CII bats for multi-pronged strategy to revive economy

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Tribune News Service

Amritsar, June 19

To bring the economy back on track, there is a need for a multi-pronged strategy in diverse areas with an active participation of all stakeholders, including the industry.

These views were expressed during a conference on “2020-21 —- Building India for a new world focused on lives, livelihood, growth…”.

Nikhil Sawhney, Chairman, CII Northern Region, said one of the important dimensions of rebuilding India would be to protect jobs and livelihoods. This would have to be complimented by a policy action in the rural economy, which was the largest employer.

He said for the first time, the country was witnessing a reverse migration, therefore there was a scope for creating more geographically distributed models of development and an opportunity for redefining investment priorities.

Investment in rural health and infrastructure along with strengthening rural digital programmes and platform could pave the way for a robust rural ecosystem. Industries along with state governments could be encouraged to set up facilities in rural areas, which in turn, would generate jobs and strengthen the rural sector’s share in the GDP.

He said boosting the government’s spending for a sustained economic recovery was crucial at this hour. The balance between fiscal spending and financial stability would have to be ensured.

He said the prolonged lockdown had dealt a huge blow to the growth. Covid-19 had changed the status quo of the world and they needed to focus their energy to manage growth, lives and livelihoods while considering the challenges associated with life after Covid.

“The industry will have to work with its vendors, especially with MSMEs, to ensure that progress is across the value chain. Hence, the industry has a major role to play along with the government in bringing inclusive and sustainable growth back,” he added.