Millions of more Jobs will be lost, as more and more small Businesses start getting closed. This will rise to larger unemployment and already with a saturated Job Market, thereby more Livelihoods at stake and this may give rise to unrest and poverty, leading to a devastating affect on other parts of the economy.
It is through Small Businesses that rotation of money happens in the Economy and with them out of businesses, will directly affect the rotation of money and this in turn will lead to NPAs, both from the businesses and by those who lost their jobs due to the business closures.
Neither the Government nor Banks have come to the rescue of these small and those businesses that have been directly affected by the Pandemic and Lockdowns, for no fault of theirs. But Banks, inspite of having knowledge of the lack of business and revenue in these businesses even to meet salaries and overheads, are behind them for EMI and Interest, wherein Government could do a write off with the Excess RBI funds of 99000 crores or relocating budgets from the various unused budgets allocated for various segments. Or RBI can direct all the Banks to give a compulsory Moratorium for 2 years, on all businesses truely affected by the Lockdowns. Imagine the hardships the Businesses and Individuals must be undergoing from Private lenders.
The below example will explain why businesses have been forced to close their shops
From the above Financial simple example it will be very clear that how a small businessman who was already struggling with meagre earnings before the Pandemic, has now ended up not only in losses, but is also not able to pay EMIs, meet his family needs and also could not protect the Livelihoods of those who had been employed with him and have also their jobs now.
Let us all put our Right foot forward ahead from this June to Join hands and contribute towards the revival. History, has always taught us the collective effort can even move mountains, we can help the Government to hold its funds in the fight against the Virus and the future Waves if they come and let us all contribute and close all the Bank loans of the Businesses affected and give them Hope to kick back again.
Time show our Humanity and Help Fellow Human beings, All it needs is a Heart to contribute a part of what we spend on Alcohol or Food that we waste or the Excess clothes we have in our wardrobes which we hardly wear.
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