Opportunity to re-orientate businesses
Public sector banks (PSBs) will continue to support the industry in challenging times being seen due to the deadly coronavirus spread and precautionary measures adopted by the government.
This assurance was given by Commerce and Industry Minister Piyush Goyal on 14 April 2020 during FICCI National Executive Committee Meeting.
Given the precarious state of cash flows from which many businesses are suffering, industry members told the Minister that it is important for the banking industry to support enterprises fully.
Goyal emphasised the importance of public sector banks in carrying out various developmental programs of the government. He also alluded to the huge investments that came to industry through the erstwhile developmental banks such as IDBI, ICICI and IIFL.
While this crisis may be a setback for all businesses and economy, it will also be a new beginning for the country, he pointed out.
As has been seen in the past, India has always outperformed post the crisis.
Goyal said the “current crisis is a great opportunity to reorient our businesses, to relook at our efficiency, to look at our cost structures, and to look at the way we do business.”
“Even from the government perspective, this is a period of discovery and about minutely looking at what we can do for further reforms and how we can change the ways and processes,” he said. fiinews.com
