Many sectors will take 1-2 years to revive due to coronavirus crisis: FICCI survey

New Delhi: As the coronavirus crisis and subsequent 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 a 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. (IANS)

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