May 10, 2020

5 min read

Opinions expressed by Entrepreneur contributors are their own.

is hurting across the globe. Supply chains have been disrupted. People are staying home. Many businesses that rely on traditional sources of revenue are not able to stay open. For solopreneurs, the pain can be even more acute.

Recessions traditionally impact small businesses disproportionately, as we saw in 2008, when they accounted for 45 percent of  but 62 percent of jobs lost. And it’s even worse for businesses with under 10 employees or young businesses period. Solopreneurs almost always fall into one of these categories and often both. And this current downturn seems to be following a similar trend, with nearly 80 percent of small businesses negatively impacted. Fifty-four percent have dealt with slower sales. No matter your sector, you’re probably going to be dealing with fallout, but there is hope, and there

The pandemic continues to wreak havoc across sectors globally. Financial year 2020-21 started amid a lockdown with many of us now working from home. Still the question that remains on everyone’s mind is simply this: How safe is my job? One sectors that has been hit hard by the pandemic is civil aviation, in which many employees have already been laid off or have been sent on leave without pay. Several other sectors have made, or are contemplating similar moves.

The stock market is hitting lows not seen since the 1987 market crash. Your investments in equities may have eroded by at least 25-30 per cent, or even more. On top of all this, interest rates in the debt market are extremely low. SBI, in fact, has reduced the savings rate to an historic low of 2.75 per cent. Fixed deposits or debt mutual funds

In reviving its economy post-Covid-19, India could turn a crisis into an opportunity by resetting its energy spending to favour clean energy, enabling citizens to continue enjoying the unprecedented clean air and blue skies bestowed by the lockdown.

As a start, Prime Minister Narendra Modi could solarise over 39,000 unelectrified health sub-centres—the first point of contact between the primary health care system and the local community — serving 230 million people in rural India. That is the recommendation of 20 leaders from top think-tanks, renewable energy companies, industry groups, and health care services, who wrote to Prime Minister Modi on April 30, while there is still time to tilt policy.

Another way of shifting from fossil fuels to clean energy, say experts, is for the government to transfer some of the massive subsidies currently given to fossil fuels to renewable energy.