I am contributing my suggestions on “How to Revive Post COVID-19 Indian Economy” :
1.) The Government has to take strong measures to boost liquidity in the Market.
2.) To start stabilizing the economy, there should be gradually lifting of the lockdown.
3.) Invite Foreign Companies to invest and to start their units in India and we will give assurance for their facilities of their setting up units in India, like Infrastructure Facilities such as power, water resources, manpower etc. We will provide some concessions to them who want to start their business in our Country. By this way, definitely our Indian Economy will grow up and there are also many employment opportunities of our country.
4.) Post Lockdown, Companies need to implement a proper Credit Management System, Control the Operational expenses, Plan Logistic Management and Streamline the labour/manpower management. Customer relationship will be significantly altered due to limited or restricted resources.
5.) Reduction of Imports is a main concept to revive our Indian Economy.
6.) Focus on strengthening “Make in India” initiatives commercialization of Indigenous Technology, Developing Technology, and Efficient Rural Health Care Delivery.
7.) RBI has come up with some Measures.
8.) The Government will begin relaxing the strict lockdown restrictions for a gradual resumption of some commercial activities, mainly in the Rural sector and forming, which potentially allows for the resumption of 60% of the economy.
9.) The aviation, road and rail sectors shall be opened up. This will give confidence to the people that things are slowly returning to the normal.
10.) The Central Government should take care in releasing the amount of GST dues to the States.
11.) To provide some relaxations to small business units with regarding that relief of statutory payments like GST payments etc.
12.) To provide some relaxations with regard to short term loan, waiver of interest on loans.
13.) Recommend reduce in GST for at least 3 to 6 months.
14.) Cash Reserve Ratio should be reduced by RBI
15.) Liquidity Coverage Ratio should be lowered by RBI.
16.) The Government is to concentrate mainly on Agriculture for their development in our country.
17.) The Macro, Small and Medium Enterprises (MSMEs) sector, which contributes to 30% of India’s GDP, is one of the key drivers of the Indian Economy. Today almost all the MSMEs are out of action due to the lockdown, they are unable to pay their employees and several don’t have the financial resources to restart their business.
The Government is concentrating on their business by providing relief.
The author can be reached at mahessundar2016@gmail.com
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