'Effective policy measures needed to support demand creation, maintain employment'
At this juncture, the government has to step up with proactive and calibrated measures to mitigate the daunting impact of Coronavirus on the economy, trade, and industry, PHDCCI said
New Delhi: The government has to step up with proactive and calibrated measures to mitigate the impact of coronavirus on the economy, and effective policy measures are needed to support demand creation and maintain employment, industry chamber PHDCCI said on Monday.
A substantial stimulus to create effective strides for a futuristic economic growth trajectory and to diminish the daunting impact of the second wave of the pandemic coronavirus on trade and industry would be crucial to support the economic momentum in this extremely difficult time, PHDCCI President Sanjay Aggarwal said in a statement.
He added that meaningful and proactive reforms undertaken by the government in the last many quarters have pulled the economy from the lows of the first quarter of the financial year 2020-21 and resulted in a sharp rebound in the GDP in subsequent quarters.
India’s economy grew by 1.6% in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3%, official data showed on Monday.
“At this juncture, the government has to step up with proactive and calibrated measures to mitigate the daunting impact of Coronavirus on the economy, trade, and industry,” Aggarwal said.
He added that there is a need for speedy vaccination of the people along with enhanced production possibilities of the vaccine at the domestic level and import from other countries to diminish the pandemic impact on people and the economy.