This is not the time to focus on deficit and international ratings: PHD Chamber

No.PR-276 October 07, 2020 New Delhi

This is not the time to focus on deficit and international ratings: PHD Chamber

While presenting the welcome address at the Special Session on Indian Economy: Post COVID-19 in the 115th Annual Session of PHD Chamber of Commerce and Industry, Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, said that this is not the time to focus on deficit and international ratings. He suggested that the government should focus on liquidity disbursement at this juncture to support the businesses and bring back the momentum in the economy.

Shri Aggarwal said that the economy and its citizens faced hardships due to the pandemic covid-19, however, with the lifting of the lockdown, the economy is likely to see a recovery momentum sooner than later on the back of various ground touching reforms undertaken by the government to combat the daunting impact of covid-19. He emphasized on the need of creating employment for the youth. He urged that MGNREGA should not just aim to do agriculture work but should also focus on other infrastructure divisions namely roads, railways, among others.

Mr. Manjeev Singh, Puri Former Ambassador to Nepal, acknowledged that the lockdown has caused the economy in doldrums and led the GDP to contract by nearly a quarter. Going forward, the efforts should be in the direction to revive the economy. He appreciated Rs 20 lakh crore package announced by the Government, which represents 10% of the GDP. He urged that in the current uncertain times, there is a need to provide more liquidity to the industry to revive and rejuvenate the economy, going ahead.

He focused on the need to address climate change. He believed that the country has done really well in the solar sector space and E-vehicles. Focusing on the need for Sustainable developments, he said that going forward the country will run on green energy and the importance of this sector should not be neglected.
Mr. Sanjay Bhatia Former President, PHDCCI & Managing Director, Hindustan Tin Works Limited, said that the economy has undergone a significant shock amid the pandemic. Sectors such as airline, tourism, textiles have been severely affected. He supported the focus on local goods and concluded by appreciating the announcement Rs 20 lakh crore package along with extensive reforms measures by the government.

Mr. Anil Khaitan, Former President, PHDCCI & Chair & Managing Director, Sunil Healthcare Limited, opined that while various international rating agencies have estimated a severe contraction of the Indian economy; the country will bounce like a rocket. He stressed upon the fact that India has a phenomenal resilience and a wonderful ecosystem. Appreciating the aggressive agricultural reforms by the government, he called them a game changer.

Mr. Anil Khaitan outlined the major issues the country is facing including the military tensions with China and Pakistan, and the shock from the Pandemic. He concluded with a powerful advice that the government must have ease of doing business at district level and only then the implementation will be at the ground level. He suggested that the permanent fiscal council like GST controls, sector wise package especially for tourism and a state wise entrepreneurship programme is need of the hour. He urged the government to channelize the spending in accordance to the allocations made. With this he was certain of a positive recovery in times ahead.

Mr. Gautam Bali Managing Director, Vestige Marketing Pvt. Ltd emphasized the need of Aatmanirbhar Bharat. He emphasized the need to reinvent ourselves like Japan and China. He highlighted that India’s direct selling industry has become a saviour to many youths. Numerous unemployed have come in the direct selling programme and the business has gone digital with people adopting digital platforms to succeed.

Shri Pradeep Multani, Vice President, PHD Chamber, presented the formal vote of thanks for the session and said that India has been resilient in fighting COVID-19 and the big ticket economic reforms including economic booster package giving equal importance to Land, Labour, Liquidity and Laws, MSMEs and taking equal care of all strata of society are highly appreciable.

Shri Multani said that the implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has gained momentum. Going ahead, he opined that more demand side reforms should be undertaken to lift consumer sentiments and propel new industrial investments by businesses.

PHDCCI’s 115th Annual Session has been supported by Vestige Marketing Pvt Ltd; Maruti Suzuki; Radico Khaitan Ltd; SMC Global Securities Ltd; Paramount Communication Ltd; Multani Pharmaceuticals Ltd; DLF Ltd; JK Tyres; Apeejay Svran Group; M V Cotspin Ltd and DCM Shriram Industries Ltd. The other sponsors of the session were Hindalco Industries Ltd, Martin & Harris Pvt Ltd., Filatex India Ltd., Bharat Aluminium Company Ltd, Hindustan Tin Works Ltd, Alliance Advertising & Marketing Pvt. Ltd, Oswal Greentech Ltd, Modern Auto Ltd and Bry-Air (Asia) Pvt. Ltd. Please follow the YouTube link for further updates- https://www.youtube.com/watch?v=s8eyd0nh2EE.

Ends Media Division PHD Chamber of Commerce and Industry