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Average spend dipped, need to work on building consumers' confidence: Jain

Covid-19 has led to a "drastic" drop in the average spend of people, Delhi minister Satyendar Jain said and emphasised that there is need to work towards building consumer confidence

Indian Economy | Satyendra Jain

Press Trust of India  |  New Delhi 

growth, profit, loss, revenue, share, value, stock, economy, returns, investment

The COVID-19 pandemic-induced uncertainties has led to a "drastic" drop in the average spend of people, Delhi minister Satyendar Jain said on Wednesday and emphasized that there is need to work towards building consumer confidence to avoid a long-term downward spiralling effect on the industry.

The Industries minister also suggested that there may be a moratorium of no or minimal government interference for at least a year to help the industry get back to growth, said a Delhi government statement.

Jain asserted that Delhi government is committed to taking measures for ease of doing business to catalyse industrial growth, the statement said.

"Delhi government has taken many steps to build consumer confidence by handling the pandemic and retaining key subsidies on essential services like electricity, water among others," he said, delivering the keynote address at the Delhi Business Week session hosted by Confederation of Indian Industry, CII.

There is a need to create demand for and by the industry to survive the COVID pandemic. The pandemic-induced uncertainties and insecurities led to "drastic" drop in the average spend or demand from the consumers, the minister pointed.

"The need of the hour is to work towards building consumer confidence to avoid a long term downward spiralling effect on the industry," he said.

Jain highlighted that going forward, industry approvals and licenses will move solely towards online platforms, with an endeavour to minimize human interaction and interference.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, September 09 2020. 19:44 IST