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India Inc seeks stimulus to tackle coronavirus

Confederation of Indian Industry (CII) president Vikram Kirloskar told ET that the government should relax the fiscal deficit target and unveil steps such as extending deadlines for recognition of non-performing assets (NPAs) and direct transfers to those in low income bracket.

, ET Bureau|
Last Updated: Mar 20, 2020, 07.22 AM IST
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NEW DELHI: India Inc has made a strong pitch for a stimulus to deal with the economic crisis triggered by the Covid-19 pandemic. Confederation of Indian Industry (CII) president Vikram Kirloskar told ET that the government should relax the fiscal deficit target and unveil steps such as extending deadlines for recognition of non-performing assets (NPAs) and direct transfers to those in low income bracket.

“This is a good time to increase the fiscal deficit… Government should look at direct payment to people who are not paying income tax, or are in the lower income bracket," Kirloskar said.

Industry, he said, will push for moratorium on loan repayment especially for small companies and businesses, and extension in time limit for recognition of non-performing assets by banks by another six months. He pointed that some central bankers had slashed interest rates.

He said direct transfer to people in lower income categories can help boost consumer spending. Assocham also called for direct cash transfer of Rs. 3,500 per month to up to three months for the most stressed sections of metros, including street vendors, construction and temporary workers.
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