India Inc. welcomes resumption of economic activity in lockdown 3.0
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.