatment.
- enhancement in medical staff, paramedics and other support staff and mobile facilities.
- provide any amount of funds for testing, treatment, equipments, masks, etc including up scaling of awareness initiatives in all regions.
- direction for all CSR funds to be used for corona eradication. Though advisory has come, there is no harm in making it mandatory for next six months.
- special incentives (tax, fiscal) for corporates and organizations to spend for corona eradication.
- incentvise to pay salaries to employees because of non- functioning of businesses.
- special tax holiday or moratorium for 3-10 months.
- Addressing issue of migrant workers, students, tourist etc.
- strengthen public distribution system and ensure that basic necessities and essential commodities are available to the society at large.
These are difficult times which rarely come or happen. We are all witness to this .This is an opportunity to spend or invest to borrow a bright future for the country and citizens. The crisis has come and will eventually go. Even rain stops. Storms calm down. We should be able to pass the test of facing it and winning over.
Strong determination, discipline, combined efforts to follow directives and a little bit of lessons learnt from other countries and wisdom will make India emerge out of this crisis. Once we are able to successfully eradicate corona virus, everything else including future itself, can be rebuilt and that too more magnificently. When all else is lost, future still remains.
We need to prepare to face and fight the worse, before we see the new brightness. Panic won’t help but action and determination will hold the key. There are many ways to utilize this ‘my time ‘ which was never available otherwise.
All of us have been under isolation or self quarantine for last 40-50 days now at home or elsewhere without any professional or business activity on hand. However, some work from home was there for one and all.
The major consequence of Covid-2019 on personal account has been grant of more than sufficient time to all of as which we are not used to. It is said that time is never wasted and one finds an opportunity to do lot of silent things, e.g., introspection, reviving the thought process, pursuing hobbies and other creative activities and so on.
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