Watch | Naushad Forbes: I'm Not a Fan of Protectionism
Naushad Forbes, the former president of CII, believes that it is crucial that the country hears more about the resumption of economic activity. Forbes said it was imperative for industries and establishments to resume work, with clear and precise cautionary measures in place. As Forbes told Mitali Mukherjee in an interview with The Wire, “Why should we be hanging on, waiting for a speech, to know when we can reopen our economy?”
He also said that there has been a dramatic impact of the lockdown on the economy – there’s been a 40% fall in GDP output in April, 2/3rds of output for manufacturing fell and GST for the month was under 1/3rd the usual figure.
In response to the “Local for Vocal” call and the finance ministry’s decision that global tenders will be disallowed up to Rs 200 crores, Forbes said he has never been a fan of protectionism and he was worried that this idea of self-reliance harked back to the 1970s.
He also expressed concern about the recent changes in labour laws announced by the Uttar Pradesh government via an ordinance; Forbes said these sudden changes often caused discontent and there was a need for greater transparency and tripartite discussions. “ To only way to ensure that people come back, is to let them go.”
The interview was recorded on May 15, 2020, and released on May 18.
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