The mighty Corona Virus is on a war path devastating everything that it touches moving from city to city, country to country leaving behind mayhem both in terms of human loss and economic meltdown. However I am sure that it is matter of time that we will surmount this devil with our resilience, scientific progress and more importantly by community outreach or rather lack of it, thru social distancing.
Places of worship closed, travel restrictions, closed airports, countries on lockdown etc. governments across the globe are taking whatever it takes to curtail its spread. On an individual level we also need to keep the social distancing, to flatten the curve of its spread and while all of us do this it will have a massive hit on the economy.
For starters the tourism, airline and hospitality have taken a massive blow and there is no immediate relief in sight. It is only matter of time that the effect will be seen across industries. There will be some who will be able to take this hit while for some it will cripple them. Some will grow back but for some it will be a death knell financially.
While the government is able to pay its employees in spite of shutdowns same cannot be said about private enterprises. Thus I request the government whether of the Local Bodies, State or the Central level to ease out the financial burden of its citizens to help them cope up with this crisis.
Here are few of my suggestions to tide over this Economic Tsunami:
- The Local Administrative Bodies i.e the Municipal Bodies and Zila Parishads defer the collection of taxes for at least a quarter.
- There should be no late fees charges for the deposit or filing of returns for GST or Income Tax. However the government should pass on these benefits to small business owners like shopkeepers, SME etc.
- Hospitality Industry should be given Tax Rebate and concessions for 2 Financial Years.
- To ensure that no hoarding takes place of essential food items, medicines and items of daily necessities.
- The citizens should be given the option to pay their bills of essential utilities in installments.
- New academic sessions will be starting soon and this entails a major outflow for a middle class family and keeping this in mind the education department should take some steps to ease this burden.
- Worst hit are going to be daily wage earners; government should ensure opening affordable, subsidized kitchens to ensure proper nutrition to them.
- Loan servicing and Interest for SME’s, Home Loans should be kept in abeyance with no penal action.
- CSR funds should be mandatorily be used to fight COVID-19 and ease out financial discomfort.
These are some recommendations, I am sure there are better suggestions and views to fight and shield us against CORONA!!
PS: Last but not the least: – No sitting government should be destabilized and no No Confidence Motion moved against them. Let them handle the CORONA and not waste time in safeguarding their law makers.