TN constitutes panel to assess COVID-19 impact

Tamil Nadu on Saturday constituted a 24-member committee headed by former RBI Governor C Rangarajan to assess the "immediate and medium-term" impact of the coronavirus pandemic on different sectors that contribute to the state's economy.

The panel has industrialists Venu Srinivasan, TVS Group chairman, N Srinivasan of The India Cements, A Vellayyan of the Murugappa Group, Indian Bank Managing Director Padmaja Chunduru and Equitas Bank MD and CEO, P N Vasudevan as members.

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Besides professors from the Indian Institute of Technology-Madras, Madras Institute of Development Studies and Madras School of Economics, the panel consists of Secretaries from at least ten government departments as members. Vice-Chancellors of the University of Madras and the Tamil Nadu Agriculture University are also part of the 24-member committee.

The committee has also been tasked to identify possible sources of financing and funding for different sectors, including infrastructure projects, small businesses, and other enterprises.

Contending that the lockdown to limit the spread of the COVID-19 virus is bound to have a medium-term impact on the economy of Tamil Nadu, the government said it has decided to constitute a High Level Committee of economists and experts and officials to advise the Government on the medium-term policy response.

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“The Committee may also interact and seek views from industry bodies, trade associations, stakeholders, economic and other experts in India and overseas,” a Government Order said.

It said the committee will be headed by Dr C. Rangarajan, former Governor of Reserve Bank of India, former Chairman of the Prime Minister's Economic Advisory Council and currently Chairman, Madras School of Economics.

“The committee will assess the overall immediate and medium-term impact of the COVID-19 pandemic on different sectors of Tamil Nadu's economy, including the impact of the lockdown; additional costs and implications due to social distancing and other precautionary measures,” it said.

The order also added that the committee will assess the opportunities and threats in the short and medium-term and suggest measures required to help the important sectors of the economy to overcome the impact of COVID-19 pandemic.