Calibrated measures are needed to support India’s economic recovery and reduce the impact of the second wave of the COVID-19 pandemic on trade and industry, according to Sanjay Aggarwal, president of the PHD Chamber of Commerce and Industry (PHDCCI), who recently pitched for ending customs duties on import of primary raw materials for industrial use for at least this fiscal.
He also called for imposing export duties on several primary commodities that are witnessing huge price rise, increasing by 50 per cent over the last fiscal.Calibrated measures are needed to support India's economic recovery and reduce the impact of the pandemic's second wave on trade and industry, according to Sanjay Aggarwal, president of the PHD Chamber of Commerce and Industry, who recently pitched for ending customs duties on import of primary raw materials for industrial use for at least this fiscal.#
Aggarwal said trade and industry have to be rejuvenated for achieving a higher 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 was quoted as saying by a news agency.
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 [public sector undertaking] 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 added.
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