Appreciated: Rs.15,000 crore refinancing
The Government should immediately announce a comprehensive economic package for the industry to provide relief in payment of wages, statutory obligations, rental and utilities, said FIEO President welcoming measures to maintain adequate liquidity in the system through TLTRO 2.0.
Sharad Kumar Saraf also pointed out that exporters’ interest should be paramount in the package as they are the worst sufferers facing challenges both at the domestic turf and in the global market.
Extension of pre- and post-shipment credit tenure, Interest Equalization Scheme, Interest-free loan to cover forward losses, Automatic enhancement of limit by 25% without further condition/collaterals, Enhancement in MEIS rate by 2% for all sectors and 4% for employment intensive sectors, amnesty for the default under Advance/EPCG authorization/EOU etc, he elaborated on 17 Apr 2020.
Saraf welcomed the refinancing of Rs.15,000 crore to SIDBI and 90 days NPA norms to exclude moratorium or deferment period, saying these will give relief particularly to MSMEs struggling to keep alive with no business but saddled with fixed costs. fiinews.com
