New Delhi: PHD Chamber has asked from government for significant stimulus package along with opening of all economic activities in green zones with 50 percent staff strength. This will support trade and industry and maintain economic growth around 4 percent.
As corona virus is expected to be totally eradicated sooner than later, there is a need to remove uncertainty from the trade and industry to resume the economic activity in letter and spirit, said PHD Chamber president D K Aggarwal in a statement.
“At this juncture, we urge the Government to provide financial stimulus of Rs 16 lakh crore which is around 7 percent of GDP to mitigate the daunting impact of Pandemic COVID-19 on economy, trade and Industry through various relief measures and benefits to India’s trade and industry,” said Aggarwal.
“I strongly believe that the significant stimulus package along with opening of all economic activities in green zones with 50 percent strength of workers will support trade and industry and maintain economic growth around 4 percent”, said Aggarwal.
This would enable the country to witness a V-shaped recovery in the economic growth trajectory rather than a U-shaped recovery, said Dr Aggarwal.
While appreciating the proactive reform measures taken up by the Government to mitigate the daunting impact of pandemic COVID-19, Aggarwal said that this will not only build confidence in the trade and industry but also refuel the economic growth trajectory and maintain GDP growth at around 4 percent in the current financial year.
The average speed of spread of COVID cases in India is around 7 percent and the COVID mortality rate of 3 percent is significantly better among the 20 Covid impacted countries during the last week, said Aggarwal. COVID mortality rate is significantly high in Belgium at 15 percent, France, UK and Italy at around 14 percent each, Netherlands at around 12 percent.