Industry believes the measures announced by the government and the Reserve Bank are inadequate

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Mumbai, Ta, 4 April 2020, Saturday

Managers of various sectors of the country believe that various measures announced by the government and the Reserve Bank are not enough to meet the adverse impact on the country's industries with Covid-1. Companies are seeking an extended relief package from the government so that the coronavirus does not have a negative impact on their business.

The findings came from a private survey conducted by six CEOs from various sectors of the country such as finance, automobiles, electronics, IT, real estate companies.

Of the CEOs who took the survey, 3% said they had underestimated the three-month moratorium period announced by the Reserve Bank and demanded that it be extended for at least one year.

In addition, most CEOs have also announced that the government will declare relief measures. The demand for insolvency and bankruptcy rules should be relaxed and work under this law should be postponed for 6 months, the survey report said.

The chairman of an auto company has said that the RBI will have to ease the NPA standard by extending the duration of the moratorium. Otherwise, non-banking financial companies will start to go bankrupt.

The government will have to invest more money in the system to increase demand. In addition, the government is also giving companies more time to pay for constitutional deus, such as PPF and ESIC, said the CEO of a company producing electronic items.

The companies could not provide a definite answer to the question of whether there would be a downturn in the country, but most expressed the demand that the demand would be sluggish. The government should extend the lockdown when needed because fitness is important, a real estate sector leader said.

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