Ground Based Solutions for curbing Economic Slowdown

Ground Based Solutions for curbing Economic Slowdown

The novel coronavirus pandemic has stalled economic activity, threatening to push the world into a recession, and most sectors are feeling its impact.

But there are sectors that have remained unscathed from the impact of the virus outbreak as yet, some of which are as follows:

Ø  Telecom Sector:

As, citizens are being urged to stay at home and practice social distancing has been an aid to the telecom sector as there has been a consumption of more data.

Ø  Healthcare Sector:

The Government of India has committed to spend nearly Rs 10,000 crore to encourage companies to manufacture pharmaceutical ingredients domestically after the coronavirus outbreak disrupted supply chains.

Ø  Insurance Sector:

The Insurance Regulatory Authority (IRDAI) has asked insurers to cover Covid-19 cases in their existing policies and ensured to the attend the coronavirus claims expeditiously.

So, we as consultants should focus on these above mentioned sectors in order to take this crisis as an opportunity and turning it favorable for the business is all that matters to let it sail smoothly in these difficult times. Various schemes have been introduced by the Ministry of Corporate Affairs to lure the Companies which are at default to make their default good by completing their pending filings.

Even, our Hon’ble Prime Minister Narendra Modi had mentioned for setting up a 'Covid-19 Economic Response Task Force' to decide on relief package for sectors hit by the coronavirus outbreak.

Effective communications during this crisis are crucial for retaining market stability which will not only help us sail this phase smoothly but also create an impact on the society at large.

Though, it is imperative to reconsider the business model and reassess where your business stands as per your assumptions concerning the revenue and cost but the ideal way is to maintain transparency and healthy relationships with our stakeholders and contracted parties, as we are together in all this.

Together, we could build something better, fairer, more sustainable in its place.