Almost all economies are facing a downstream due to an uncertain outbreak of this highly infected COVID-19 virus. It hit out of the blues that no government got an opportunity to plan for countering it. Today, more than 6 million Americans are in the clutches of this deadly infection. The worldwide confirmed cases are 19 million plus, with the mortality figure of over 1.2 million people.
The massive number of cases has left global economies crippling. The speech of PM Modi in India has tightened the noose of containment strategy in the worst affected regions. The NASSCOM has also urged for the package to cushion the derailed lives and livelihoods.
IT-BPM in Key Role
The responsibility of the IT-BPM sector has become more to come out in a key role, supporting the economy amid lockdown via work from home strategy. The strong players like Eminenture and many other BPM giants are proving a special asset for saving humanity. These are challenging this pandemic with “no firing of employees”, donations, availing PPEs and meals to those who are in a great need. Even, the startups of this domain are collaborating with the central and state government to roar against and defeat the severity of this virus by building apps, data analytics for war rooms, ventilator tech and other solutions. This is a value chain that figuring out revolutionary ways to minimise its adverse impact.
The business analysts and other professionals have gone deep with its implications, calling it a short-term impact that will be recovered over the next few weeks as the crisis recedes. But, the recovery cannot be accurately figured out, as it can be L, V or U shape.
As of now, the efforts are putting in place for maintaining business continuity. But, it’s really hard for SMEs to not to succumb to this crisis. However, digital transformation is already floating around in schools, firms, hospitals and government sectors. This could be a golden opportunity for the SMEs of IT-BPM sector to take a lead and hack growth through digital innovations.
NASSCOM’s 5-Pillar Plan
- The NASSCOM president has urged the union government to seriously look into the extension to the benefits under the SEZ Scheme and SEIS Scheme for benefiting this core industry.
- Fiscal support to SMEs for 3 months for 50% of the employees’ salary subject to a cap of INR 15k a month for their retention should be provided. Adding to it, the rent waivers/ subsidies for SMEs if they operate from the government premises may be considered. Clear all dues to SMEs/ MSMEs immediately and process GST/ TDS refunds for access to working capital.
- Banks should also offer some leverages to provide working capital loans to these small companies on the basis of the previous 180 days dues.
- Avail employees a one-time PF/ ESI opt-out alternative to optimize costs without affecting the dream of owning a home for employees. Besides, the exemptions from GST on import of free of cost services should be allowed.
- An extension of the OSP policy to permit Work from Home till 30 June is sought for ensuring dynamic IP driven flexibility. Companies should incur expenses that employees are bearing for enabling Work from Home.
- The funds should be released to the most vibrant start-up sector as a big support. The seed stage funding is a great provision to access to capital for start-ups.
These are a few plans to overcome the crisis through IT-BPM industry, wherein Eminenture is also emerging as a philanthropist and a warrior to minimise the adversity caused by this deadly virus.
Source: The Economic Times