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COVID-19 impact: Don’t think India can afford 2nd large-scale economic disruption, says FICCI President

Updated : April 14, 2021 06:46:38 IST

Union Finance Minister Nirmala Sitharaman has said the government has no plans of imposing country-wide lockdown, adding that local lockdowns should suffice for now.

Speaking to CNBC-TV18, Uday Shankar, President of FICCI, said that not imposing a national lockdown by the government is a relief, but large states imposing restrictions will hurt industries.

“Finance Minister’s announcement that we are not considering a national lockdown is a huge relief. But a large number of states, and especially business critical states, going into a lockdown or some form of restriction which is rigorous and going to impact normal activities of the economy, is a matter of deep concern."

"The end outcome will be the same, there will be massive disruption and I don’t think this country can afford a second massive economic disruption,” he said.

He said that the industry is in a state of shock, but it would be too early to quantify the kind of state support that would be needed. However, he believes that MSMEs would be the worst hit because of additional restrictions.

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