India Inc has requested the Centre to immediately institute a stimulus package ranging from Rs 9 to Rs 11 lakh crore to mitigate the impact of Covid-19 outbreak. Accordingly, several leading industry bodies including CII, FICCI, Assocham and PHD Chambers have individually recommended a slew of steps including the need for the Centre to immediately come out with a stimulus package.

At present, India is under a lockdown which will last till midnight April 14. This has dealt a heavy blow to commerce and led to temporary closure of shopping malls, dine-in restaurants, grounding of aircraft, shutting down of factories and deserted market places.

Consequently, ratings agencies have cut the country’s GDP forecast. This has led several leading industry bodies to request the Centre for a relief package. In its recommendations, industry body CII has urged the Centre to provide a fiscal support package, for FY21, limited to 2 per cent of the GDP and to support enterprises through banks.