NEW DELHI : Industry bodies FICCI and ASSOCHAM on Wednesday called for phased opening up of the economy and re-starting growth with a stimulus package of 200 billion to 300 billion dollars (about ₹15 lakh crore to 22 lakh crore).
COVID-19 is a global health and economic crisis with an abrupt halt of activity across nations which has deeply slowed down consumption, said FICCI's Secretary General Dilip Chenoy.
There is a massive loss of employment in certain sectors like hospitality, aviation, tourism, media and entertainment. A sharp fall in equity markets is combined with higher default risk and possibility of increase in non-performing assets, he said in a presentation. "All industry sectors across the board are facing the heat.