The prime minister further said the fulcrum of the economy is trust.
Prime Minister Narendra Modi on Monday asked captains of India Inc to ensure that production of essential items is not impacted in the wake of the coronavirus outbreak and there is no hoarding and black marketing.
During his interaction with leaders of India Inc, the prime minister also asked them to allow employees to work from home, said an official release.
"The impact on the economy will be felt for some time to come," said PM Modi as he exhorted India Inc to adopt a humanitarian approach and not to cut down on workforce in spite of the COVID-19 negative impact on their businesses.
"Prime Minister said that while the government was working on giving fillip to the pace of growth in the country, an unforeseen hurdle in the form of COVID-19 came in front of the economy.
"He said that the challenge posed by the pandemic is graver than even that posed by the World Wars and we need to be on constant vigil to prevent its spread," the release said.
Industry representatives from Assocham, FICCI, CII and several local chambers from 18 cities across the country participated in the interaction with the prime minister through video-conferencing.
PM Modi asked the industry "to allow employees to work from home" wherever doing so is feasible through using technology, the release said.
He exhorted them to adopt a humanitarian approach and not to cut down on workforce in spite of the negative impact on their businesses.
The prime minister stressed that while the government was working on giving fillip to the pace of growth in the country, an unforeseen hurdle in the form of COVID-19 came in front of the economy.
The prime minister further said the fulcrum of the economy is trust.
"Trust has a unique yardstick -- it is earned or lost in difficult and challenging times. The parameters of trust are at a critical juncture in various sectors of the economy," the release said.
PM Modi said several sectors such as tourism, construction, hospitality and daily life engagements including the informal sector have been hit due to the coronavirus outbreak. The impact on the economy will be felt for some time to come.
Meanwhile, Ficci said that the government should not worry about fiscal deficit target as it made a case for increasing it by 200 basis points, which in turn can bring almost Rs 4 lakh crore of liquidity into the system. The government aims to restrict the fiscal deficit to 3.8 per cent of the gross domestic product.
CII said its member companies will dedicate their plant facilities to help scale up manufacture and availability of essential goods and equipment needed to deal with the medical emergency like ventilators sanitisers, essential drugs, medical services, on a no-profit basis, and build a cadre of volunteers for public service.