ICC appeals govt to provide relief to businesses amid COVID-19 outbreak

The International Chamber of Commerce (ICC) Paris on Thursday appealed to the government to provide relief measures to businesses and borrowers hit by COVID-19 (coronavirus) outbreak. The chamber's president Vikramjit Singh Sahney said OECD (Organisation for Economic Co-operation and Development) has estimated that dip in global growth may lead to recession, and India is already struggling with an economic slowdown.

The outbreak of the virus can deepen the crisis, he said in a statement. "I appeal to the government to provide relief to businesses and borrowers hit by coronavirus disease," Sahney said. "With markets crashing, many sectors of the economy will be hit badly such as tourism, hospitality, manufacturing, trading, auto sector, therefore, government should immediately advise banks for moratorium to the borrowers for three months period on repayment of loans without declaring them defaulters," he added.

This is imperative to tackle the cascading impact of slowdown on demand, he said. Precautionary measures of reduced mobility and distancing will have negative impact on demand, income generation, factory output, retail, and services, he added.