Indian Chamber of Commerce welcomes the package by Nirmala Sitharaman

GUWAHATI

ICC would like to compliment Finance Minister Nirmala Sitharaman for announcing forward looking simulus package for the MSME sector.

The turnover based definition of MSME has addressed a long pending demand and extended the nenefits to a large number of companies.

Secondly, 3 lakh crore government guaranteed loans to the liquidity starved MSMEs would go a long way in stabilising and strengthening the sector.

This is expected to benefit 50 lakh small enterprises.

Within this infusion,  Rs 20,000 crore would be provided to stressed asset MSMEs, Rs 30,000 crore to NBFCs and Rs 50,000 crore equity infusion to MSMEs to help them expand.

Other liquiudity enhancing measures on PF front, reduction in the fixed costs through TDS & TCS reduction by 25% for 1 year would provide huge relief to the Industry, feels ICC.

In short, more or less all needs of this segment, cutting across all sectors have been taken care of.

Other critical problems taken care of today are that of DISCOMs which today facing unprecedented cash flow problems are.

An emergency liquidity injection to the tune of Rs 90,000 Crores to all DISCOMs would provide much needed liquidity support.

Another laudable move is the extension of contracts by 6 months to Railways, Ministry of Road and Transport and PWD contracts.

This will cover construction work and goods and services contracts.

This would have a beneficial and positive effect on labour employment, ICC feels the announcements by FM are praiseworthy and path breaking under the visionary leadership of Prime Minister.