India Inc. welcomes resumption of economic activity in lockdown 3.0 

#GS3 #Economy 

Seeks revival package to put economy on growth trajectory  

  • Industry captains have welcomed the government’s decision to extend the lockdown till May 17 allowing selected economic activities in all zones.  
  • The chamber, urged the government to provide an increased stimulus relief package of ₹16 lakh crore, which is around 7% of GDP, sooner than later to mitigate the impact of the pandemic.  
  • We need to find ways to work within a ‘new normal’ to bring this economy back to capacity in the shortest period of time.  
  • The Confederation of Indian Industry (CII) has suggested instituting a government spending package equivalent to 3% of GDP, which would add ₹6 lakh crore to the available firepower.   
  • Enhanced debt to GDP ratio can be a way out for adding fiscal space at a time when the debt to GDP ratio is modest in India.  
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