‘Economy can be revived by offering stimulus to MSMEs’
INDUSTRY & LOCKDOWN
SUNDEEP Khosla, Director of Khosla Rubbers Private Limited, feels that the economy can be revived by the government by offering stimulus to the MSMEs and with increased purchasing power of people. A commerce graduate, he passed out of DAV College, Amritsar. Besides, he is the chief patron of the Balkalan Industrial Welfare Association and a member of the state-level advisory board. In an interview with Neeraj Bagga, Sundeep says the lockdown has badly affected his business. Excerpts:
How has the lockdown impacted your business?
The lockdown has badly affected my business. During the lockdown period, our entire plant remained locked while expenses continued. Now, the government has allowed industrial units to restart but my unit is running at 25 per cent capacity.
When do you expect the resumption of your business?
Considering the present situation we are in, I have decided not to start any new business.
Have you released the salaries of your staff?
I have given salaries to all my workers. Despite facing hurdles like no sales and no profit, I have given salaries during the lockdown period from working capital.
What is the share of online trading in your profession?
The share of online trading is very low in my profession. The lockdown has taught us that online trading is very important. So, I am getting prepared a website to enter the online trading.
What lessons have you learnt from the lockdown?
As a businessman, I think one should diversify into other sector too because if one business of yours is not doing well, you can earn from others. One should start also the business of essential goods or services as essential goods always keep running no matter how is the situation.
Do you consider the current crisis as a challenge or an opportunity?
I take it as a challenge. During this period, many items associated with Covid-19 have been invented. For example, we prepared foot-operated hand sanitizer dispenser machines and now many industrial units have started making such machines.
What are your expectations from the government?
The government should help the industry at this critical juncture. First of all, interest should not be charged on working capital and loans as these are a huge burden on industrialists. The government should give direct benefits to industrialists. Postponing the EMIs is not beneficial if banks will charge interest on it. Interest should not be charged on the deferred EMIs. Industrialists need financial help from the government. So, it should give free electricity to industry for at least six months and also give relief in GST payments. On top of that, these fixed charges and interest on CC limits and term loans is a big problem for them. So, the government should not charge these from industrialists. These steps can help industrialists to recover their losses.
