new Delhi . Describing the Indian economy as strong, PHD Chamber of Commerce and Industry President Sanjay Aggarwal has said that the economy has suffered heavily due to the coronovirus epidemic and nationwide lockdown. He said that public expenditure is most needed at the moment, that too from the Center, because the financial conditions of the states are not good.
The newly appointed chairman of the industry body says that the government’s policies regarding lockdown and unlock should be absolutely clear. He said that the decline of 23.9 percent in the Indian economy in the April-June quarter was a huge loss. But the signs of improvement in September, especially in GST collection, vehicle sales and exports, showed an optimistic outlook in the economy.
By the end of September, job losses had declined, digital payments and vehicle sales had increased. Agarwal said, “The issue is that there is flexibility, but the loss is huge. The gap that has been created will take a long time to fill.”
Appreciating the National Infrastructure Pipeline (NIP) announced by the government last year, he said that now is the time to invest through it. “This (NIP) is one such thing which now needs to be taken seriously and expenditure will have to increase,” Aggarwal said. He appealed that the central government should increase investment, as the private sector will not do so now. Aggarwal said that this may affect the fiscal deficit, but this is not the time of financial accountability, but of spending.