CII writes to PM Modi, seeks fiscal stimulus package of Rs 2 trillion

To battle the current coronavirus disease (COVID-19) crisis, a fiscal stimulus of 1 per cent of India’s gross domestic product needs to be provided by the government through direct benefit transfer to the poor and elderly immediately, the Confederation of Indian Industry (CII) has told Prime Minister Narendra Modi.

This would be in line with steps taken by other major economies like the United States, France, Japan and the United Kingdom, which have announced billions of dollars worth of stimulus to their economies.

In a letter to the PM sent on Wednesday, the industry body stressed the need for easing the cost of capital. It has renewed its demand for the removal of long-term capital gains tax of 10 per