New Delhi, Jul 06, 2021(ILNS) In a bid to uplift the economy and diminish the daunting impact of the second wave of the pandemic coronavirus on trade and industry, the PHD Chamber of Commerce & Industry is organizing an Economic Conclave ” Ease Of Doing Business and Uplifting Economic Growth.”
The conclave, to be held on July 16, 2021 via an online platform will provide an opportunity for extensive floor participation to the various stake holders who can have high level of interaction with Government Officials, Industry leaders, Eminent Experts from business and Economists.
More than 200 delegates including members of PHD Chamber of Commerce and Industry stakeholders from various segments of trades along with academicians are expected to participate in the conclave.
Mr Anil Kumar Chopra, Chair, Economic Affairs Committee (EAC), PHD Chamber, Ms Kanika Shriram, co-Chair, EAC, PHD Chamber, and Mr Vikram Singh Mehta, Co-Chair, EAC, PHD Chamber has invited various stakeholders to give their suggestions.
After the second wave of pandemic coronavirus, in April and May 2021, with record new active cases and deaths due to Coronavirus, many restrictions have been induced in the country which created a difficult time for the trade and industry in four major ways; first the partial/complete lock down in many States; second– the labour shortage; third– the skyrocketing commodity prices; fourth– the depressed demand, Dr SP Sharma Chief Economist, DSG, PHD Chamber said.
In the second wave of coronavirus, the demand is heavily disrupted unlike last year as this time covid spread was not only limited to metropolitan and urban areas but also in small cities and rural areas. Further, the economic activity and spending diminished significantly as households shifted their savings towards fulfilling the medical needs of their family members and deferred their expenditure on non-essential items, Mr Sharma added
Mr Sharma said, with more calibrated steps to create effective strides for futuristic growth trajectory and to Keeping in mind the situation created by the pandemic, it has become important for India to have strong strides in manufacturing with an effective ease of doing business environment. This calls for an increased focus on building indigenous capacities to fulfill domestic demand as well as to scale up our exports to enhance our presence in global markets. This will lead to creation of new employment opportunities in factories, increase the aggregate demand and support to economic growth trajectory, going forward.
The Finance Minister, Nirmala Sitharaman has committed to provide a Rs 6,28,993 crore stimulus to the various sectors of economy, including Rs. 1.1 lakh crore relief measures for covid affected sectors; extended ECLGS with Rs. 1.5 lakh crore; 100% credit guarantee scheme for tourist guides and extended coverage of the Aatmanirbhar Rozgar Yojna till March 31, 2022.
The agenda of the Conclave would focus majorly on uplifting the economic growth trajectory with calibrated steps, strong strides for manufacturing sector to create new employment in factories, Enhancing ease of doing business to attract foreign investments and to provide a considerable boost to the domestic businesses. To address the skyrocketing commodity prices to reduce the cost of doing business.
Other Key points to be discussed during the conclave will be Front loading of national infra pipeline expenditure to boost investments and to give a multiplier effect to enhance aggregate demand. Thrust to the growth promising sectors with a specific focus on cross border trade and investments.
The issue of Increasing the accessibility of credit to MSMEs for their strong growth and enhanced share in GDP and employment creation will also be discussed during the panel discussions.
The Government is committed to attain a goal of Aatma Nirbhar Bharat and lead the country to become a US $ 5 Trillion economy in the coming years, how to achieve this target and the road ahead to attain this will also be discussed.
The conclave will be held via an online mode on Friday July 16, 2021 from 10:00 AM to 1:00 PM . The direct link for the Conclave.https://us02web.zoom.us/j/86231351590?pwd=a1FwdURHdHVVeWRRZkpaaTB6Nk4yQT09/ ILNS/SNG