Multi-pronged strategy required to revive growth: CII Northern Region

A multi-pronged strategy in diverse areas will be required to revive economic growth, CII Northern Region Chairman Nikhil Sawhney said on Friday. "To bring growth back to the economy, a multi-pronged strategy in diverse areas will be required..," he said.

A multi-pronged strategy in diverse areas will be required to revive economic growth, CII Northern Region Chairman Nikhil Sawhney said on Friday. Speaking at a virtual press conference organised by the Confederation of Indian Industry, Sawhney shared the agenda and focus areas of CII Northern Region for 2020-21. Its theme for the fiscal will be 'Building India for a New World: Lives, Livelihood, Growth - A Collaborative North'. "To bring growth back to the economy, a multi-pronged strategy in diverse areas will be required..," he said.        Sawhney further said CII through its extensive network of state and zonal offices and nine Centres of Excellence across the country has worked extensively with stakeholders to combat the impact of COVID-19. "Our interventions on the ground range from policy advocacy, support services for businesses, and information services to providing real-time updates on policy announcements and working with the central and state governments by providing inputs on next steps to tide over the health emergency," he said. Answering questions, Sawhney said the plight of the migrant labourers, bulk of whom work in the casual sector, has not been lost on anyone

"Hence, one of the important dimensions of rebuilding India will be to mitigate the enormous human cost of COVID-19, by protecting jobs and livelihoods. This will have to be complimented by policy action in the rural economy which is the largest employer," he said. Investment in rural health and infrastructure along with strengthening digital programmes could pave the way for a robust rural ecosystem. Given that the government is fiscally constrained, its efforts to provide stimulus to the economy, for example in the form of 100 per cent credit guarantee to MSMEs and various other measures are commendable, he said

More such measures will be needed in the future, but at the same time, the balance between fiscal spending and financial stability will have to be ensured, he said. "Industry will have to work with its vendors, especially with MSMEs to ensure that progress is across the value chain. Hence, industry has a major role to play along with the government in bringing inclusive and sustainable growth back," he added. CII Northern Region has recommended to all the state governments in the region to spend 10 per cent of their GSDP as a package to give a big push to economic revival.