COVID-19: The Quake that has shaken the global business, health & economy landscapes
We are experiencing not merely another turn of the business cycle, but a restructuring of the economic order. For some organizations, near-term survival is the only agenda item. Others are peering through the fog of uncertainty, thinking about how to position themselves once the crisis has passed and things return to normal.
These words by Ian Davis of McKinsey & Co. perfectly describe anxiety and doubt in today's conditions and are striking, especially because they were written 11 years ago after the 2008 financial crisis.
The way COVID-19 is spreading across the countries and affecting businesses across various sectors. The outcome will change the fate of financial markets, Corporates, Small businesses, and Individuals.
India is under the biggest crisis since its independence. A lockdown is enforced for social-distancing to limit the spread of COVID-19. The COVID impact has engulfed the country at the time when the country's economy has been slowing down on account of a global economic decline.
In response to the expected economic pressure, the Indian government and Reserve Bank of India are taking measures to support the economy and ensure the flow of funds. Few of them have been listed:
- Reserve Bank of India has declared emergency rate cuts
- Simpler asset quality norms
- Loan moratorium to withstand disruptions.
- They have announced aid for exporters
- Have allowed states to borrow additional funds to manage finances.
- The date for filing Tax returns for FY 2018-19 has been extended until the end of June 2020.
- The deadline for linking Aadhaar with PAN has been extended to 30 Jun 2020
- For companies having a turnover less than Rs.5 Crore will not be charged late fees, penalties, and interest on delayed payment
- Penalty on delayed deposit of TDS has been halved to 9% from the current rate of 18%
- There are many such proposals from the government which can help your business to sustain through the tough times.
How is your business coping with the economic and financial effects of COVID-19 onslaught?
Do you need to know, how some of the measures can be beneficial for your business?
Do you need guidance from the experts?
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