Hyderabad: continuous increase in fuel prices has reached the industry because it has led to a massive surge in shipping and logistics costs, the Indian Industrial Confederation (CII) of the South Region of CK Ranganathan said on Wednesday.
He showed that the increase in fuel prices that were not checked was not a healthy sign because it not only burdened citizens but also created stress in the economy.
Ranganathan said that CII urged the state and central government to rationalize taxes on fuel.
“Some state governments have received our requests and trim GST and in that way they reduce fuel prices …” he said, adding that he expected others to follow the coat and ease the burden on citizens and industries.
Earlier this year, countries such as Tamil Nadu, West Bengal, Rajasthan, Assam and Meghalaya cut taxes on fuel.
He also said that to help economic recovery, the state government must focus on the development of a conducive ecosystem for startup to grow.
The state government can also see an increase in ease of doing business business to attract more investment, he added.
He said the state government had to map the plan preparation for the third Covid-19 wave by training medical students so in the case of emergency there was adequate labor support.
“The state government must establish a joint task force with the industry and the government to assess the impact of the major industrial sectors in the third wave case,” Ranganathan said, adding that companies that have vaccinated all their employees must be offered incentives.
CII will also launch the ‘light house project’ to maintain current and future business leaders in South India.
Increase in continuous fuel prices that hurt the economy: CII
