Need calibrated steps to support economic recovery, says PHDCCI President

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Calibrated measures are needed to support the country’s economic recovery and to diminish the daunting impact caused by the second wave of the COVID-19 pandemic on trade and industry, PHDCCI President Sanjay Aggarwal said on Monday. He also pitched for doing away with the customs duties on the imports of primary raw materials for industrial use for at least the current fiscal year and imposing export duties on various primary commodities, which are showing huge price increases – rising 50 per cent over the last fiscal.

Aggarwal said that trade and industry have to be rejuvenated for achieving a high economic growth trajectory in 2021-22.

“There is a need to re-fuel household consumption to enhance demand in the economy as it will have an accelerated effect on the expansion of capital investments in the country,” he added.

He said that frontloading the National Infrastructure Pipeline expenditure would provide a much-needed multiplier effect to create aggregate demand in the economy and strengthen the economic recovery.

“Government/ PSU payments must not be delayed due to Work From Home issues or shortage of funds as these are crucial to maintain the working capital cycle,” Aggarwal said.

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