Digvijay seeks extraordinary measures to kickstart economy

Senior Congress leader Digvijay

Singh on Monday demanded "pragmatic" relief measures for private sectors to help them tide over the looming economic distress in view of the coronavirus outbreak.

In his letter to Prime Minister Narendra Modi, Singh demanded "extraordinary measures" for providing relief to industry to kickstart the economy after the three-week lockdown ends on April 14.

"Now there is an urgent need for pragmatic relief measures for trade and industry. Any delay could be fatal for innumerable businesses and enterprises," Singh stated.

Along with the letter, he forwarded various suggestions received from trade and industry representatives including "halving all commercial electricity bills for the next three months; permission for retaining 50 per cent of the GST payable for the next three months and waiver of interest payment for the next six months.

 

"All EMIs to banks and NBFCs to be put on hold for the next six months with no levy of interest on delayed payment; the employees share of the PF and ESIC not to be paid by the companies but to be borne by the government for a period of six months and property tax for FY 2020-21 be reduced to half for all commercial properties," he demanded.

"We are all aware of the severe financial stress on the Union and the state governments. The poor fiscal health and revenue generation are a matter of grave concern," he said.

Singh said that this unprecedented lockdown warranted that the normal understanding of the fiscal discipline be set aside and extraordinary measures be taken to provide relief and kickstart economy.

"It is of utmost importance to initiate immediate steps for economic and fiscal stimulus, so that the people, businesses and economy are able to survive these difficult times," he added.