In the words of Moksh Popli, India is slowly-slowly unlocking its economy after the shutdown that lasted more than two months. According to market analysts and economy researchers, it will be difficult to cope with these disruptions caused by the lockdown. There will be a long haul and the small businesses will bear the most pain in the coming times. But the initiatives taken by the central and state government are giving a new ray of hope for the small business groups. Businesses will get back to the track in a systematic way.
According to India’s retail association, sales of non-essential items – such as clothes, electronics, and furniture collapsed up to 80% in May. Even sales of essential goods such as groceries and medicines also recorded a loss of 40%. The near future looks uncertain as the number of infections is rising. To date, India has recorded nearly 500,000 cases so far. These rising numbers of patients are creating more complexity and distress. on the other hand, the improved recovery rate is giving a ray of hope. People have become extra alert and cautious while moving out in public places. All the states have announced strict rules regarding wearing masks and maintaining social distancing.
Moksh Popli says many of the businesses crashed down by reduced demand, falling exports, labor shortages, and new rules of operation that requires social distancing and other safety measures to curb the pandemic. Most of the production heads are complaining that they are unable to bring operations back to optimal capacity. It is very difficult to ask dealers for money due to reduced sales. The departure of migrant workers from cities during the lockdown has resulted in severe labor shortages for some businesses. The builders are undergoing a huge labor drop since the pandemic. These above-mentioned issues are genuine and experienced by several businesses at some point, post Coronavirus outbreak.
Meanwhile, the government is moderately announcing uniform procedures for businesses that are reopening, so sales are expected to slide-up as the high-street shops, malls, and other commercial markets are already in the re-opening phase. Not all businesses were closed during the lockdown – the deemed essential, from agro products to power, food supply to healthcare – continued operating. And more businesses have been allowed to re-open.
During these tough times, everyone has to bear the losses and stand together to earn the advantages says Moksh Popli Things will get better soon as we are already in phase two of the unlock process. It requires more means and strength to handle the hardships brought by the pandemic. No doubt, the stimulus package of 20 lakh crore by the government will be a major supporter of India’s ailing economy. India is on the journey to accomplish its lost sovereignty by going Local for Vocal and being AATMANIRBHAR.