The world has seen unprecedented times since the beginning of this year and the times continue to be such that it is difficult for the industry to get back to normal business, let alone accelerate to make up for the lost time and opportunity.
In these times, stimulus packages and / or reforms have been announced by governments world-wide and across all sectors. In India, for the aerospace and defence sector too, mid to long term targeted reforms have been announced. Increasing the scope of MSMEs, a negative list for imports, banning global tenders for procurement up to a threshold and corporatization of OFB are some of the most over-due reforms that have now been announced. The other announcement of setting up a PMU is also a welcome reform.
The Indian defence sector is moving forward… (Download to read more)
In order to successfully navigate crises like the COVID-19, there is a need for India to readily adapt and develop resilience towards transforming our challenges into opportunities. We now have the opportunity to gradually move towards a digital (r)evolution for our education systems; however, in order to provide solutions, it is imperative to understand the current online readines s as well as challenges of our students, teachers and education ecosystem. The ASSOCHAM and Primus Partners joint survey was answered by 466 students and 483 teachers across various states in India. The respondents belonged to a variety of educational institutions across India; government, government-aided as well as private.
The Government of India’s INR20 lakh crore economic package aims to support the country through the unfolding crisis and also realign its focus for future growth, by offering a package equivalent to 10% of the country’s GDP. The focus of the measures is also on structural reforms announced as part of this package showcase the country’s focus on strengthening the India opportunity, by becoming ‘aatmanirbhar’. The call to drive local businesses is geared towards developing the domestic market to cater to the demand of the consumption-driven economy and reducing dependence on imports. At the same time, the country intends to strengthen its manufacturing ecosystem to Make in India, for India and the world.
The fourth part of the economic relief package announcements today focused on driving reforms to bolster the Indian industrial ecosystem and create a competitive landscape that can enable domestic industries to match global standards. This opening up of sectors and reforms are essential to inviting private investments and liberalizing the industries through transparency to allow for autonomy, industrial growth and job creation. We await additional announcements tomorrow, to complete the picture of the Economic Package 2.0. Here is the summary of Day 4 announcements:
The third part of the economic relief package announcements today was to protect the livelihoods of the people while simultaneously propelling the economy. The measures were to strengthen India’s agriculture and animal husbandry and support those who work in these sectors. This was in keeping with the message of the Prime Minister for attaining self-sufficiency and working towards establishing a greater international presence as the world recovers from the pandemic. We await additional announcements in the coming days, to complete the picture of Economic Package 2.0. Here is the summary of Day 3:
The economic relief package announcements today focused on the most vulnerable segments of the Indian society which has also perhaps suffered the most in this crisis. These measures are targeted towards the rural and urban poor who have suffered the most during the pandemic, including farmers, migrant workers, street vendors and the homeless. Today’s announcements were compassionate and critical for the financial security and continuation of economic activity. We await additional announcements in the coming days, to complete the picture of Economic Package 2.0. Here is the summary of Day 2:
The second economic relief package announced by the Government is a much-needed step for the most vulnerable businesses from the impact of COVID-19’s economic fallout. The core theme remains providing cash for restarting as working capital. It also puts reforms (MSME definition) at the centre of growth that will help India position itself as a key destination for investment and long-term economic growth starting Q3-Q4 of this FY. We await additional sectoral announcements in the coming days, to complete the picture of Economic Package 2.0. Here is the summary of Day 1:
BW Businessworld and Primus Partners presents a study that maps initiatives taken by the states to contain the spread of the virus and keep their people safe. Read all about the efforts of each state in, ‘Battling the virus’.
Most Indian businesses are operating at limited capacity, owing to supply chain disruption and movement constraints. This is adding to their financial burden and making it difficult to pay interest and EMI against loans and salaries.
The current quarter is expected to be strenuous for most businesses, with things expected to improve from July. At the same time, most businesses are looking at minimal disruption to their workforce, to ensure readiness when operations resume to full scale.
Economic uncertainties are forcing businesses to reduce costs and consider deferring long-term capex plans. The coming few weeks will determine the extent to which businesses will have to tighten purse strings, as the situation unfolds.