UKIBC submit recommendations to Government of India to support business in relation to COVID-19
By UK India Business Council (UKIBC)
With the extensive spread of Coronavirus (COVID-19), nations across the globe are now facing significant social and economic challenges.
Of course, the Indian public faces the immediate threat and, as such, must be supported and protected. And that, rightly, is the immediate focus of the Government of India.
The UKIBC welcomes the various steps taken by Government of India over the last few days, specifically the welfare support announced by the Finance Minister and the monetary measures outlined by the RBI are greatly appreciated by the industry.
Given the unprecedented nature of the challenge and measures, there are practical issues that need to be addressed to ensure essential goods and services continue to be delivered.
Against this backdrop, the UKIBC, in consultation with its members and clients has identified a range of regulatory and practical issues being faced by business and which have been presented to the Government of India and to DIT India.
View the full submission here.
COVID-19 will sadly impact the UK, Indian and all economies in the short term. Alongside the measures being taken to protect lives, it is important that there is also a strategy to protect livelihoods and to ensure that the economic downturn is as short as possible. Looking through this crisis, as we must, the UKIBC believes that both countries need to reconfigure their economies and the bilateral relationship, in a way that positions the UK and India in global leadership positions as the world emerges from the crisis.
It is already clear that businesses are playing an important role in combatting COVID-19. For example, Diageo has pledged more than eight million bottles of hand sanitiser for frontline healthcare workers by donating up to two million litres of alcohol across the world, including in India. Additionally, TVS Motors Company and TVS Group have pledged INR 25 crores (GBP2.6 million) to the India PM’s Relief Fund and supported groups across states through food packets and masks.
Naturally, we at the UKIBC believe that business will play a critical role in India’s post COVID-19 economic recovery. 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.
Business, including UK businesses, are willing to play their part. Appropriate intervention by Government accompanied by statements in support of the role of business would create a positive and collaborative atmosphere which would energise industry to step forward.
