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Auto, realty sector to take 1-2 yrs to revive: Report
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SME Times News Bureau | 09 Apr, 2020
As the coronavirus crisis and subvsequent nationwide lockdown severely
impact the Indian economy, a FICCI survey has said that few sectors like
restaurants, auto and real estate may take around 12 to 24 months to
recover.
The other sectors also severely hit may require similar
period to revive, including transportation and tourism, logistics,
entertainment and consumer durables.
The survey titled 'COVID-19
India: Economic Impact & Mitigation', however, said that recovery is
dependent on consumption stimulus and survival of businesses itself.
It
said that sectors such as apparel and beauty product, beverages,
alcoholic beverages, insurance, agriculture, chemicals, metals and
mining, services, industries, offline retail, and healthcare are likely
to recover in 9-12 months.
In its report, the industry body has
said that the Indian industry requires an immediate stimulus package of
Rs 9-10 lakh crore, which would account for 4-5 per cent of the
country's GDP.
The report noted that other countries have also taken similar steps. The debt-to-GDP ratio of India is manageable, it added.
"This
money to be injected for relief and rehabilitation across all levels of
the economy, including people at the bottom of the pyramid, informal
workers, micro, small and medium enterprises, and large corporates," it
said.
The industry body has also suggested setting up of a
'Bharat Self-Sufficiency Fund' with an outlay of Rs 2 lakh crore. It
said that the fund could be used to promote scientific research and
innovation for building a stronger and resilient nation and creating
self-sufficient industry clusters with fully developed value chains
within the country for products where India has high import dependence.
The
report also noted that services such as food retail,
telecommunications, utility services and pharmaceuticals have witnessed a
boost in the short term and would stabilize in the long term, in about
6-9 months.
Further, online healthcare, personal care, online
entertainment and education have also received a boost during the
restrictions and lockdown and would keep growth momentum in the long
term.
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