UKIBC submit recommendations to GOI on behalf of British industry
On 13th May, UKIBC submitted consolidated feedback from UK business in response to the lockdown scenario to DPIIT and Invest India.
UKIBC, with the Department for Promotion of Industry and Internal Trade (DPIIT) and Invest India, held a virtual roundtable on 4th May for British businesses in India to discuss how businesses and governments can work together to minimise the negative economic consequences of the COVID-19 lockdown.
Following this live interaction, UKIBC consolidated the recommendations and asks of British business into a detailed submission to DPIIT and Invest India. You can view the full submission here.
Our members, across sectors such as Energy, Pharmaceuticals, Insurance, Oil and Gas, Food and Drink, and Advanced Manufacturing and Defence, highlighted a range of issues including: priority sector lending requirements placed on banks; logistics, including the movement of people in and around towns/cities; the need to revive credit growth to ensure businesses remained liquid; the need for the Indian Revenue Department to improve corporate liquidity by releasing monies owed against GST input credits; and the extra financial burden being placed on exporters, importers and, ultimately, consumers due to inflated shipping and warehousing costs.
These recommendations build on our recent recommendations submitted together with CBI and British Business Group Delhi, including for the Government of India (GoI) to ease companies’ cash flow challenges by making payments due to suppliers on an immediate basis.
UK companies remain committed to India and continue to believe in the country’s development trajectory. The great strides India has achieved in the World Banks’ Ease of Doing Business Rankings and the strong talent pool and technology capability form the foundations of this recovery.
We will continue to work with Government in India and the States to combat the virus and ensure delivery of essential services and economic development beyond the lockdown.