₹4,000 crore stimulus package needed to kick start Chandigarh’s economy: CII

Funds necessary to support industries, service sector, poor and the weaker sections of society and help those in distress owing to the Covid-19 lockdown, says CII Chandigarh chairman

The Confederation of Indian Industry (CII) on Monday said the Chandigarh administration should provide an economic stimulus package of around Rs4,000 crore to various economic sectors to kickstart the economy here.

“A war chest of Rs 40 billion (Rs 4,000 crore) must be created to support industries, service sector, poor and weaker sections of the society and help those in distress owing to the Covid-19 lockdown,” CII Chandigarh chairman SPS Grewal said here on Monday.

The relief package should have a two pronged approach to support consumption and also augment the cycle of investment and industrial activity in the coming times, he suggested.

Dr Grewal also asked for full implementation of the Micro Small and Medium Enterprises (MSME) Act in Chandigarh and urged the administration to provide wage subsidy to the extent of 50% of minimum wages for all registered workers for a period of three months in manufacturing, handicrafts and services sectors.

Focusing on ease of doing business, Manish Gupta, vice chairman, CII Chandigarh, said the administration should extend all renewals/licenses for pollution, fire and labour by another year, waive off fixed electricity charges and property tax by six months, issue notification for allowing mortgage of industrial property under leasehold and general power of attorney, which will encourage banks as well as industry to keep the cash flow going during the Covid-19 pandemic period.