[dark.knight]

Originally Posted by ach1lles

Not really, they figure that society will be impacted economically for at least three months with current lockdown timeline and situation. Which I think is quite optimistic.

Hope you're right, deeply hope you're right. Even GST payments for Apr-May-June are deferred to June 30th, which I'm wondering why. The final income tax round is also set as June 30th. Now if June 30th is a maximum date and things are estimated to roll before that, that's fine.

Three days into the 21, and 6 in total, I am mentally a wreck.. yes we're taking every precaution & abiding by every rule but being a business owner it's left everything in the lurch, I'm not sure if there is a future at all for this business as it relies on imports and corporate clients - both left in limbo today. I'm mentally reconciling with the fact that it'll be near impossible to get this business going again.

Eighteen days, we can somehow pull through, but after that I need to come with a new idea for not only a livelihood but also for keeping me busy again. Just 3 weeks back I'd paid the IT installment almost in full for assessment year even though one more round was left.. my CA even asked me at that point why but I said "let's finish it, I can sleep better and less to think about for next round". Today the CA jokes if I knew what was coming, I wish.

[Pancham]

Originally Posted by dark.knight

Eighteen days, we can somehow pull through, but after that I need to come with a new idea for not only a livelihood but also for keeping me busy again. Just 3 weeks back I'd paid the IT installment almost in full for assessment year even though one more round was left.. my CA even asked me at that point why but I said "let's finish it, I can sleep better and less to think about for next round". Today the CA jokes if I knew what was coming, I wish.

DK buddy, a lot of us are in the same boat. So keep hope. I genuinely feel we will sail through this.

[akhil_007]

Originally Posted by akhil_007

Please do not misunderstand. Its not about NOT paying emi. But provide 3 month of No-deduction. Ex: if it was a 5 year loan, the duration will now be 5 years 3 months(calendar dates).

Wow that was fast. Kudos to RBI.

I maybe nitpicking but it says RBI has allowed moratorium. Is it an advisory Or a directive to the banks?

[sudeepg]

Originally Posted by akhil_007

Wow that was fast. Kudos to RBI.

Is it an advisory Or a directive to the banks?

It is not a directive. Banks are allowed to take the call. I am assuming they will do it only on a case to case basis, similar to how one can ask for time if they are out of job

[Turbanator]

Originally Posted by dark.knight

GST payments for Apr-May-June are deferred to June 30th, which I'm wondering why.

It’s only for businesses with turnover less than 5 cr. Rest guys have to pay on time or 9 % interest but no penalties. This is being proposed to reduce the lock down effects on small business.

it relies on imports and corporate clients - both left in limbo today.

Same like us, many large corporates have simply sent a Notice mail -Force Majeure situation - “ settlement of payments will be kept in abeyance”

Just 3 weeks back I'd paid the IT installment almost in full for assessment year even though one more round was left..

That must be the advance Tax, you have to pay 100% till 15th March. You did the right thing else would had to pay the interest, there is no relief on this yet.

[Miyata]

It's well known that the world wars have had been instrumental in bringing forth various technological advancements. It appears this pandemic might also bring forth some technologies. One such appears to be this Pandemic Drone to Detect People with Respiratory Conditions.

We'll hopefully see plenty more things to come on the medical tech front.

[m8002?]

Atleast one company is taking a contrarian view in terms of salary of its employees

https://www.rediff.com/money/report/...l/20200327.htm

[hserus]

Originally Posted by m8002?

Atleast one company is taking a contrarian view in terms of salary of its employees

https://www.rediff.com/money/report/...l/20200327.htm

Associate and below = the most junior levels in the company, earning peanuts.

25% of base pay when most of the "CTC" is all sorts of variable pay options, many of which don't always translate to cash in the bank or anywhere else.

Still, yes far better than making them redundant or giving them pay cuts.

[UMe]

On the contrary, we have this news :
PwC deferring promotions, increments and bonuses of India employees, partners to take 25% pay cut.
https://m.economictimes.com/industry...alsharebuttons

[SmartCat]

Raghuram Rajan's views on Covid-19 and economy:

https://www.youtube.com/watch?v=SqKQWK2YCxU

[recshenoy]

https://www.cnbc.com/2020/03/27/imf-...-recovery.html

IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery

“We have stated that the world is now in recession and that the length and depth of this recession depend on two things: Containing the virus and having an effective, coordinated response to the crisis,”

[mvadg]

A much more detailed reading of the effects of the Covid19 disaster on the Indian economy; makes me wonder if sacrificing some lives to the Covid19 to keep the economy going and growing would not be a better strategy than the lockdown to save the few Covid19 victims.

https://youtu.be/CvlU-Yqf-EM

[d3mon]

Originally Posted by mvadg

makes me wonder if sacrificing some lives to the Covid19 to keep the economy going and growing would not be a better strategy than the lockdown to save the few Covid19 victims.

The Governor of NY put it best as below: https://twitter.com/nygovcuomo/statu...083295746?s=21

History will not look kindly towards folks who put short term economic gains over the lives of millions.

[mvadg]

Originally Posted by d3mon

...
History will not look kindly towards folks who put short term economic gains over the lives of millions.

I too was in agreement with Cuomo's views. But we are in India (it is going to be the same in the USA, from what I can make out). I have changed my views after watching economist Dr. Ghosh's interview above and what Dr. Ramanan Laxminarayan (he too is not a medical doctor, but is an renowned epidemiologist - for those more wary of the various "Drs") has said about the disease. You have to draw your own conclusions.

Mine is based on the following:

1. There will be 10% more deaths in our country than usual - only they will happen in a short period of time which is more difficult for us emotionally
2. The disease will be back in Nov 2020
3. India has very limited resources to deal with the virus
4. The economy is a disaster right now, but the lockdown killed it completely
5. More people will die, not from the covid19, but the effects of the disastrous economy and the resultant mess

I strongly feel the government has already failed. There is no reprieve. There was only one possible solution and that was not implemented - an iron clad quarantine at stage 1. We know this was not done because of our elite travelers and an equally aloof administration. Lest you accuse me of "hindsight" - please look at the timeline of this pandemic, we had more than sufficient time and information. Given our resources and our options, we should have been paranoid about not going beyond stage 1.

If you don't agree with my conclusions, please feel free to disagree with supporting facts, so I too can consider changing my opinion.

(Note: - I am a strong critic of our administration and our politicians, so you can take the above conclusions of mine keeping this in mind.)

[ramzsys]

Originally Posted by mvadg

A much more detailed reading of the effects of the Covid19 disaster on the Indian economy; makes me wonder if sacrificing some lives to the Covid19 to keep the economy going and growing would not be a better strategy than the lockdown to save the few Covid19 victims.

Been reading Jayati Ghosh articles in Frontline and Hindu for more than a decade.

They are experts in vividly portraying gloom in the name of reality but they are proved wrong/irrelevant because humanity thrives on optimism and hope, pessimism will only lead to anxiety and depression.

Another website I can compare is zerohedge. Everyday they come up with seemingly logical explanation why 'it all will collapse' and it never happened for the reasons they said.

Nobody is denying 'damage done to economy', the PM clearly said he's preferring lives over economy. There is no getting back to normal, it is a 'new normal' to look forward to.