Covid 2.0: Lack of Access to Finance Principal Issue in Sector's Recovery – Sanjoy Roy

by  Komal Darji Industry Watch | May 5, 2021 | Feature

Sanjoy Roy Teamwork Arts

Just as in-person events were limping back, there has been a fresh Covid19 wave and attendant restrictions are in place in different parts of India. EVENTFAQS Media reached out to industry stakeholders to get their view of the current situation and understand their approach to it.

We asked: Is the event industry better prepared now to face the challenge, than it was a year ago? Is there a case for government assistance to the event industry? What should the industry seek?

Here is what Sanjoy Roy, Managing Director, Teamwork Arts, had to say:

“The industry continues to reel from last year’s lockdown. Even as it appeared that businesses were rebooting, money was coming back into the system, travel was headed north and FMCGs were doing well, this second Covid wave swept away any semblance of recovery. In its wake it has left people gasping for oxygen, dashing around madly for beds and oxygen with little hope for the future.

The panic on the streets has ensured a large self-imposed lockdown across most cities. Once this second wave peaks and should we all recover from it, much will depend on the fear of a third, fourth and fifth wave. Most smaller businesses have shut down, others have moved to the digital space and some have re-invented themselves in new spaces. Savings across the sector and access to financial resources are few and far between and this will be the principal issue in the sector’s recovery.

Government needs to recognise the sector as an industry. Make available financial packages, provide for job security and pay 50 percent of the salary wage. Vaccinate and once it’s safe start reopening the cities and rebooting the creative and entertainment sector.

Government should build health infrastructure, build confidence, ensure all payments owed to this sector are cleared, rationalise tenders to ensure an even playing field, move away from favouritism that continues to be the single most problematic aspect of all government tenders, use the money saved from extravagant public spectacles to smaller, localised support and provide tax incentives.

If PM cares and other finds can find tax exemption, then why not these sectors that need support?