On the eve of the completion of the three-week nationwide lockdown, the Congress on Mondaysought a partial opening of the economy and asked Prime Minister Narendra Modi to be bold in declaring a financial package of at least five to six per cent of the GDP.
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Addressing the media through videoconferencing, former Commerce Minister Anand Sharma said ‘Indian economy cannot sustain a prolonged lockdown,’ and therefore, Mr. Modi should announce a calibrated plan to open up specific sectors of the economy.
Mr. Sharma cited a report of the International Labour Organisation to argue that 40 crore workers would be pushed to below poverty line if the government didn’t offer stimulus package to industry, especially the micro, small, medium enterprises (MSMEs).
‘Extraordinary times’
“These are extraordinary times and it required extraordinary actions. That is why the Prime Minister should be bold and declare an economic package to help revive various sectors of the economy,” he said.
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“We expect that the economic package should be at least five-six per cent of India’s GDP,” he said, adding that the government should not be bothered about fiscal deficit and inflation for the moment.
The Congress pointed out that many countries like the U.K., France and Germany had declared economic packages that were 15% of their GDP, and the U.S. had pitched it at 10%.
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Movement of trucks
Mr. Sharma suggested immediate restoration of inter-State movement of trucks to keep the supply lines of essential items going, transportation of workers to their workplace, creation of a fund and zero per cent interest loans for MSMEs, including those engaged in exports, direct cash transfers to BPL families, MGNREGS workers and self-employed.
The government must also allow industry contributions to the Chief Ministers’ Relief Funds under the corporate social responsibility (CSR) as being done for donations made to the PM CARES Fund.
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Mr. Sharma, however, rejected the charge that some States ruled by the BJP were getting more funds than those ruled by the Opposition parties.
The Congress also reiterated the former party chief Rahul Gandhi’s demand that the government should protect Indian companies from hostile takeover bids by foreign companies, especially pharmaceutical companies, and those making life-saving and cancer drugs.
