All things Money Thread

Big Daddy

Super User
Now the fun begins. Republicans screwed Democrats on impeachment. Now Democrats will hold everything up (unemployment benefits and stimulus packages, etc.) to make Republicans look bad. I have lost over a million dollars, but that is OK. If you invest then you take those risks. This is not the first time these things have happened to me. Dot com bubble, the Great Recession and now the Great Virus. I have enough money invested in gold, bonds, real-estate and cash to survive this crisis as long as I do not contract the virus.
 

adsatinder

explorer
Coronavirus News Update India: Assocham And Ficci Urged To Govt To Help MSME Sector
Coronavirus: औद्योगिक संगठन बोले, केंद्र ने मध्यम-लघु उद्योगों को न बचाया तो अर्थव्यवस्था तबाही की ओर
अमित शर्मा, अमर उजाला, नई दिल्ली Updated Wed, 25 Mar 2020 03:17 PM IST


MSME Sector

MSME Sector - फोटो : Social Media


सार
  • MSME क्षेत्र की मांगः बैंकों से कर्ज मिलना आसान करे सरकार
  • कमजोरी से करोड़ों नौकरियों पर लटकी तलवार
  • शुरुआती दौर में ही 34.8 करोड़ अमेरिकी डॉलर के नुकसान की आशंका
  • कोरोना लंबा खिंचा तो कोई भी उद्योग नुकसान झेल नहीं पाएगा
  • फरवरी से अप्रैल के बीच निर्यात के कैंसिल हुए आर्डर से आठ से दस हजार करोड़ रुपये का सीधा नुकसान

विस्तार
नोटबंदी, फिर जीएसटी और अब कोविड-19 का कहर; देश का मध्यम, लघु और सूक्ष्म उद्योग लगातार एक के बाद एक कठिन चुनौतियों से जूझ रहा है। कोरोना वायरस के चलते पूरे देश में लॉकडाउन होने से इस क्षेत्र पर सबसे ज्यादा असर पड़ा है।

एक औद्योगिक संगठन ने 23 मार्च 2020 को जारी अपनी रिपोर्ट में अंकटाड रिपोर्ट के हवाले से कहा है कि कोरोना के कारण चीन के निर्माण क्षेत्र की बंदी से भारतीय व्यापार क्षेत्र को शुरुआती दौर में 34.8 करोड़ अमेरिकी डॉलर का नुकसान हो सकता है।

अगर कोरोना का असर लंबा खिंचता है तो यह नुकसान भयावह रूप से और अधिक बढ़ सकता है। इससे एक साथ करोड़ों नौकरियां खतरे में पड़ सकती हैं। यह क्षेत्र देश को सबसे ज्यादा नौकरियां भी उपलब्ध करवाता है।

औद्योगिक संगठनों की राय है कि केंद्र सरकार इस क्षेत्र को तत्काल राहत पहुंचाने की पहल करे अन्यथा देश की अर्थव्यवस्था पर इसका भारी नकारात्मक असर पड़ेगा और देश की जीडीपी में भारी गिरावट आ सकती है
कितने नुकसान की आशंका
औद्योगिक संगठन एसोचैम के अध्यक्ष निरंजन हीरानंदानी ने अमर उजाला से कहा कि अभी उन्हें भी इसका ठीक-ठीक अंदाजा नहीं है कि कोरोना वायरस का कितना असर लघु, मध्यम और सूक्ष्म उद्योगों पर पड़ सकता है ।

लेकिन यह तय है कि पहले ही अनेक फैसलों के कारण मुश्किल दौर से गुजर रहे इस उद्योग क्षेत्र के लिए यह नुकसान इसकी कमर तोड़ देने वाला है साबित हो सकता है। कोरोना की वजह से कितनी नौकरियां खतरे में हैं, इसका अभी आकलन किया जा रहा है।

कोरोना की सबसे पहली और सीधी मार दिहाड़ी मजदूरों पर पड़ी है। निर्माण क्षेत्र पर पाबंदी लगने से अकेले मुंबई में ही लगभग 25 लाख दिहाड़ी मजदूरों को रोजगार खोना पड़ा है। अगर सरकार इस क्षेत्र को बचाने के लिए ठोस आर्थिक उपायों की जल्द घोषणा नहीं करती है तो देश की अर्थ व्यवस्था पर तीखी चोट पड़ सकती है।
सरकार से मांग
कोरोना के असर को लेकर एसोचैम के शीर्ष अधिकारियों ने केंद्र के प्रतिनिधियों से मुलाकात की और क्षेत्र की स्थिति की जानकारी दी। संगठन ने सरकार से मांग की है कि इस क्षेत्र को कोरोना के कहर से बचाने के लिए कर्ज वापसी के लिए उसे दो से तीन वर्ष का फ्लेक्सिबल अतिरिक्त समय दिया जाए।

इसके आलावा जीएसटी और इनकम टैक्स देने की समय सीमा को भी लचीला बनाया जाना चाहिए, जिससे तत्काल नुकसान की आशंका को कम किया जा सके।
नौकरियों को कितना नुकसान
प्रधानमंत्री ने औद्योगिक निकायों से अपील की है कि वे अपने कर्मचारियों को नौकरी से न निकालें। इतना ही नहीं वे उनके वेतन में कटौती भी न करें। यह मुश्किल समय है और उन्हें सबका साथ देने की जरूरत है।

लेकिन एक औद्योगिक संगठन के शीर्ष पदाधिकारी का कहना है कि अगर कोरोना के कारण बंदी एक या दो महीने तक चलती है, तो वे कुछ इसका कुछ न कुछ नुकसान सह लेंगे। लेकिन विदेश के कई देशों की तरह अगर यह लंबा खिंचता है तो इसका नुकसान बर्दाश्त करना किसी भी उद्योग के लिए संभव नहीं होगा।

इस स्थिति में नुकसान की कल्पना भी भयावह हो सकती है।
फिक्की ने सरकार को दी सलाह
औद्योगिक संगठन फिक्की का आकलन है कि चीन की बंदी के कारण इलेक्ट्रोनिक्स, सी फ़ूड, पेट्रोकेमिकल्स और आभूषण उद्योग को सीधा नुक्सान हुआ है। निर्यात में कमी के कारण अकेले मछली पालन उद्योग को 1,300 करोड़ रुपये का नुकसान हुआ है।

भारत अपने हीरा उद्योग के कुल उत्पादन का लगभग 36 फीसदी केवल चीन को निर्यात करता है। इसी प्रकार पेट्रो केमिकल्स का लगभग 34 फीसदी उत्पाद चीन को निर्यात किया जाता है।

लेकिन कोरोना के कारण यह निर्यात पूरी तरह से ठप है। अकेले फरवरी से अप्रैल के बीच कैंसिल हुए आर्डर से आठ से दस हजार करोड़ रुपये का सीधा नुकसान हुआ है।

निर्माण, पर्यटन, हस्तशिल्प उत्पाद, कृषि उत्पादों से संबंधित क्षेत्र और केमिकल्स सेक्टर में अभी मंदी और अधिक गहराने के आसार हैं। इसी समय में दवा क्षेत्र, मेडिकल इक्विपमेंट बनाने वाले क्षेत्र और केमिकल मेडिसिनल सेक्टर में कोरोना के कारण कुछ बढ़ोतरी होने की भी उम्मीद है, लेकिन यह बढ़ोतरी पूरे नुकसान की अंश मात्र भी न होने से इसका पूरी अर्थव्यवस्था पर नकारात्मक असर पड़ना तय माना जा रहा है।


Coronavirus: औद्योगिक संगठन बोले, केंद्र ने मध्यम-लघु उद्योगों को न बचाया तो अर्थव्यवस्था तबाही की ओर
 

adsatinder

explorer
'We may have to ask some people to leave'
By PRASANNA D ZORE
March 23, 2020 08:51 IST

'Our liquidity is strong for the next 15-20 days.'
'But if the situation worsens drastically, then we will have to think about laying off people.'



Illustration: Dominic Xavier/Rediff.com


Lokendra Ranawat, CEO, WoodenStreet, a furniture and home decor company that has online and offline presence, presents a grim picture of how start-ups like his are holding their chin over the water as they fight a tough economic environment that the coronavirus pandemic has wrought in its wake and brought the global economic engine almost to a standstill.
"The government needs to take some strong measures not only for start-ups, but for all economic agents who are under stress due to the coronavirus pandemic," Ranawat tells Prasanna D Zore/Rediff.com.
Could you tell us about your start-up venture and what are the challenges you are facing right now as an entrepreneur as well as a startup company?
The coronavirus epidemic is affecting, in some way or other, all the companies in India. The impact is different on different companies depending on the nature of businesses they carry, and how they are directly connected with this epidemic.
Talking about our venture WoodenStreet, we are an online company that sells furniture and home decor online. So, being an e-commerce company we also have experience stores across 25 cities.
Furniture is something from which customers like to get a touch and feel experience before making a decision; they sit on the furniture, feel the comfort and then they decide whether they will buy it or not.
Talking about the impact of covid-19 on our business, the online traffic has not gone down; in fact it has increased because most of the people are working from home.
While the browsing has increased, footfalls at our experience stores have drastically gone down because people are not venturing out to maintain social distancing.

Consequently, decision making is getting delayed because customers feel that now that they have seen it online, let's postpone our purchases for the next ten days.
As of today, we have seen at least 10 to 15 per cent downfall in our order book and it might shrink further if this pandemic spreads.
Buying furniture and lifestyle is not people's priority right now; people are more focused on buying hygiene products, medicines and food; they are browsing the net for getting updates on coronavirus.
Apart from sales, the other critical factor for our business is the supply chain. Most residential societies, out of health concerns, are not allowing outside vehicles carrying furniture into their premises. We have faced this challenge in some societies in Bengaluru and Mumbai.
Even customers are asking for deliveries that were currently due to be postponed to next week or after 15 days. They are also trying to avoid carpenters, delivery people and installations teams that visit their homes.

How are you trying to overcome these challenges?
If people are not trying to come to experience our furniture, we can't do anything. We are trying to convince more customers on the phone; we are trying to share more online videos which can help them decide. So, obviously that convincing part on phone we have increased.
Regarding he supply chain and delivery, we have provided masks and sanitisers to all our delivery people.
Our customers should feel confident that our people are maintaining hygiene when they go for delivery and installation. We are also talking to office bearers at residential societies to build their confidence in our delivery people's hygiene.
But honestly we are not 100 per cent prepared for this kind of situation in such short span of time. Whatever we can do we are doing; only our sales and operations team is working and we are also allowing our employees to work from home.
We have started working in batches; we tried with our marketing team and our sales team. We are not having a laptop culture and our organisation is or more or less just desktops; whatever laptops we have in spare, we have given it to our employees. We have also installed VPN software on the private laptops. So, in that way we are trying to control the situation.
While we are managing the situation right now, I am not sure how we would respond if things go worse after 15 days and these problems persist for a month or two.


Are you planning to cut down on employee costs by laying off people?
It completely depends on what happens after 15 days. Thankfully, we are we are not a big loss-making company like other start-ups. We have liquidity and we can sustain for at least next 15 days without cutting short on our resources. And anyways, we have not over-hired people; we don't have people on the bench. So, we are not worried about that.
The only thing is that we have definitely stopped hiring new people; all our expansion plans have been put on hold; those who we have already hired and were planning to join us immediately have been asked to join us after 15, 20 days or so.
We recently hired 15 people and they have been asked to join us two weeks later. Their joining date has been extended.
Our training module has been stopped right now. And as we are promoting work from home culture this training will be given at home.
As of today, our total annual turnover is Rs 50 crore and our employee strength is 300 people.


What measures do you feel can the government take to ease the pain of entrepreneurs like you?
The government needs to take some strong measures not only for start-ups, but for all economic agents who are under stress due to the coronavirus pandemic.
For businesses like us, the GST rates are really high at 18 per cent. So, if the GST rate is slashed to 12 per cent it will be a breather for businesses like us. It will help us tide over some of the losses that we are likely to suffer in the days ahead because of this pandemic.
Like the UK government, the Indian government cam also offer loans at reasonable rates to the MSME sector to tide over their liquidity and working capital requirements.
These steps can help build lot of confidence in the system.
Our liquidity condition is strong enough to take care of our expenses for the next 15, 20 days. But if the situation worsens drastically from there, then definitely we will have to think about laying off people because we have to pay salaries and other bare necessary expenditure to keep the business going.
And being a start-up, we don't have cash that can sustain us for next four or five months.
At that time, we will have to think about our non-core activities; we may have to ask some of our people to leave.


What's the median average salary at WoodenStreet?
Our median average salary is between Rs 30,000 to Rs 35,000 per month, and we have 300 people to take care of.
In the worst case scenario as per our emergency plan, we will have to layoff at least 40 to 50 employees from non-core areas.
So, suppose we have around 10 content writers, we might reduce them to six; if our sales team has 36 people now, we might reduce it to 20.
This is something which might happen in the worst case scenario.
But if things become normal and we witness a spike in our business, all our expansion plans will be rolled out equally quickly.
Right now, our sales are affected by 10 per cent.


As a CEO of a start-up, what is your advice to employees who are still working but face a layoff from their jobs?
This is a tough situation. Employees should understand their employers are definitely going through a harrowing time.
Employees should understand that work from home is not something like a holiday package. You must work as hard from home as you do while at work.

We just had an open session with all our employees and we explained to them the precarious situation that most businesses are right now and how much discipline and hard work is required from all of us to tide over the looming crisis.
If employees are not able to support us at this time, then at the end of the day they are the people who are going to suffer.
So, if in a disciplined way, if everybody is going to put efforts I think we can come out of this situation pretty good.
PRASANNA D ZORE / Rediff.com


'We may have to ask some people to leave'
 

adsatinder

explorer
Government of India Silently Makes Money in Coronavirus Outbreak

mirchi9.com

Mar 23, 2020 5:56 PM

[https://res]

Indian Parliament has adjourned sine die. For the first time in the history of India, the Finance Bill was passed without any discussion as all the parties unanimously decided to adjourn the Parliament due to the Coronavirus outbreak. In the chaos, the Government silently incorporated a clause which will enable to burn a hole in the pockets of the people.

In the Finance Bill 2020, the Government has amended the law to get enabling powers to raise excise duty on petrol, diesel by Rs 8 per liter each in the future. The current cap on the same was Rs 10 for petrol and Rs 4 for diesel and can be increased up to Rs 18 and Rs 12 per liter on petrol and diesel.

Crude Oil prices are at an all-time low in the international markets. The Central Government is silently increasing the Excise Duties without passing the benefits of the lower prices to the public. Interestingly, all the hikes are in the form of cesses which need not be shared with the State Governments.

On March 14, the excise duty on petrol and diesel by Rs 3 a liter each. An additional Re 1 per liter was also levied on both petrol and diesel under the road and infrastructure cess (RIC). The March 14 excise duty hike had reportedly helped the government collect over Rs 2,000 crore. “This is not making money, this loot public,” the Opposition criticizes.



 

adsatinder

explorer
RBI stays EMIs for 3 months, cuts interest rate, CRR
Source: PTI
Last updated on: March 27, 2020 15:00 IST

The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by the steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.




IMAGE: RBI governor Shaktikanta Das.

The Reserve Bank of India (RBI) cut the repo to 4.4 per cent, the lowest in at least 15 years.
Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years.

CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.



The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.



RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.
It all depends how India responds to the situation, he said.


Global slowdown could make things difficult for India, too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.
Aggregate demand may weaken and ease core inflation further, he noted.
The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenure for total amount of Rs 1 lakh crore at a floating rate and accommodation under marginal standing facility to be increased from 2 per cent to 3 per cent of statutory liquidity ratio (SLR) with immediate effect till June 30.
Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.
After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.





The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.
While the Monetary Policy Committee of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.


RBI stays EMIs for 3 months, cuts interest rate, CRR
 

adsatinder

explorer
What UPA's economists prescribe for covid-19 pain
By Indivjal Dhasmana
March 26, 2020 08:30 IST

‘There should not be a shortage of cash. You are instilling the fears into the system by saying that if you handle cash it would be infectious. But, what alternative do the people have?’
The UPA's economic czars C Rangarajan, Montek Singh Ahluwalia and Pronab Sen on what Modi Sarkar should do now.




IMAGE: People line up to buy essential commodities from a shop during the complete lockdown announced to control the spread of coronavirus, at Bowbazar Market in Kolkata, on March 25, 2020. Photograph: Ashok Nath Dey / ANI Photo.

Economy doctors of the United Progressive Alliance government -- C Rangarajan, Montek Singh Ahluwalia, and Pronab Sen -- had played a pivotal role in fixing the 2008-09 crisis.
They say the present crisis is different from the one then and requires a different prescription.
Indivjal Dhasmana finds out what each one of them has to prescribe.

C Rangarajan
Former chairman of the Prime Minister's Economic Advisory Council



The 2008-9 crisis was a typical economic crisis. It started with the collapse of financial institutions, then it affected the overall economic situation and it engulfed the world, including India.

Currently, external demand is falling, domestic demand is going down, and there are disruptions to the supply chain. It is here that the RBI and the government should take the measures.
A) RBI
i) Banks are going to face a situation where repayments of loans are delayed and so a certain amount of regulatory forbearance becomes necessary. This can be in terms of relaxing the rules of what constitutes non-performing assets. Income recognition norms need to be relaxed. This must apply to bank loans to all sectors and all sizes not only MSMEs but also large corporate.
ii) RBI must supply more liquidity to the banking system. It has already taken some steps. Besides open market operations, it has started long term repos. In 2008, US central bank bought corporate bonds.

That is not legally permissible in India. But banks are holding government securities. So it is possible for them through open market operations and other standard techniques to provide additional liquidity to the banking system.
iii) The policy rate needs to be brought down. But please remember that it is a double-edged sword. Some people are dependent on interest income on deposits.
B) Government
i) It must incur all expenditure necessary to combat virus. Expenditures for testing not only in the government but also private hospitals. There should be additional creation of isolation wards in hospitals, arrangement of more masks, sanitisers. It should also incur costs of importing equipment for testing.
ii) There are industries which are particularly affected -- travel, transport, hospitality industries. Some help needs to be provided to them. The government must defer dues of industries such as excise duty, license fee and others.
iii) It should ensure that business units do not retrench workers. Advice should go from the government that they should not do this. It has already done that. Certainly some people would be thrown out of the employment. There should be cash transfer. Some state governments are doing it.
The government should do what it does at the time of droughts and floods. The government in collaboration with non-government organisations should provide the basic amenities of life like food and clothing and certain other things to the people who are directly affected by the virus.

Montek Singh Ahluwalia
Former Planning Commission deputy chairman



We are facing a health emergency that also has serious economic effects. It is unprecedented and so there is no rule book.
The first priority has to be health and since there isn’t yet a vaccine or curative therapy, the only way of avoiding massive infections is lockdowns and social distancing.
This will be disruptive. We do not really know how long this disruption will last. But it is bound to spill over beyond the end of March.
The economy was limping even before the crisis and it will now do much worse. The usual source of information about the global economy is the International Monetary Fund.
It has not updated its somewhat upbeat forecast made in January before the pandemic but independent analysts now project negative growth for the world for two quarters at least.
The highly adverse negative global environment will depress our performance. To this we have to add the domestic disruption from lockdowns and loss of income and uncertainty about the future … we can try to start recovering in the third quarter of 2020-21.
Health will involve more expenditure and the central government has to help the states. We also need to take steps to expand existing social security to help those in the informal sector who will lose jobs and income.
Business also needs to be supported by expanding credit and regulatory forbearance. Otherwise there will be a string of bankruptcies, which would be a system failure.
The fiscal deficit will exceed the Budget target not just because of additional health expenditure but because revenues will fall short, with gross domestic growth (GDP) growth being very low.
We can worry about bringing the deficit under control through a credible medium-term strategy once the downturn is arrested. For the present, the focus of fiscal, monetary and credit policy must be to limit damage.
Hopefully the group under the finance minister, working along with the Reserve Bank of India, will come up with concrete proposals very soon.

Pronab Sen
Former chief statistician


The 2008-09 crisis essentially originated in the financial sector but it affected the global trade -- the second part is similar to what is happening.
However, within the country we were relatively insulated then. So, most of the losses that we took in terms of GDP growth came from exports that time.
Generally, it is believed that exports constitute 20 per cent of GDP. But this is not correct, exports are in the manufacturing sector so you should look at value added and this comes to about five per cent of GDP.
What we are looking at now is that because you have restrictions on everything other than essentials you are looking at industry which are closed and constitute 15-20 per cent of GDP. So, the magnitude of the crisis is much larger on GDP now than in 2008-09. And, then second round effect is going to be there.
The kind of V-shape recovery that we had in the aftermath of the earlier crisis was because of the demand that the government pumped through fiscal measures. Now, the hit that you are essentially witnessing is the supply side problem because you are forcing the industry to shut shop.
So, demand boost measures would not really solve the problem. The only thing we can now do is to focus on the income hit that has taken place.
People who are now unable to buy essentials that we have to focus on. We are trying to prevent possible food riots.
Whatever the government may say, the requirement of cash is not going to go down -- it will go up. You and I can buy essentials through credit or debit cards, but not all. So, liquidity management should be clearly the RBI’s first step.
There should not be a shortage of cash. You are instilling the fears into the system by saying that if you handle cash it would be infectious. But, what alternative do the people have?
The second order issue is force majeure. You have essentially asked industries to shut shops. The revenue flows of these industries have come to a stop. Unless these industries have large retained earnings in their balance sheets, they will simply not be able to service their debts.
It is extremely important for the RBI to go for forbearance of asset recognition, hold it off till it starts counting again. RBI should keep it open ended and not classify any assets as NPAs. It should re-set the zero date from which the clock will again start to tick.


It will lead to lots of pressure on banks because they will have to pay interests on deposit but they will not be able to earn interests on very large chunk of their assets. The RBI should then say I am the lender of the last resort, I would take care of that problem.
Eventually, this will have to come from the fiscal side, the government will have to pump in money.


What UPA's economists prescribe for covid-19 pain
 

adsatinder

explorer
Lockdown effect: 'Truckers lose Rs 1,800 cr daily'
By SYED FIRDAUS ASHRAF
March 27, 2020 12:06 IST

'The government is saying that essential commodities are exempted, but on the ground there is no competent officer from the government who can say which is an essential commodity and which is not.'



IMAGE: Loaded trucks stranded at the bypass on the outskirts of Bhopal. Authorities do not permit the movement of trucks, even those that carrying essential items, following the nation-wide lockdown announced by Prime Minister Narendra Damodardas Modi. Photograph: ANI Photo

Around 6 million to 6.5 million truck drivers have been left high and dry without any help as India enters day four of its 21-day lockdown in an attempt to fight the coronavirus pandemic.
Trucks, even the ones carrying essential goods, are not being allowed to move following the government's orders to seal state borders and checkposts.
Furthermore, those who are on the road are left starving and thirsty as dhabas and roadside restaurants are shut.
"We fear the drivers will run away as we don't know how long they will stand next to the trucks without food and water," Balmalkit Singh, chairman, All Indian Motor Transport Congress, tells Syed Firdaus Ashraf/Rediff.com.

What is the situation for truckers due to the coronavirus crisis?
The situation is very bad for truckers. All the trucks are standing idle at state checkposts or national highways. All roadside eateries and dhabas are closed. The truck drivers are not getting food and drinking water too.
How many trucks are parked on the roads?
At present around 60 to 65 lakh (6 million to 6.5 million) trucks are stuck across the country at various locations.
The government is saying that essential commodities are exempted, but on the ground there is no competent officer from the government who can say which is an essential commodity and which is not.
But...
(Interrupts) Drivers are leaving vehicles at check posts or wherever they are. They are moving to safer places away from trucks.
High-value consignments are lying idle on roads. This can create trouble because local goons can take advantage (and steal the goods).
What we are suggesting to the government is that camps be made every 200 kilometres on the state and national highways where trucks must be allowed to park.
Basic safety must be given to the goods in the trucks and also to the drivers.
And from there onwards what is essential items in the trucks that must be allowed to move.
Is there a list that the government has given to you stating which are essential commodities?
Nobody is adhering to that list. I have a notification from the Gujarat government and Maharashtra collector that some PPA powder is there which is essential and required for manufacturing of clothing for mask and gloves.
That vehicle too is halted by officers on the ground. These officers are not willing to see the details of the notification and only tell truck drivers, 'truck laga de side mein (park your truck on the side of the road)'.
And what about food items?
That too has come to halt. Mandis have shut. Labourers have left.
Even for food grains, where are the labourers to unload it from trucks?
And who will transport food grains to retail stores? There is no manpower.
Have you met government officials to apprise them of this situation?
We have mailed them and also tweeted about our problems. Communication is going on at the moment though.


IMAGE: A truck driver is screened for coronavirus at the Tamil Nadu border during the lockdown. Photograph: ANI Photo

The government has announced that there is no toll for every vehicle, isn't it?
It is a good move, but there is no movement of vehicles at toll plazas. No cars, buses or heavy vehicles are passing through toll plazas at the moment.
In a day, how many trucks move in India?
There are around one crore (10 million) vehicles across the country. We assume 20 per cent are idle and not running on roads. Say another 10 per cent are in garages for repairs. So, at any given point there are 60 to 70 lakhs (6 million to 7 million) of trucks on the road in India.
How many trucks do you personally run and where are they?
I have 350 trucks and all of them are standing on the roadside at different points across the country. Eighty per cent of them are loaded and 20 per cent are empty.
The loss is huge.
What would be the total loss to the truck industry?
The truckers will lose around Rs 1,800 crore daily due to the coronavirus crisis.
What should we do to come out of this situation?




We have forwarded our suggestions to the prime minister's office, ministry of road transport, finance minister and the respective state governments. We are hoping that this will be solved in the next four days.
We will streamline hopefully by then, but we should not be too late.
We fear the drivers will run away as we don't know how long they will stand around next to the trucks without food and water.

Lockdown effect: 'Truckers lose Rs 1,800 cr daily'
 

adsatinder

explorer
Lockdown effect: 'There is no food in the house'
By DIVYA NAIR
March 26, 2020 11:41 IST

The nationwide lockdown has robbed several daily wage labourers and households of their incomes.
Vrushali Vilas Kadam tells Divya Nair/Rediff.com how her family is struggling to make ends meet.


In India, jobs the biggest casualty of coronavirus
Vrushali Vilas Kadam



IMAGE: Vrushali Vilas Kadam is worried that if the lockdown continues, her family will starve. Photograph: Divya Nair/Redifff.com


Vrushali Vilas Kadam, 42, whose husband rides a rented rickshaw in and around Kalyan, used to help her family meet ends by working as an ayah.
She would pick up and drop off students from nearby schools, for which she would be paid Rs 300 per child.
Since March 15, when most schools in Kalyan and the rest of Maharashtra, were shut down abruptly, Kadam couldn't help control her emotions.
She is worried how she will buy groceries and pay rent for the next few months.
Vrushali has two children -- her youngest son has just appeared for his final year exam while the eldest holds a temporary job in a computer firm in Mumbai.
After the lockdown, everyone is home and there is no income or savings to fall back on.
"My husband used to bring home Rs 250 to Rs 300 a day. My son had a temporary job. He is home now. We haven't stepped out for more a week now," she says.
"There is no food in the house. From vegetables to groceries, everything is getting expensive. How do we pay rent and survive in these tough times?"




The mother breaks down as she reveals how the lockdown will affect her family.

Lockdown effect: 'There is no food in the house'
 

Big Daddy

Super User
The worse is yet to come. With the stall of economy, government tax revenue is going down, which will significantly impair government's ability to help people. With so many people already out, the virus is spreading.
 

adsatinder

explorer
With news coming in that farmers are not allowed to reap their fields will lead to another crisis.
Weather is also creating Havoc for ready crops with rains and hail storms.
Future seems high rates for food with less money in hands of rural and urban people both.
Crime is going to increase for sure.
 
Top