Indian economy cannot remain in lockdown anymore: Congress

NEW DELHI: The Congress came out strongly in favour of restarting economic activities through phased easing of restrictions, even if the lockdown is technically extended till the end of this month. Former commerce and industry minister Anand Sharma urged the government on Monday to allow resumption of economic activities while “ensuring all steps to protect the lives of people” from Covid-19.

Sharma said at an official briefing that “the Indian economy cannot remain locked down indefinitely”. A day ahead of the Prime Minister’s address to the nation, he pitched for measurers for incentivising micro, small and medium enterprises (MSMEs), industry, agriculture and essential sectors, and called for special relief for daily wagers and unorganised sector workers.

“The 21-day lockdown has caused much hardship to the people and posed many challenges to the Indian economy. Therefore, we urge the PM to frame a strategy, based on his discussions with the CMs, to renew economic activities by easing the lockdown in

a phased manner,” said Sharma.

Seeking interest subvention on the three-month moratorium on equated monthly instalments (EMIs), demanding slashing of interest rate on credit to 4% for industry and calling upon the government to spend at 5% of GDP for a second economic package, Sharma said, “This is an extraordinary situation that warrants extraordinary response. Therefore, the government should not be worried about fiscal deficit and containment of inflation as all these can be put in abeyance for a year. What we need is the PM coming out with a bold package that can really help the Indian economy at this critical juncture.”