In order to support economic growth amid the re-emergence of COVID-19 cases, Industry Chamber PHDCCI has suggested the government to announce a substantial stimulus package including banning steel exports to China.
In its recommendations list, PHDCCI has asked for unhindered operations of all business and industrial operations across the value chain as any disruption could cause severe economic hardships including reverse migration of labour and extension of ECLGS (emergency credit line guarantee scheme) to March 31, 2022, with an increase in the amount from Rs 3 lakh crore to Rs 6 lakh crore.
Industry Chamber also suggested an increase in the limit of the ECLGS credit from the current 20 per cent. It added that the government needs to defer the show-cause notices being issued by the income tax department.