Need Calibrated Steps to Support Economic Recovery: PHDCCI

NEW DELHI : Also asks government to do away with customs duties on import of primary raw material

Calibrated measures are needed to support the country’s economic recovery and to diminish the daunting impact caused by the second wave of the pandemic on trade and industry, said PHDCCI president Sanjay Aggarwal .

He also pitched for doing away with customs duties on imports of primary raw materials for industrial use for at least the current fiscal, and imposing of export duties on various primary commodities that are showing huge price increases — rising 50 per cent over the last fiscal.

Aggarwal said 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 expansion of capital investments in the country,” he added.

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

Source : Outlook