As job losses and layoffs have become the talking point amid the economic slowdown due to the coronavirus pandemic, several sectors across the work industry have been badly hit and possibly the cancellation of nearly 50 business licenses in Margao city has to do something with this…
In the commercial city of Margao, it is learned that nearly 50 businessmen have applied for the cancellation of their trade licenses. Although the reasons for many are varying, most have attributed the economic fallout because of the pandemic, and the subsequent losses as a major reason.
In Margao, the 50 businesses that have applied for cancellation of their trade licenses have attributed certain reasons to the non-availability of laborers and the proper workforce to carry out their business. The overall prime concern however continues to be that businesses – across all sectors, including small hotels and restaurants – have been badly hit due to the economic meltdown.
The exact type of businesses that have asked for trade license cancellations is not clear yet, although it is understood that most are small and medium businesses in the city, and adjoining the Fatorda area.
Across the country, as the lockdown was imposed and as large uncertainty existed, many laborers returned back to their hometowns and villages as businesses were shut. From these, only a few have returned. It is learned that many have begun certain jobs in their own states due to the rising cases elsewhere.
Several small restaurant owners have also been badly hit, as, besides labor, people visiting have also reduced, as many are concerned about safety amid rising cases in the state. Furthermore, those currently operating, are running at a meager 25-35% of their usual capacity.
Several of the applications filed for trade license cancellation were done last week, and according to Margao Municipal officials, the numbers can rise in the coming weeks if businesses do not pick up.
“Most of the businesses in the city, and also across the state are operating at very minimum strength. This is prompting many to either stop or temporarily close down their shops,” said a local trader.
With rising cases and though several travel and economic restrictions have been lifted, it is largely the small businesses that have been gravely affected. There is large uncertainty for the situation to improve anytime soon, prompting many business owners to seek closure, some temporary, while some permanently.