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The new CII president locks India’s GDP growth rate from 2021 to 22 at 9.5%

TV Narendran.Photo: Tata Steel

TV Narendran, the new chairman of the Confederation of Indian Industry (CII), recently fixed India’s gross domestic product (GDP) growth rate at 9.5% in 2021-22. “Ultra high frequency indicators strongly predict a recovery in growth after the second wave of the pandemic. Recent increases in mobility indicators, traffic congestion indicators and daily rail passenger movements will allow us to achieve a growth rate of 9.5% this year. I believe, “he said.

Narendran is Tata Steel Limited’s Chief Executive Officer and Managing Director.

“The cumulative impact of the two waves on income and consumer sentiment, coupled with the increase in household health care costs in the second wave, could impact consumer demand for some time. As he resumes after the second wave, he needs a two-sided government strategy to boost consumption and support the industry until demand is well established, “he said after taking over on May 31. It was reported that he said at the first press conference.

Nalendran mentioned a CII survey showing the impact of a pandemic on businesses and mentioned strong fiscal stimulus and government spending programs. Expand the Reserve Bank of India (RBI) balance sheet to respond to pandemic emergencies. Extending the Emergency Loan Guarantee System (ECLGS) until March 31, 2022, supporting the industry by raising it to Rs 500 million, and including the inclusion of more deprived sectors such as retail will revitalize the economy. It is an important point for.

“CII has a financial margin of up to 300 million rupees, which is for direct cash transfers to vulnerable people, higher allocations to MNREGA, short-term GST tax reductions, and excise taxes on fuel. We estimate that it will be reduced. ”According to a CII press release.

He suggested considering long-term structural tax reform. “As businesses reopen, their credit needs must be met and the financial sector must be able to absorb the bad assets caused by the pandemic,” he said. The corpus may be set up as a pandemic pool to cover the risk of future pandemic losses.

CII has drafted a code for industrial staff welfare to provide relief to the families of employees who have succumbed to Covid-19. The Code proposes corporate support in five key areas: welfare support, income support, higher education support, term life insurance support, and support for contract staff.

Fiber2Fashion News Desk (DS)

CII’s new president, TV Narendran, has fixed India’s GDP growth rate at 9.5% from 2021 to 22 as ultra-high frequency indicators strongly foresee a recovery in growth after the second wave of the pandemic. With recent rises in mobility indicators, traffic congestion indicators, and daily rail passenger movements, he said, such growth could be achieved this year.



The new CII president locks India’s GDP growth rate from 2021 to 22 at 9.5%

Source link The new CII president locks India’s GDP growth rate from 2021 to 22 at 9.5%

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