National conference on financial impacts of Covid-19 on Indian economy concludes at Ludhiana college - Hindustan Times
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National conference on financial impacts of Covid-19 on Indian economy concludes at Ludhiana college

Hindustan Times, Chandigarh | ByHT Correspondent, Ludhiana
Jun 05, 2020 08:42 PM IST

Three technical sessions were held on the concluding day of the three-day conference

A three-day national conference on “Financial implications of Covid-19 on India with special reference to Punjab” organised by community college and postgraduate department of commerce of Gujranwala Guru Nanak Khalsa College concluded on Friday.

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On Day 3, three technical sessions were held. The resource person of the first session was Lily Bhushan, MH Shroff College of Commerce, Mumbai. She spoke about the measures that need to be undertaken to reshape the industry and infrastructure. She said there is an urgent need to ensure proper functioning of the supply chain and reopening of units.

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She suggested measures like one-time (loan) restructuring, additional institutional funding, waiver of penal interest, policy innovations for triggering consumer demand, controlling cartelisation of raw material and changing criterion of affordability for GST applicability to help the industrial sector.

The second resource person was Bikram Singh Virk, professor at the department of commerce, NJSA Government College, Kapurthala. He spoke on the financial implications of the Covid lockdown and curfew on Punjab’s economy, industry and trade.

He added that daily wage workers and those employed by small businesses have taken the worst hit. These include hawkers, roadside vendors and construction workers, he added.

The third resource person was Harpreet Singh, principal, Gujranwala Guru Nanak Institute of Management and Technology, Ludhiana. He focused on measures to revive consumer and industrial demand.

He said that to enhance demand, measures like time-bound implementation of infrastructure projects announced by the government and packages for steel consuming industries like auto and infrastructure, besides a ban on imports of seconds, defectives and re-rollable scrap steel, should be implemented.

The valedictory session started with a welcome address from SP Singh, president, Gujranwala Khalsa Educational Council and former vice-chancellor, GNDU, Amritsar. He said that this conference has connected with people and helped them understand the financial implications of Covid- 19 on industry, trade and commerce effectively.

Raj Kumar, vice-chancellor of Panjab University, Chandigarh, was the chief guest of the valedictory session. He spoke about the financial impact of the Covid- 19 on the Indian and Punjab’s economy. He said that the people of Punjab, especially in rural areas, are in a state of palpable unrest over issues including unemployed rural laborers, the poultry sector as well as police treatment of the masses amid the lockdown. Small and marginal farmers as well as farm laborers are the most affected in the state due to the breakdown of supply chains, he added.

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