Here's how ultra HNIs can help India fend off COVID-19 crisis

It is at times like these that the role of ultra-high net worth individuals (UHNIs) who have proven their acumen in different business spheres can be of invaluable help, tiding over the crisis that is staring at the country’s economy.

So what can UHNIs do?

There are numerous ways in which a UHNI or business can contribute to the nation’s economic growth.

Due to the onset of the COVID-19 outbreak, there have been disruptions in the supply chain as most entities across sectors are dependent on vendors from China. This is a great opportunity for businesses and businessmen to promote the ‘Make in India’ campaign.

Wherever possible UHNIs should look at import substitution and ensure raw materials are sourced from within the country, from SMSE’s which will, in turn, help them sustain.

During tough times like these, it is important for businesses to adopt a more human approach towards their employees. Be it through employee-friendly HR policies or ensuring continuation of employee benefits and no pay cuts. Supporting employees during their difficult times will earn their loyalty for a lifetime.

Our country has one of the largest startup ecosystems which is brimming with entrepreneurial talent. There are several first-time entrepreneurs or would-be entrepreneurs who need capital, mentoring, technical expertise, and market/customers for their products and services.

Investing in Indian startups and avenues will provide the necessary boost to economic growth.

Additionally, by providing microfinance through set-ups like non-banking finance company – microfinance institution (NBFC-MFI), small businesses can be supported to sustain themselves during the crisis. This, in turn, will have a long-term positive impact on the economy.

Philanthropy is an activity that gives immense contentment. By supporting the under-privileged sections of the society during times of lockdown – monthly rations, some money inho hand, food packets, and shelter to the large migrant population/workforce will be a much-needed service.

To sum up, taking a more pro-active approach which is in line with their core family business values and culture, something that has played a pivotal role in the success of their business, UHNIs can help the society at large in pandemic time.

(The author is Director, Campden Family Connect)

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