Future Generali

How should businesses remove the element of fear regarding financial credit?

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Rakesh Wadhwa:

There is this fear in the mind of consumers in the mind of businesses that even if the government is encouraging them to avail of financial credit, they're not really open to that because everybody's fearing that will add to more costs. So what is your advice to companies to really build their confidence or a feeling of trust among the customer?

Alpesh Shah:

How do you get customer sentiment back? How do you get corporate sentiment back? How do you get the migrant labor back? those are the three from a sentiment perspective. Consumers and customers actually do not want to spend as much. They’ll say I'm better off just keeping cash in case something happens that I needed. So this is something as a race and as a country, we are going to have to wrestle with to say how do we get the confidence back?

And that is going to only come back gradually. You saw customers saying they believe it's going to be three to four months before they even think of traveling and so on maybe even five. So that just tells you that's one part of it. But the challenge is going to be how do we get the customer sentiment back. It is going to be slow and gradual. It is going to take a few months. It is also to make a few steps. There have been a lot of conversations that everyone knew how to get in. So we've gone into this lockdown. We are now looking at how do we get out of it? How do we get out of this mindset of saying let's just bunker in and not get out of our bunkers right? Whether it's spending whether it's investments. So both from an integral perspective how do we get the consumer demand back from a corporate perspective, how do we get the CapEx investment cycle back.

And the other big challenge is going to be to do both of these and get the economy back even to 80 90%, then how do we get the migrants back? Because a large part of the growth in the cities had actually been real estate right? If people do not come back who is going to build the next set of buildings which are all start right now. You take infrastructure projects. How are we going to get enough people to actually work with that? And so it's the most fundamental question in front of India. And this is the most critical one which says how do we get back customer sentiment corporate sentiment.

 

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