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April 10, 2020 03:21 pm

Startups, VCs in India Request 'Relief Package' From the Government To Fight Coronavirus Disruption

More than six dozen startup founders, venture capitalists and lobby groups in India have requested the government to grant them a "robust relief package" to help combat severe disruptions their businesses face due to the coronavirus outbreak. From a report: In a joint letter to India's Prime Minister Narendra Modi, startups requested the government to bankroll 50% of their workforce's salaries for six months, provide interest-free loans from banks, waive rent for three months and offer tax benefits among other things. "Unfortunately, our startup companies across the nation are inherently young, less resilient and most vulnerable. Many of them face likely devastation during this extraordinary economic downturn. At this dire moment, Indian startups need a robust relief package from the government, lest all our collective efforts of the past few years are in vain," they wrote. As India, where the economy growth has been slowing for several quarters, scrambles to provide for its 1.3 billion citizens, the letter has drawn some criticism from industry figures. "I can't fathom how such a list gets made in a country of more than a billion people who are facing a crisis unlike any they've seen before. A significant majority of them daily wage earners who have no financial cushion or any idea where their next meal is going to come from. Let's not even stray into health and the need for medical emergencies; just putting three square meals on the table a day is proving to be impossible for so many," wrote Ashish K. Mishra in a column on The Morning Context.

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