IIC Seeks Rs 3 Lakh Crore Stimulus, RBI Balance Sheet Expansion | India News
Citing a survey conducted by him, the lobby group said that 51% of respondents expected an adverse impact on production and sales during the first quarter, as the company’s employees had been infected in addition to increasing medical costs. , which resulted in a revenue contraction. He assessed overall GDP growth at 9.5% during the current financial year due to a strong recovery in the second half.
Assuming three different fiscal scenarios with a fiscal deficit of 7-8% of GDP, the IIC suggested that there was scope to provide an additional stimulus of about 1.3% of GDP. “A fiscal stimulus of Rs 3 lakh crore is required,” said new IIC President TV Narendran, who is also Tata Steel MD. He recommended a significant increase in vaccination to at least 71.2 lakh of daily injections on average, more than double the current level.