Sectors ignored in 20 lakh crore package
COVID-19 has jolted Indian economy beyond repair. Govt’s stimulus package worth Rs 20 Lakh crore claims to introduce big economic reforms in India but it has ignored sectors that contribute to economy
COVID-19 has jolted the Indian economy beyond repair.The government's stimulus package worth Rs 20 Lakh crore claims to introduce big economic reforms in India but it has ignored most important sectors that contribute to the economy
1.20 Lakh crore package has ignored crucial players of the economy
Government made announcements for areas such as agriculture, MSMEs and power distribution companies in the five episode package but many expressed shock to be left out completely even as their business took a big hit due to the Covid-19 pandemic.
2. Sectors with huge business losses got completely ignored
Federation of Associations in Indian Tourism & Hospitality (FAITH) that the Indian tourism industry has gone into a state of disbelief and shock.
3. Tourism industry is in a state of shock
Indian tourism travel and hospitality is said to impact 10-12% of India’s employment which is believed to cover almost 5 crore + direct and indirect jobs.
4. Tourism attributes to 12% of India's employment
The industry has gone numb from a lack of any umbrella direction from the Government or without any fiscal & monetary support.
5. Tourism industry faced losses worth 10 lakh crore due to Covid-19
It added that with no visibility of cash inflows the Indian tourism industry is now looking at large scale bankruptcies, business closures which will lead to job losses across cities, towns and hinterlands of India.
6.No revival plans in package will lead to joblosses and bankruptcy
Retail association body CAIT, which has close ties with the ruling party, also expressed its grief. CAIT said that the entire trading community today is extremely upset with the Government for this 'step-motherly' treatment.
7. Retail sector suffered losses worth Rs 5 Lakh Crores
The traders will be landing into great financial crisis on the lifting of lockdown as they will have to pay salary, interest, bank loans, taxes and various other financial obligations.
8. 7 Crore retail traders of the country are in crisis
It is expected that nearly 20% traders will have to wind up their business and another 10% traders dependent on these 20% traders will have to close their business.
9. 20% retail traders will have to close their businesses
Under such a grim situation the Government has refused to handhold the traders. It’s a pity that such an important sector of the economy has been greatly overlooked
10.Another 10% trades dependent on retail sector will suffer
The Government also decided to overlook suggestions made by prominent industrialists and economists to pay Rs 5,000-7,500 to the most vulnerable section of society over the next three months.
11.Government ignored suggestions to pay Rs 7500 to most vulnerable
Automobile and aviation are the two other sectors who despite holding numerous meetings with the Government in the recent past did not find any major mentioning in the package.
12. Aviation sector has faced losses worth 20 thousand crores during lockdown
Automobile sector has faced losses worth 1 lakh crore rupees during the ongoing lockdown but got no relief in the package
13. Automobile suffered losses of 1 lakh crore yet got no relief
The Telecom sector, whose services remain active in the lockdown period was also sidelined.Telecom sector is already under huge financial debts.
14 Telecom sector already under debts is also sidelined
Similarly, startups and new-age businesses who are facing the risk of going bust due to a tectonic shift in consumption behavior were left out at large in the package.
15.Startups are facing a risk of going bust
Even the struggling Real Estate, which had some takeaways in the package, felt major concerns of sector were not answered.
16 Major concerns of the real estate sector remain unanswered
The sectors ignored by the government will push India further into recession and the 'Aatmnirbhar ' Bharat will just remain a dream
17 India can never become 'Aatmnirbar' by ignoring these sectors