MAM
EEMA requests govt to cover cost of salaries, refund taxes for cos impacted by COVID-19
MUMBAI: Around 52.91 per cent of event and entertainment companies saw 90 per cent of their business being cancelled between March-July 2020, reveals a new member survey, conducted with 170 companies by the Events and Entertainment Management Association (EEMA). The report highlights the loss of business, the revenue impacted, employers affected and the funds required in the long run to attain stability during COVID-19. The findings of this report have been shared with “The Government of India” and “Ernst & Young” team
Recently EEMA had filed a petition appealing to the government of India to intervene with measures to support the lives of the 60 million Indians the event industry employs – directly and indirectly.
The report also highlighted that around 107 companies have suffered from a revenue loss of up to Rs 1 crore and around seven companies envisage a 50-80 per cent retrenchment of their current workforce and 35 between 25 per cent and 50 per cent. The ideal working capital/loan expected to keep afloat for the next six months is around Rs 2-5 crore for 39 companies and Rs 1-2 crore for 118 companies. Around 97 companies will need to raise capital or debt from institutions or shareholders, VC funding etc.
EEMA has also requested the Government of India to consider releasing, with immediately effect, all tax refunds that are due including income tax and TDS for the industry, cover the cost of salaries/ daily wages, etc., for those infected by COVID 19 and unable to return to work, collateral-free line of credit to be used for employee’s salaries and statutory dues, and a moratorium of payback on loans, interest for a period of 9-12 months
Further, it has suggested industry-wide reconstruction measures, including paying all dues to companies who have executed work orders for the government of India, public sector and for state governments, zero or minimal-interest loans to be made available by the department of MSME for the fiscal year 2020, government-initiated projects should replace the need of bank guarantees with corporate guarantees, loans to be provided for loss-making companies against future contractual work, instruct insurance companies to insure future events and activities against COVID-19 or similar medical/ biological disasters in addition to existing natural disasters, covering the cost of salaries/ daily wages of employees laid off for a period of 90 days minimum, and reduction of GST on entertainment and cultural events to 12 per cent and the arts and entertainment segment may be covered
The event and entertainment industry is going through challenging times since the outbreak of the coronavirus. The economic disruption has led businesses across various sectors to see a huge downfall in their growth. The worst affected are the event industry who are witnessing a major dip in their business due to the cancellation of events worldwide. Due to which, there has been a significant spike in the number of webinars, online discussions and live chats to keep the industry active. However, the daily wage workers and the small and medium scale agencies associated with the trade are facing the brunt and need immediate support, both from the events community and the government.
The 170 member survey represents over a 1,00,000 of companies that were affected by this pandemic and EEMA urges the government to consider some steps like the immediate payout of all income tax refunds, which have been due for a while, and the due payment from the central and state governments to event companies for work done or work-in-progress.
EEMA president Sanjoy K Roy said, “The COVID-19 pandemic will impact the entire business community, and our team is focused on ensuring the health and safety of our employees. Industries have already faced an interlocking set of financial challenges for which we filed a petition to the government of India. The sectors are getting into a financial crisis which might soon result in increasing unemployment ratios. We hope that the Government takes the required decision which can help the country to survive with the results of the pandemic.”
MAM
Infosys names Carlos Alcaraz as Global Brand Ambassador
AI-first tech leader partners with seven-time Grand Slam champion to boost tennis analytics and social impact initiatives.
MUMBAI: Infosys has just aced its latest brand move teaming up with tennis sensation Carlos Alcaraz, the youngest player ever to reach world No. 1 and complete a career Grand Slam. The global leader in AI-first business consulting and technology services announced a multi-year partnership welcoming the Spaniard as its Global Brand Ambassador. The collaboration brings together Alcaraz’s relentless drive and on-court brilliance with Infosys’s consistency and cutting-edge AI innovation, celebrating the champion mindset in both sport and business.
Alcaraz, who has lifted seven Grand Slam titles and become the youngest man in history to achieve a career Grand Slam, is celebrated not just for his trophies but for his grit, pursuit of excellence, consistency, and integrity values that mirror Infosys’s own commitment to responsible leadership and amplifying human potential.
In a sport where the gap between champion and challenger can be razor-thin, data and insights often make all the difference. Infosys will leverage its Topaz AI-first platform powered by generative and agentic AI to develop a personalised match analytics and performance application for Alcaraz and his coaching team. This tool aims to sharpen match preparation and in-game strategy with deeper, data-driven insights.
The partnership extends beyond the court. Infosys and the Carlos Alcaraz Foundation will collaborate on tech-for-good initiatives, using technology to create meaningful social impact in communities worldwide.
This move builds on Infosys’s decade-long role as a pioneer in transforming tennis through digital innovation. Its tennis platform has already delivered game-changing insights to players, coaches, and billions of fans globally. Partnering with Alcaraz marks the next exciting chapter in elevating the sport for everyone.
Alcaraz said, “I’m honoured to partner with Infosys, a company I’ve followed closely and admired for how it is transforming tennis through technology. Innovations delivered by them are elevating the sport for everyone players, coaches, and fans alike. At the highest level, it’s often the small details that make the biggest difference. I’m always looking for new ways to improve, and working with Infosys will give me the opportunity to leverage data and AI to gain deeper insights into my game and push my performance to new heights. Beyond the court, I’m also excited to collaborate with Infosys through my foundation, leveraging technology to make a meaningful impact in communities around the world.”
Infosys global chief marketing officer Sumit Virmani added, “We are delighted to welcome Carlos Alcaraz as our Global Brand Ambassador. Carlos embodies the spirit of a new generation that is fearless, agile, and driven to push boundaries in pursuit of excellence. At Infosys, we share this passion for innovation and progress, using technology to amplify human potential and helping our clients achieve extraordinary outcomes. Together with Carlos, we look forward to redefining performance in tennis and inspiring progress both on and off the court.”
In a game where every point counts, Infosys has found the perfect partner to showcase how AI can turn marginal gains into major victories. Whether it’s powering precise rallies on clay or driving smarter business decisions, this alliance promises to serve up plenty of winning moments for tennis fans and enterprises alike. Game, set, and match with a strong dose of AI.
