Highlight: The trade is of the view that the federal government should infuse funds or give rebate in GST. According to a report, Indian occasion and exhibition market is predicted to take a Rs1 lakh-crore hit on this quarter
Vijay C Roy
Tribune News Service
Chandigarh, September 7
Having suffered enormous losses since March, the occasion administration trade within the area sees somewhat hope of revival when it reopens on September 21. The trade is of the view that the federal government should infuse funds or give rebate in GST for his or her sustenance. The trade was witnessing a double- digit progress through the pre-Covid instances.
With the announcement of the lockdown, the sphere of out of doors leisure got here to a standstill. The accomplice meets, product launches, tech and non-tech conferences, seminars and affiliation meets had been cancelled. Similarly, exhibitions and commerce festivals, which represent a significant portion of their earnings, had been additionally known as off, hitting their earnings.
“The industry is in deep crisis. The entrepreneurs have invested a huge capital in light and sound equipment. The past six months were the worst with no earnings at all. As we didn’t get moratorium on loans, we were forced to sell equipment and go for menial jobs to run our family,” mentioned Gurmail Singh, president, DJ Light & Sound Association.
Under Unlock 4.0, the federal government has allowed organising occasions from September 21 with a ceiling of 100 individuals.
In Punjab, Haryana and Chandigarh, there are round 100 occasion administration corporations within the organised sector. If smaller ones and wedding ceremony planners are additionally included, the quantity could possibly be 1,000. On a mean, an organization employs round 40 to 200 individuals relying upon the occasion.
“Mere opening up of events is not enough. According to estimates, nearly 70% of the workforce in the event management industry has already been rendered jobless. The government must infuse funds to pull out the industry from the crisis,” mentioned Nitin Thakur, accomplice, A One Global Entertainment.
The trade has urged the federal government to increase tax refunds and mortgage services to the occasion administration trade below the Micro, Small and Medium Enterprises (MSME) schemes and to artistes and technicians to assist scale back the unfavourable influence on the livelihood of individuals concerned within the leisure and occasion area.
As per a latest report revealed by the Event and Entertainment Management Association, the Indian occasion and exhibition market is predicted to take a Rs 1 lakh-crore hit on this quarter.