Left Menu
Development News Edition

Event management body says 90% bookings cancelled till July

PTI | Mumbai | Updated: 20-04-2020 21:24 IST | Created: 20-04-2020 21:24 IST
Event management body says 90% bookings cancelled till July

The Events & Entertainment Management Association (Eema) has sent an SOS to government seeking urgent steps to help them sustain in business after a survey found that over half of them have their bookings cancelled till July. An industry survey after the lockdown was announced has found that as much as 53 per cent of member-companies have seen a whopping 90 percent of their businesses cancelled between March and July due to the Covid pandemic-driven lockdown.

Eema, a body of event management industry players, claimed 60 million jobs directly and indirectly are at stake. “While 53 per cent of member-companies have seen 90 per cent of their business are cancelled between March and July, and 63 per cent companies have suffered revenue loss of up to Rs 1 crore so far,” Eeema said in the survey.

While some companies warn of retrenching 50-80 per cent of their workforce some warned of removing 25-50 per cent of their workforce. All the companies have sought working capital to the tune of Rs 1-5 crore for the next six months and around 55 per cent of them are looking at raising capital or debt from institutions/shareholders, VC funding.

The association has also urged the government to immediately release all tax refunds both income tax and TDS, cover cost of salaries/daily wages for those infected by the pandemic virus and are thus unable to return to work. It has also urged the centre to ask banks to give collateral-free line of credit for paying salaries and statutory dues and a moratorium 9-12 months. They also want the government to instruct insurance companies to cover future events and activities against Covid-19 or similar medical/biological disasters in addition to existing natural disasters; to cover the cost of salaries/daily wages of employees laid off for a period of 90 days minimum and a cut in the GST rate to 12 per cent on all the arts and entertainment events. Sanjoy Roy, the president of the Eema that represents 170 registered members over a 1 lakh unregistered players, said the pandemic will impact the entire business impacting lakhs of jobs. We hope the government takes the required actions that can help us survive the pandemic.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....


Latest News

China's Xi calls for greater role for G20 in economic governance

Chinas President Xi Jinping on Monday called on the world to strengthen macroeconomic policy coordination and bolster the role of the G20 in global economic governance as he pointed to a rather shaky recovery from the coronavirus pandemic.S...

Discrimination worsens in Spain, housing market most hostile

Racial and ethnic discrimination in Spain has worsened in the past few years, with a notable drop in access to housing, the Equality Ministry said in its 2020 report on Monday. It also highlighted growing racism in the education sphere.Almo...

Republic Day: 17 ITBP personnel awarded police medals

On the eve of Republic Day on Monday, 17 Indo Tibetan Border Police ITBP personnel have been awarded police service medals in various categories. Two officers have been decorated with police medal for gallantry, three with the Presidents Po...

US STOCKS SNAPSHOT-Nasdaq opens at record high ahead of big-tech earnings

The Nasdaq opened at a record high on Monday as markets geared up for a busy week of earnings from mega-cap technology firms, while the Dow and SP 500 came under pressure from a decline in Mercks shares.The Dow Jones Industrial Average fell...

Give Feedback