India Inc on Tuesday said the nationwide lockdown extension was necessary to avert a humanitarian crisis but insisted on the need for a stimulus package to rebuild the economy hit hard by the Covid-19 pandemic. Late last month, the government announced a Rs 1.7 lakh crore relief package but experts said more was needed given the complete halt in the economy.
PM Modi on Monday asked Indian companies to maintain production lines of essential commodities and ensure there is no hoarding as well as black marketing in the wake of coronavirus outbreak. Interacting with industry representatives via video-conferencing, Modi said the impact on the economy will be felt for some time with several sectors being hit.
Corporate India is increasingly revealing its generous side to commit assistance in various forms in the country’s fight against the virus. Billionaire Anil Agarwal said his company Vedanta is setting aside Rs 100 crore initially to support daily wage workers and contract employees working at the mining giant’s factories in India.
India Inc will offer an average salary hike of 9.1% to employees this year, which is marginally less than last year, according to a survey. While senior executives at HR consultancy firm Aon said the dip is indicative of a slowdown, the survey showed that double-digit salary hikes are not history with 39% of organisations projecting a salary increase of over 10%.