MUMBAI: The Night Time Economy sector is one of the hardest hit during the pandemic. It has been subject to limited communication and has escaped from the Government narrative and a large proportion of the support provision for nearly 12 months. Following the announcement from the Prime Minister last week on the roadmap, the Industry has a renewed confidence, with a clear inclusion in the narrative and timeline for opening the economy. A strong budget is a vital component seen by the sector to survive this period.
Michael Kill CEO NTIA says:
“Many night time economy businesses that have been either forced to close totally since last March, or have been only able to trade sporadically. For them, this budget is ‘last chance saloon’. They have staggered through the last year under mounting debts feeling undervalued and left out.”
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“The announcement of £5 Billion for ‘the high street’ sounds like a step in the right direction but we await the detail. The Chancellor should be under no illusions that without sufficient focussed sector specific money, swathes of this vital industry will be lost for good and the financial and emotional scarring of such an outcome on countless business owners, freelancers and employees will last for a generation’.
