COVID-19: Metamorphosis of Business Paradigm in Indian Economy

Abstract

The business around the world is affected by COVID-19 related consequence. The different countries around the world are changing their scope of compliances for businesses to sustain them afloat to uphold the economic disaster that might result in. This corroborates different federal governments of countries to sympathize with the battering effects of lockdown and restrictions in business and trade. The financial fragility of the small businesses is let wide exposed as the ensuing consequences of lockdown are bearing out over time. The paradoxical visualizations of laborers and migrant workers returning home as the impact of lockdown are not only pathetic to humanity’s point of view but also distasteful in financial concerns as it evidences the stoppage of all major economic activities of the country. The informal sector labor workers consisting of those working for medium-sized enterprises (MSMEs) and small sector enterprises are facing stiff challenges to stride through the rampant COVID-19 waves. In these wary consequences to support the payroll and financial circle the govt. of India has been coming up with some sacrosanct policies changes and amendments of laws. The restriction over internal and external mobility of resources and persons and constant dip in the GDP of the country as resulting from overall stoppage of economic activities including from aviation to tourism has been drastic. The result of the current measures undertaken by the government illustrates that the laws are efficient to provoke the small sector companies and MSMEs to start up with their economic functions as resulting out of the tax relaxation subjected to them.