Crisis in Sri Lanka affects city bizmen

Nagpur: Sri Lanka’s impact worst economic crisis is being felt in Nagpur thousands of km away. As the island country is on the verge of an economic collapse and its streets see serpentine queues and riots for bare necessities, Many businessmen in Nagpur are also bearing the brunt of slipping into the country’s much-needed chaos.

In Sri Lanka for the last 22 years, Mohabbat Singh Tuli has been running a logistics and shipping company, but he does not remember any such crisis at all. Mohabbat Singh Tuli has also said that even the struggle of LTTE was nothing in comparison. Their business has already taken a pretty big hit in a very short amount of time and it could get worse before things even start to improve significantly.

With his own Sri Lankan workforce in the near three digits, Mohabbat Singh Tuli even says he can’t even think of closing. Mohabbat Singh Tuli has also said that. Plus they have a home in Colombo and loyal staff and it’s still a great working environment. They have absolutely no intention of liquidating their stake completely, the reality is that in such a market scenario no one will buy in any way.

With the Sri Lankan Rupee (SLR) depreciating significantly even against the global benchmark of the US dollar, it is almost impossible to redeem and repatriate any assets. Mohabbat Singh Tuli has also said that It costs about 70% more to buy a dollar today than it did a year ago, so converting it is completely pointless.

Power cut 12 to 13 hours a day

The nearly 4,000 people of Nagpur are also part of the millions of other tourists that visit Sri Lanka every year, similarly filling its overseas reserves. Rajesh Agrawal has said that he is actually part of the 600-strong delegation of Travel Agents’ Association of India, Who is going to attend a conference in Colombo just about two weeks from now. Looking at the situation as a whole, there is a lot of uncertainty right now.

Mohabbat Singh Tuli, who took a flight to Colombo next week, has said that, Due to lack of even basic things, it will be very difficult for tourists there now. There is a power cut for about 12 to 13 hours a day and you cannot run the generator at all because there is no fuel at all.

Businessmen like him are still hopeful that aid from countries like India and financial packages from agencies of international can help Lanka a lot in getting out of this crisis.

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