Structure pipe in coronavirus
#coronavirus: Worst Impact on Steel Industry. The recurring Fixed charge of Electricity, Salary and wages. Structure pipe equally hit in coronavirus.
The Impact of corona is majorly effecting all sector of Industry.
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According to CII, policy action must be taken urgently else, GDP could fall below 5 per cent in FY 2021.
CII said that the government would consider providing a strong fiscal stimulus of 1% or about 2 trillion of GDP to the poor. Which would financially benefit them and increase market demand.
Growth slowed down to 4.7 percent in the third quarter (October-December). The effect of the Covid -19 outbreak is likely to drag it further down in thefourth quarter.
The business group also advised Reserve Bank of India (RBI) to pursue an immediate reduction in the repo rate.
They asked for 50 basis points along with a reduction of 50 basis points in the CRR to ensure ample liquidity and cheaper funds.
Globally, central banks are taking fiscal steps to reduce the economic damage caused by the outbreak.
As stated by Niranjan Hiranandani, president of India’s Affiliated Chambers of Commerce and Industry (Assocham).
India, the fifth-largest economy, majorly dependent on global cues. Lockdown and another measure will have both beneficial and negative impacts.
The need for RBI to carry out monetary / fiscal support to shield company from bankruptcy is ideal.