Economy

Industry-govt partnership key to mitigate COVID-19 risks on economy

Our Bureau Chennai | Updated on March 26, 2020 Published on March 26, 2020

Representative image   -  REUTERS

With the widespread outbreak of COVID-19, nations across the globe are struggling to counter the threat posed by the pandemic. As the confirmed cases increase rapidly, the need of the hour is to ensure that all necessary measures to prevent the spread of the virus further are taken to contain its health impact on the society, said CK Ranganathan, Deputy Chairman, CII-Southern Region.

The pandemic has also been affecting economic and financial conditions worldwide, with India being no exception. Sectors such as electronics, automobiles, entertainment, transport, tourism, and exports are in trouble due to disruption in the global supply chain and routine operations.

The Confederation of Indian Industry (CII) has reached out to State governments and pledged its support to various government initiatives to control the spread of the pandemic.

K Hari Thiagarajan, Chairman, CII Tamil Nadu State Council, said that the CII is working towards the industrial development of the State and is also supporting the Tamil Nadu government on various policy initiatives.

While the government is taking every step possible to contain its spread, there also needs to be concerted efforts to ease out restrictions imposed on the movement of essential goods within the State and also inter-State, which would help retain business continuity. The COVID-19 crisis poses specific challenges in large process industries where skilled people are required to sustain operations. Engaging labourers for critical industries, accommodation, food and other arrangements for labourers who need to stay to take care of the factory are some issues faced by industry members.

Further, the industry expects support from the State government to fulfil export commitments, GST and electricity payments, freight services, movement of specific items such as packaged foods, medical equipment and drugs, and capital requirements, besides funding support for MSMEs, to tide over the crisis.

 
Published on March 26, 2020
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