Corporate demand for massive stimulus package of Rs 15 lakh crore

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- Govt should introduce credit protection scheme for MSMEs to support estimated 3 million MSMEs: CII

(Commercial Representative) Mumbai Ta. May 9, 2020, Saturday


The Corona epidemic is on the rise in the country and despite some concessions from the government, it is time for the country's industry-corporate India to face huge losses due to the difficulty in restarting industries. Confederation of Indian Industry (Central) to the Central Government to provide stimulus relief. Iaiai) has been introduced by. This amounts to Rs 15 lakh crore, which is 4.5 per cent of India's GDP. The central government has been forced to borrow Rs 3.5 lakh crore.

CII President Vikram Kirloskar said in a statement that by the end of the third phase of the lockdown on May 12, 2020, Indian industry would have lost two months of production. Covid-12 The economy is in shambles. So the CII has demanded the government to announce an immediate stimulus package of Rs 15 lakh crore. The package will be about 2.5 per cent of the country's GDP. Economic activity has been under control for more than 20 days and the negative impact on the economy is now projected to be higher than our previous estimate.

The government has been instructed by the CII to introduce a credit protection scheme for MSMEs to support the country's estimated 3 million MSMEs affected by the Koro epidemic. Through which the government should guarantee repayment of 30 to 40 per cent of the loan if the borrower fails to repay. The amount that the government guarantees should be paid. So that the risk to the lender will be limited. The proposal will also encourage banks to lend to the ailing sector to meet their working capital needs.

The stimulus should include cash transfers of Rs 2 lakh crore to JAM account holders in addition to the Rs 1.5 lakh crore already announced. In addition, banks have been instructed to provide an immediate additional working capital limit of Rs 3 lakh crore so that enterprises can pay their workers and not lose any employment.

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