Need economic package and open industry in staggered manner, says CII

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A flyover at Park Circus wears a deserted look during the nationwide lockdown imposed in the wake of coronavirus pandemic, in Kolkata

On Sunday, the Confederation of Indian Industry (CII) asked the Center to announce an economic package and give sufficient notice before lifting the lock. He also supported increasing calls for a calibrated and safe exit from the lockout.

The ICN advocated for the government to provide direct rations to the affected population rather than cash, thereby reversing the impact of inflation, if any, on the population and also ensuring that money is spent. actually spent on food and commodities. In addition, this must be combined with the provision of shelter and meals for those in need.

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He also supported the idea that credit lines should increase by at least 14-15% by the end of the year. In an ambitious move, the CII suggested that all banks provide additional working capital to all companies, equivalent to their payroll over three months at interest rates between 4 and 5%.

In stressed sectors like construction, aviation or tourism, additional working capital must also cover their interest obligations, the board said.

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With the number of cases continuing to increase at a rapid rate, country mapping based on the incidence of cases is necessary, said ICN Director General Chandrajit Banerjee.

The ICN also called for setting priorities and allowing the industry to start operating gradually.

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