On 15th April, the High Commission of India in the UK, in partnership with Federation of Indian Chambers of Commerce & Industry (FICCI), organised a Virtual Roundtable on ‘Covid-19 – Issues, Challenges & Way forward’ for Indian Businesses in the UK.
The roundtable provided a comprehensive overview of various stimulus measures announced by the UK government while discussing the issues and challenges being faced by the businesses. Attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT and Trading among others. Indian High Commissioner to the UK, Her Excellency, Mrs. Ruchi Ghanashyam said,
“The Government of India and the High Commission of India are constantly working with businesses with regard to the Government’s response to Covid-19.”
She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of coronavirus. A senior representative of the High Commission briefed the participants about visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these.
Lord Jitesh Gadhia elaborated on key measures like Coronavirus Business Interruption Loan (CBIL), Furlough Scheme, support for Small and Medium Businesses (SMBs) as well as provisions for rent relief, etc. He stressed that going forward the businesses will have to prepare for a reopening strategy that would be graduated, phased, and respaced.
While Lord Karan Bilimoria stressed the requirement of a public-private partnership for devising a scheme for tech companies and Startups to help them navigate the pandemic. He said,
“Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trials and, in due course, develop a vaccine, once the rate of COVID-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner.”
Baroness Usha Prashar, Chairman, FICCI UK Council said, “The roundtable was very informative and constructive. Response of the Government, initiatives by businesses and communities were appreciated by all present.
“There is going to be a prolonged period of uncertainty and disruption and ‘new normal’ will be very different. While response to immediate issues is crucial so is thinking about the future adjustments businesses will have to make. Planning for the future, particularly in areas such as increasing role of technology, people skills and well-being are some of the key areas. FICCI will continue to support its members in whatever way possible and draw the issues raised.”
