India Inc seeks Rs 2 trillion in govt relief as lockdown hits businesses

India Inc. on Wednesday sought Rs. 2 trillion as an economic package to overcome losses due to a 21-day national blockade to prevent the spread of the coronavirus.

The Confederation of Indian Industries (CII) has recommended that the government find an economic package that provides additional support to the lower classes of the population and the informal sector by transferring money from 2 Croatian Lah rupees to Jan Dhan’s account holders, PTI reports.

She also proposed that the Centre should raise credit limits for working capital recovery for all industries and provide additional emergency loans to RSI (micro, small and medium-sized enterprises) for reconstruction, and stressed that sectors benefiting from a government guarantee should be provided up to 20 percent in the event of default. Another Ashosham Chamber of Industry was also looking for a stimulus package of at least $200-300 billion to prevent one of the deepest global recessions in world history, ITP Secretary General Deepak Saud was quoted as saying.

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He said that Parliament estimates that the Indian economy will need to transfer more than $200 billion to keep pace with most world economies, if a stimulus package of 10% of GDP is needed, with the possibility of increasing it to $300 billion over the next 12 to 18 months.

In its presentation, FISSI recommended that, in addition to the amount allocated under the PM scheme for Garibe Kalyan, an additional amount of Rs 1 trillion be allocated and disbursed to States, to complement their efforts to meet the urgent needs of the poor and informal workers in the sector. It also proposed to provide interest-free and unsecured RSI loans with a turnover of less than Rs 500 for a maximum period of 12 months to cover fixed costs, salaries and other operating costs.

The Ministry of RSI has undertaken to establish 20 business development centres by the end of the financial year.

He also suggested that the Centre raise working capital limits for all industries and provide additional loans to the RSI for reconstruction.

It should be noted that the Ministry of Finance is working on a further increase in the dose to stimulate the economy, which has reached a six-year low of 5%. The stimulus scheme that Finance Minister Nirmala Sitaraman will announce in the coming days is ready. The government announced numerous measures in three doses, including a special window on real estate, export promotion, bank consolidation and additional financing for micro, small and medium-sized enterprises (MSMEs) and the automotive sector.

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Governor Shaktikanta Das of the RBI had previously stated that the government had taken a number of measures to stimulate the economy in three phases and indicated that further measures were likely.

The first round of announcements took place on 23 August, removing the surcharge for foreign and domestic investors in the 2019-2020 budget.

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