Economic Response Task Force led by FM Sitharaman to assess sectoral needs, implement proposed measures

An Economic Response Task Force led by Finance Minister Nirmala Sitharaman will assess the requirements of various sectors and also oversee implementation of the proposed measures. The announcement was made by Prime Minister Narendra Modi during his speech on Thursday evening in the wake of severe impact of Covid-19 on several sectors, including aviation, hospitality and tourism along with the overall economy.

The task force may take several key decisions including extension of loan tenors for the micro, small and medium enterprises (MSMEs) and relaxing NPA (non-performing assets) norms, while on the taxation part, GST may be waived on hospitality and tourism sectors.

Welcoming the move, Sankey Prasad, Managing Director & Chairman, Colliers International India said that PM Modi’s speech reassured the country. 

“The Prime Minister’s speech was very meaningful and purely for the masses. His focus on behavioural changes are necessary and it was reassuring to know the strength that we possess. His speech was highly focused on addressing the fears associated with the growth of the economy, which he tried to allay by announcing a Covid19 Economic Task force under the Finance Ministry and is bound to reassure stakeholders across industries. He instilled confidence and removed any panic or fear amongst employees and businesses, associated with the recent developments in India and focused on creating awareness amongst public. Overall, I think it gave a lot of confidence to the country,” he said. 

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Prasad added that the COVID19 Economic Task Force should watch out for an already struggling real estate industry and ensure that the interests of buyers are protected and larger stakeholders are assured of their interest. 

“In addition, it will also be important to safeguard the interest of the workforce, real estate and construction being the second largest employer in India,” he said. 

In his speech, PM Modi urged the business community and the rich to look after the economic needs of people from the lower income groups from whom they receive various services.