Corona is not an economic crisis, it is a setback for sure.

Apparently there is no economic crisis in the country as a result of Corona Virus. But it is definitely a setback to the economy. The time taken in recovery will depend on, how soon the corona menace is contained. People have to understand this and cooperate with the Govt in this regard by very strictly following the advisories of the Govt.

We as a country have a very strong resilience power. And we should be bouncing back within 7-10 days, as soon as the Corona threat is contained.

One problem which very strongly persists today is “insecurity in the minds of people” especially for those who may not have big or at all any bank balances, as to how to survive with loss of income or may be loss of jobs also. And this is where, the Govt. needs to take initiative and assure such people, in very clear terms, that there will not be any loss of income nor the loss of jobs on account of the Corona crisis.

For this, the Govt. needs to tell the Industry and businesses not to resort any job or salary cut for anyone and if at all it is to be done, it should be bare minimum.

Simultaneously, the Govt should assure the Industry and businesses that they would be suitably compensated for all such losses suffered by them. This will not only enthuse the people at large but also the industry and the businesses.

Today’s announcements by the FM, are only limited to easing the compliance burden on the industry and people under different statutes. As FM announced, the Govt. will also soon come out with the economic measures to address the insecurity concerns of the people in general and Industry and businesses in particular.

While all the relaxations announced by the FM are very much appreciated, in my view, there was no need to postpone applicability of the CARO 2020 by another year.

Since the announcement of CARO 2020, the corporate as well as the auditing community were gearing up for the enhanced requirements in auditing standards and in any case, there was sufficient time available for it. This in my view is little bit of retrogatory step as far as advancement of good corporate governance is concerned.

So far, we the people of India have fought the battle of Corona with a very strong determination and we will win it over sooner than later.

This is one battle, where we do not have to come forward, rather we have to stay back at our homes to win it over.

And we surely will.