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Deep Dive, Repercussions and Recipe to tackle Coronavirus

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Deep Dive: Repercussions and Recipe to tackle Coronavirus
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Source: Google

Rajeeb Sahoo, CA

Having embarked on a journey in the field of accounting, Mr Rajeeb Sahoo(Deep Dive, Repercussions and Recipe to tackle Coronavirus) has carved out a niche for himself. Despite having a penchant for commerce economics and accounting, Mr Sahoo went on to partake in the Cooch Behar Trophy, representing Odisha for two consecutive years.

This speaks volumes about his all-round dexterity. After doing his graduation from Ravenshaw College and CA articles from PricewaterhouseCoopers (PwC), he(Deep Dive, Repercussions and Recipe to tackle Coronavirus) flourished professionally by occupying many coveted posts at the topmost echelon like the board member of Andhra Bank, Fee structure committee appointed by Government of Odisha in 2011, Bank of Baroda, member of Shri Jagannath committee, NTPC, Hindustan Zinc Limited over the years.

Mr.Sahoo(Deep Dive, Repercussions and Recipe to tackle Coronavirus), aspiring to be an independent professional as he didn’t want to work as an employee, took the challenging path of Charted Accountancy (CA) after passing out from DM School

Having felt the pulse of Indian economy and reforms, Mr Sahoo(Deep Dive, Repercussions and Recipe to tackle Coronavirus) throws light on how the big bang reforms like demonetisation and GST were faced by major stumbling blocks of the system not being geared up and people taking advantage of the loopholes.

As a result of which these reforms could not yield a hundred per cent results although the intention was pure. He(Deep Dive, Repercussions and Recipe to tackle Coronavirus) reckons that the unorganized sector was badly affected by demonetisation.

As far as the tax regime is concerned, he recommends the government be proactive in simplifying GST. According to Mr Sahoo(Deep Dive, Repercussions and Recipe to tackle Coronavirus), the slowing of the Indian economy is also a function of global events such as America-China trade war, America -Iran dispute, India -Pakistan conflicts et al.

On the other hand, “the Coronavirus situation has engulfed the entire world. In fact, the repercussions are worse than the global meltdown in 2008.” feels Mr Sahoo. 

Realising the gravity of the situation in the aftermath of the Coronavirus crisis, Mr Sahoo spells out some colossal constraints the finance minister encounters.

The challenges are:

A. Income tax and GST collection will suffer.

B. The budget size will come down.

C. The transfer of funds to states will also come down.

D. Collection of mining royalty & excise will come down 

E. Demands of money will go up. 

F. The worst-hit industries will be Agro-processing, animal husbandry and many MSMEs. 

Recommended steps:

A. Operating in modest inflation Government of India should resort to additional borrowing. 

B.  GOI must focus on fiscal consolidation. 

C. Along with MSME, industries such as animal husbandry and agro-processing must be given ample amount of support. 

D. Large industries must be given the package to tide over the menace. 

E. All agencies must work with an integrated package. 

F. Microscopic analysis of the economy is the need of the hour. 

Recommendations for Odisha:

A. Rampant economic activity must be encouraged.

B. Stepping up mining activities and value-added agriculture activities must be done. 

C. Unhindered business process must be facilitated.

D. The focus must be on the protection of employment and generation of employment through the more innovative method. 

E. Engineering and education sector must be boosted. 

F. Tourism should be kept as a mid-term plan.

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