India resilient in fighting pandemic COVID-19, significant stimulus package along with opening of all economic activities in green zones with 50% strength of workers will support trade and industry and maintain economic growth : Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry

No.PR-40 April 29, 2020 New Delhi India resilient in fighting pandemic COVID-19, significant stimulus package along with opening of all economic activities in green zones with 50% strength of workers will support trade and industry and maintain economic growth : Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry While appreciating the proactive reform measures taken up by the Government to mitigate the daunting impact of pandemic COVID-19, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said in a Press Statement issued here today that India is significantly resilient in fighting COVID-19 despite one of the densely populated countries. I strongly believe that the significant stimulus package along with opening of all economic activities in green zones with 50% strength of workers will support trade and industry and maintain economic growth around 4%, said Dr. D K Aggarwal. As corona virus is expected to be totally eradicated sooner than later, there is a need to remove uncertainty from the trade and industry to resume the economic activity in letter and spirit, said Dr. D K Aggarwal. At this juncture, we urge the Government to provide financial stimulus of Rs 16 lakh crore which is around 7% of GDP to mitigate the daunting impact of Pandemic COVID-19 on economy, trade and Industry through various relief measures and benefits to India’s trade and industry, said Dr Aggarwal. This will not only build confidence in the trade and industry but also refuel the economic growth trajectory and maintain GDP growth at around 4% in the current financial year, said Dr. D K Aggarwal. This would enable the country to witness a V-shaped recovery in the economic growth trajectory rather than a U-shaped recovery, said Dr Aggarwal. The average speed of spread of COVID cases in India is around 7% and the COVID mortality rate of 3% is significantly better among the 20 Covid impacted countries during the last week, said Dr Aggarwal. COVID mortality rate is significantly high in Belgium at 15%, France, UK and Italy at around 14% each, Netherlands at around 12%, said Dr. D K Aggarwal. The COVID mortality rate in USA and China is around 6% each, he said. At domestic front among the top 10 most affected states due to pandemic COVID-19 with highest number of cases, the speed of spread of COVID cases during the last week was highest in the state of Maharashtra at 11%, West Bengal (10%), Gujarat (9.7%), Andhra Pradesh (9.1%), Uttar Pradesh (8%), said Dr Aggarwal. We are happy to know that 85 districts from 25 States and union territories have not reported any new cases since the last 14 days, said Dr. D K Aggarwal. At this juncture, a calibrated approach should be adopted by the Government that brings about a fine balance between normalizing economic and social activity and containing the spread of pandemic COVID-19, said Dr Aggarwal. We appreciate the opening up of all kinds of shops in green areas with 50% strength of work force to revive economic and business activities, said Dr Aggarwal. We suggest that 50% strength of workforce may be allowed in all economic activities including government, economic, business, trade and industry, among others except public gatherings with strict adherence to social distancing and precautionary measures, said Dr Aggarwal. Accordingly special guidelines should be made to the each State so that no body is harassed for resuming economic activities, said Dr Aggarwal. As economic activity is going to be opened sooner than later, we suggest that the Government should make transportation provisions to call back all the migrant workers in the factories to resume their work activities, said Dr Aggarwal. Ends Media Division PHD Chamber of Commerce and Industry