Form Task Force for reviving economy hit by coronavirus: CWC

Asking the Central government to immediately form an economic task force consisting of world-renowned economists to suggest plans to protect and revive the economy, the Congress Working Committee (CWC) on Thursday said that Rs 5-6 lakh crore will be needed for immediate measures to deal with the impact of coronavirus and the resources can be largely found in the Central and the State Budgets for 2020-21.

A statement issued by the CWC after meeting of its leaders through video-conferencing said that the government "has not given any thought to the deteriorating economic situation." It said the task force should suggest three plans including an emergency and a medium to the long-term plan.

The CWC meeting discussed the issures related to COVID 19.

"The government should immediately appoint an Economic Task Force consisting of world-renowned economists to suggest three plans -- an emergency plan within one week; a short to medium-term plan within one month; and a medium to long-term plan within three months in order to protect and revive the economy," the party said.

Noting that the battle against coronavirus must be fought together by the Central and the State governments, the party said a majority of the states Governments have complained of inadequate financial resources due to the Central government not releasing States' share in the GST.

"We call upon the Union Government to forthwith release the state's share in GST to enable them to fight COVID-19 more effectively," the party said.

It said the relief measures for various sections, clearing up dues of state and efforts to ramp up medical infrastructure to deal with coronavirus threat will require resources to the tune of Rs 5-6 lakh crore (USD 70-80 billion).

"Anything less will be totally insufficient and may actually exacerbate the situation. These resources can be found within the country and largely within the expenditure budgets of the central and state governments for 2020-21," the statement said.

The party said resources have to be found to save the people and the country.

"The CWC wishes to underline that eminent economists have supported the Congress' assertion that we must do 'whatever it takes' and find the resources to fund the multi-dimensional effort to save the people and the country," the statement said.