TN formed high level committee to assess Covid-19 impact on economy

The Tamil Nadu State government has formed a high-level committee headed by former RBI Governor is comprised of economists and industry experts. It will assess the overall immediate and medium-term impact of the Covid-19 pandemic on different sectors of the State’s economy and identify possible sources of financing and funding.

The committee will access the impact of the lockdown imposed to prevent spread of the coronavirus.

The committee will also assess the additional costs and implications due to social distancing and other precautionary measures.

It will also assess the opportunities and threats in the short and medium-term, apart from seeking measures to help the important sections of the economy to overcome the impact of the pandemic.

The High-level Committee will identify specific reform measures to be taken by the state government to support and promote the growth of important sectors of the economy and assess the impact of the crisis on the state government’s fiscal situation and way forward to improve the fiscal position, including increasing the tax: GDP ratio and diversifying revenue sources and re-prioritizing expenditure.

It will also identify possible sources of financing and funding for different sectors.