Vaccine minister should be appointed, 3 lakh crore stimulus should be given to increase demand – CII gave suggestions to the government
CII gave answers to the government on vaccination and economy.
New Delhi:
Business Organization CII ie Confederation of Indian Industry on Thursday vaccination drive and affected by coronavirus Economy Many suggestions were given to support. The biggest thing is that the organization has advised the central government to appoint a vaccine minister. At the same time, CII has also suggested the government to release fiscal stimulus on a large scale in the economy.
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Vaccine minister appointed
First thing about vaccination. New CII President TV Narendran said in his first press conference that CII advocates the appointment of a Vaccine Minister. He said that it is necessary to accelerate the pace of vaccination for economic recovery. The CII President said that the production of the vaccine at the domestic level needs to be further accelerated. By 2021, 175 crore doses should be manufactured. TV Narendran said that if the total adult population of the country is to be covered under vaccination by December 2021, then from now till December, an average of 71.2 lakh doses will have to be administered daily.
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3 lakh crore fiscal stimulus
New CII President TV Narendran said in his first press conference that a fiscal stimulus of Rs 3 lakh crore is needed to increase domestic demand in the economy. That is, the government will have to put a share equal to 1.3% of the total GDP in this stimulus. However, for this, the Central Reserve Bank will have to increase its balance sheet, he said. He said high taxation was not good.
5 trillion dollar economy
TV Narendran said that by 2025-26, a 5 trillion dollar economy is possible with 9 percent growth in the medium term. He said that there is such a positive situation that if the economy grows at the rate of 9 percent in the next three years, then by 2025-26 the GDP target of $ 5 trillion can be achieved. But if under the current situation, if the growth remains 6.5% in the next three years, then by 2026-27, the target of 5 trillion GDP can be achieved.
He said that a negative situation is that if everything remains bad, the global economy also deteriorates and the economy grows at the rate of 5% in the next three years, then this target will be met only by 2028-29. So it depends on what is the condition of the economy in the next three years.