Industry asks for ₹16 lakh-cr financial package

Federation of Indian Chambers of Commerce and Industry (Ficci)
Various industry bodies across the country have called upon the Central government for a ₹14 lakh crore to ₹16 lakh crore to revive the economy even while supporting the PM's decision to extend the lockdown to May 3. The Federation of Indian Chambers of Commerce and Industry (Ficci) estimated the magnitude of daily losses arising from the national slowdown at ₹40,000 crore. It is also expected that close to 40 million jobs are at risk during the period April-September 2020. Hence, an urgent relief package is also critical, said Ficci president Sangita Reddy. In his speech while announcing the extension, the PM also asked companies not to retrench people. But roiled by the lockdown, which has bought economic activity to a standstill, the Indian industry is looking for an economic package from the government - akin to the one announced by the US (around 10% of its GDP), to individuals, companies, and states.

Niranjan Hiranandani, President, Associated Chambers of Commerce and Industry of India (Assocham), said that the economy needs a stimulus package of at least ₹14 lakh crore, including around ₹2.20 lakh crore fertilizer dues, payments from public sector companies, and tax and other refunds. DK Aggarwal, president of the PHD Chambers of Commerce and Industry, demanded an increased stimulus relief package of ₹16 lakh crore. The other element of the package should be focused on creating demand, which is going to be a major challenge for the industry when the economy reopens. Hiranandani also asked for a GST cut in rates by 50% for six months to boost demand, which will cost (the government) ₹3 lakh crore. Demand can also be created by paying another ₹80,000 crore through direct cash transfers and about ₹5000 each as additional cash to the farmers. Micro, small and medium enterprises (MSMEs) are on the verge of closure due to the liquidity crunch and other issues and they need about ₹2.80 lakh crore in terms of low cost credit and other incentives.
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