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CII president T V Narendran has called for ramping up vaccine production to boost economy
The industry body Confederation of Indian Industry (CII) has advocated for a Rs 3 lakh crore fiscal stimulus to boost demand in the economy and said that accelerated vaccination is the key to faster economic recovery.
Addressing a press conference on Thursday, newly elected president of CII, T V Narendran said that Government should provide a fiscal stimulus of up to 1.3 per cent of the GDP.
Advocating ramping up of vaccine production to at least 175 crore doses by 2021, Mr Narendran said that accelerated vaccination is the key to faster economic recovery, as higher taxation is not a good idea.
The industry body has estimated that 71.2 lakh average daily doses between June and December 2021 are needed to cover all adult population. It has even suggested having a separate Vaccine Minister to achieve the goal.
Optimistic about achieving the $5 trillion economy, the CII president said that it is possible to reach the target by 2025-26 with nine per cent growth in the medium term.
Some key measures suggested by the industry body to boost demand in economy are facilitating cash transfers to households through Jan Dhan accounts.
It has also suggested enhancing MGNREGA allocation from the budgetary allocation and short term as well as focused GST cuts to boost demand.
CII has also recommended time bound tax relief and interest subvention for tax payers as well as stamp duty concessions for home buyers.
Last year’s LTC cash voucher scheme should also be restarted this year, the industry body has said.
It has also suggested extending the Atmnirbhar Bharat Rozgar Yojana till March 31, 2022.
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