Of survival, stimulus, and solidarity - India's story under lockdown
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.
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 post-COVID-19 economy will bring equilibrium.believes that the
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Kiran Mazumdar Shaw
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We know it's just Day 6, and it's a long way to go. But for now, stay home and stay safe.
needs close to Rs 10 crore to set up a large-scale manufacturing facility to make and distribute its portable ventilator.
Many businesses are coming out with new launches and according to one estimate, the hand-sanitiser market is projected to cross $2 billion by 2025.
As India goes into complete lockdown to mitigate the coronavirus outbreak, startups in Delhi-NCR are continuing to hustle in these trying times.
The coronavirus crisis has gripped India and now is the time to act. Several platforms have opened individual donations for you to make a difference.
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People have stacked up on tea, coffee, baby food, soaps, and sauces. It's the kirana stores that are doing well as opposed to large retail stores.
The wedding business is also facing the brunt of the uncertainty and the economic slowdown as couples brace for a pandemic of disappointment.
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