“We have overcome many crises before, and businesses can survive this. If businesses follow some of the lessons from the 2008 crisis, drastically reduce their fixed and indirect costs, they can get back on the path of revival,” stated Murthy, addressing chief executives, managing administrators and senior leaders from ET ILC in a webinar on Wednesday.
Deepak Lamba, president, TSSL and CEO, Worldwide Media, steered the dialog on to the implications that the Covid-19 outbreak may have on varied enterprise areas and the steps to be taken to make sure financial development and revival.
“This is a time for leaders to make big sacrifices. Top management must take the biggest pay cuts so that others suffer as little as possible,” Murthy stated, including that he was not a proponent of worker retrenchment and that shedding individuals on the backside wouldn’t clear up enterprise challenges.
Murthy stated the important thing to restoration will relaxation a terrific deal on small and medium enterprises (SMEs), since 10 million of them contribute near 23% of India’s GDP.
Both short-term in addition to deeper coverage degree adjustments are required for them to bounce again, he stated.
“Indian SMEs have not advanced technologically, nor have their quality matched global levels. I believe that the main reason for this is the way they are categorised. SMEs are classified on the basis of revenue and investments and thus, to qualify for certain tax benefits, they have refrained from making investments in technology,” he stated.
Murthy stated India ought to arrange specialised industrial parks, present tax exemption for the primary 6-7 years, give them illustration on nationwide trade associations and research intimately and implement how China succeeded with its SMEs.
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