The outbreak of COVID-19 world over has impacted India as well, forcing the country to go under lockdown, affecting normal life and the economy. Businesses, especially the micro, small and medium enterprises (MSMEs), are severely hit due to a halt in their manufacturing and production operations.
Thanks to the complete shutdown across the country, MSMEs that are labour intensive and with major export and import operations, are finding it difficult to keep up with the present situation. According to a survey by SOLV, 90 percent of the MSMEs interviewed are negatively affected by the coronavirus pandemic.
The survey further stated that the MSMEs lost around 35 percent of their businesses, and if the current situation prevailed for a longer duration, many businesses won’t be able to survive for more than three months.
Since MSMEs are dubbed as the backbone of India’s economy, if the lockdown period is extended, the losses could go up to lakhs of crores, hurting India’s GDP majorly.Against this backdrop, it is crucial for business owners to prepare a survival kit for their businesses to cushion the impact of the economic slowdown. If you are an MSME owner, here’s what you can do to keep your business thriving in tough economic conditions:
While tough economic conditions can certainly take a toll on your business’ health, you can keep your company thriving by taking proactive measures, becoming leaner and cost-effective.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.