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India Inc. is happy with the extended lockdown. Asks the government to protect the economy as well

Hon. Prime Minister Narendra Modi on Tuesday announced the extension of the lockdown in the country till May 3rd. All the industry bodies are happy with this decision but called for an economic package from the government to save the economy

FICCI President Sangita Reddy said that FICCI is happy with the lockdown and welcoming the decision of prioritizing the lives of people. They will continue to protect people and save the economy, she said.

It is estimated that India is going to lose around Rs.40,000 crores daily due to the national lockdown. The cumulated loss for the last 21 days is around 7-8 lakh crores. Also, it is estimated that 4 crore jobs are at risk due to the lockdown.

FICCI believes that the Minister’s decision of partial opening before the lockdown will help them start manufacturing much earlier which could prevent the shortage of goods when the lockdown is lifted. The people at FICCI are waiting for the government’s guidelines on the ing of units in essential goods and services. This is to be announced tomorrow.

Chandrajit Banerjee, the Director-General of CII has said that the Prime Minister has provided details of the lockdown exit after April 20, which will help the industry plan better. He also said that this extension gives enough time for the industries to prepare themselves and restart the economy.

FIEO President Sharad Kumar Saraf said that they are also happy with the extension for various reasons but expected an announcement regarding the industries as well from the PM.

Saraf also said that with no support from the government cannot expect the industry to pay the wages during the lockdown. He also requested a comprehensive economic package from the government which will offer interest-free credit for 6 months, to help the industry pay the daily wages, rent, and utility charges.

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