Of survival, stimulus, and solidarity - India's story under lockdown
On Tuesday, Prime Minister Narendra Modi announced a 21-day nationwide lockdown to curb further spread of the coronavirus.
The battle against the novel coronavirus continues. The global stock market crashed, wiping $21 billion off Mukesh Ambani's wealth. Even Apple lost its trillion-dollar valuation. On Tuesday, Prime Minister Narendra Modi announced a 21-day nationwide lockdown to curb further spread of the virus.
Following this, many migrant workers lost their jobs and shelter, and due to the closure of all forms of public transport – including interstate buses and the railways – are literally walking hundreds of kilometres on foot.
While PM Modi had assured that essential goods and services will operate smoothly, things didn't work out as planned. Numerous delivery executives were beaten by cops.
And while demand for essentials rose, companies failed to deliver orders due to several roadblocks. Even foodtech companies faced on-ground challenges, coupled with a fall in order volume.
Finance Minister Nirmala Sitharaman announced a much-needed comprehensive stimulus package of Rs 1.7 lakh crore to deal with the economic impact of this lockdown.
The government also launched a new fund PM-CARES to deal with the present pandemic and similar crises in the future. Corporates and startups are also rallying forces to fight the pandemic, with several companies committing funds while others are working on innovative solutions.
According to Rajan Anandan of Sequoia Capital, this too shall pass but startups will need a strategy to emerge stronger.
On the other hand, Kiran Mazumdar-Shaw of believes that the post-COVID-19 economy will bring equilibrium.
Image Courtesy: Google Images
Kiran Mazumdar Shaw
If you need information or are seeking help related to coronavirus, visit the YourStory COVID-19 Resource Centre for Startups and SMBs. And if you have any query, write to us here.
We know it's just Day 6, and it's a long way to go. But for now, stay home and stay safe.
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Quote of the day:
"This a right time for hard pivots. If your product is not already doing well and you are hitting wall you might as well use this time to pivot completely to another idea." – Mayank Khanduja, Principal, SAIF Partners
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