Early signs of stress are visible across sectors, warranting proactive measures to mitigate immediate risks as well as to build long-term resilience, industry lobby FICCI said in a report on the implications of the West Asia conflict released on Thursday.
The report emphasises that this crisis, while being challenging, also presents an opportunity for India to accelerate structural reforms aimed at strengthening economic resilience and reducing external vulnerabilities.
The government may consider the provision of emergency financing for MSMEs and issuance of advisories to address force majeure-related risks in public procurement contracts, ensuring that businesses are not penalised for delays caused by factors beyond their control, says the report.
The report also suggests that the government may initiate consultations within the GST Council to explore a roadmap for the inclusion of petroleum products under GST. This would help reduce cost burdens, improve supply chain efficiency a