Webinar :Register now for webinar on 'Trade BankNifty in just 15 minutes a day'
you are here: HomeNewsBusiness
Last Updated : Mar 25, 2020 01:04 PM IST | Source: PTI

Coronavirus pandemic: Events, entertainment industry says COVID-19 hit 60 mn livelihoods; seeks urgent govt help

The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the COVID-19 pandemic.

PTI

The Events and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has comes to a standstill following the national lockdown.

The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the COVID-19 pandemic.

Losses for the first two months are already over Rs 3,000 crore, the association said.

Close

“Since the outbreak of the COVID-19 pandemic, the impact to their business has been unprecedented with multiple global and national events having been postponed or simply cancelled.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

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.

How many types of vaccines are there?

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.

What does it take to develop a vaccine of this kind?

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.

View more
Show

“The adverse impact of this crisis on the events and experiential industry is expected to last for months while the impact in the first two months alone is pegged at over Rs 3,000-5,000 crore, at a minimum, as projected in a survey of 100 units in the sector,” the association said.

The pandemic has led to cancellations of conferences, both public and private, national/international meetings, incentives, conferencing, exhibitions (MICE) events, choking the lifeline of the industry.

Besides the 10 million it employs directly, the events and entertainment industry indirectly provides jobs to another 50 million through allied sectors like food and beverages, hospitality, tourism, advertising and marketing industry.

Sanjoy Roy, the founder and managing director of Teamwork Arts, and an official of the association, said the pandemic has slammed the brakes on our industry impacting the livelihood of millions. The industry is unable to pay the staff salaries, taxes, banks.

“The situation is extraordinary and unless the government takes quick actions and support the industry, as much as 60 million people will be impacted,” he said.

Some of the major big-ticket events cancelled include the 13th edition of the IPL, the 21st edition of the IIFA, the India Gaming Expo, the India Fashion Week, Goa Fest, PU Tech, ITB-India, India Fintech Festival, Ultra Festival, India-South Africa cricket matches, India Today Conclave, the Meta Theatre awards, among others, Roy said.

The events and entertainment management industry has been growing at a compounded rate of 14 percent annually. Of this live entertainment and sports events have been the sunrise segment, and was expected projected to become a Rs 20,000 crore industry by 2025, according to a recent EY report.
First Published on Mar 25, 2020 12:52 pm
Sections