Covid-19 has affected every sector across the globe, and the hotel industry is among the hardest hit. The research suggests that recovery to pre-Covid-19 levels could take until 2023—or later.
According to the World Travel & Tourism Council (WTTC), 100.8 million are currently at risk in the tourism sector with 1 million jobs being lost every day. As per an Oxford economics study, Asia is expected to be the worst affected and data suggests the industry could take many months to recover.
As per data, the impact on the Indian hospitality industry could render a majority of the people in hospitality in India, jobless. As a result of this pandemic, the Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment.
Governments will have to play a huge role in saving the hospitality industry. France, Switzerland, Spain and other European government have promised aid tallying millions of euros towards rescuing all types of local businesses hit by the Coronavirus, and with similar practices adopted by many governments in other parts of the world.
The government in India should consider the following measures.
Monetary Support
Stimulus package to stabilise and support the sector in the near term, including a workforce support fund to ensure that there are no job losses.
Provide a moratorium of 6 – 12 months on all loans (principle & interest), including working capital payments and overdrafts.
Ensure that credit rating agencies do not down-grade ratings of businesses, due to the expected volatility of the business in the short to medium term.
この記事は Ambrosia の September 2020 版に掲載されています。
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この記事は Ambrosia の September 2020 版に掲載されています。
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