Economic package to help MSMEs, exporters: Industry

Economic package to help MSMEs, exporters: Industry

A slew of measures by the government as part of Rs 6.29 lakh crore economic package may give an impetus to growth and address severe cash flow crunch faced by businesses due to the second wave of the Covid pandemic.

New Delhi

A slew of measures by the government as part of Rs 6.29
lakh crore economic package may give an impetus to growth and address severe
cash flow crunch faced by businesses due to the second wave of the Covid
pandemic.

The
measures include Rs 1000 billion credit guarantee scheme for improving health
infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs
4500 billion for the MSME sector facing liquidity crunch.

Industry
chamber PHDCCI said the measures will bring a broad-based economic recovery
through enhanced demand, private investments, manufacturing competitiveness,
exports, increased agricultural productivity and strong build-up of health
infrastructure in non-metropolitan cities.

CII
said the measures are expected to address the severe cash flow distress
precipitated by the business disruptions caused by the lockdowns in the wake of
second wave of the pandemic.

S
K Saraf, former president of Federation for Indian Exports Organisations
(FIEO), said that the measures would help in reviving the economic growth and
boosting exports.

Council
for Leather Exports (CLE) Chairman Sanjay Leekha said that the steps would help
in growth of exports and the proposal to infuse equity in ECGC will provide the
risk coverage.

Apparel
Export Promotion Council (AEPC) Chairman A Sakthivel said the decisions for
additional provision for ECLGS and infusion of equity in Export Credit
Guarantee Corporation (ECGC) over 5 years to boost merchandise export insurance
cover will significantly benefit the MSMEs and exporters.

Industry
body FICCI said that the direct support offered to the tourism and travel
sector was much needed.

Vikash
Agarwal, President of Indian Chamber of Commerce (ICC) said that this timely
intervention will definitely provide a boost to several sectors.

Rupinder
Malik, Partner, J Sagar Associates said extending
Aatmanirbhar Bharat Rozgar Yojana till 31st March 2022 may
prevent job losses in the low-income labour intensive industries.

Source: The Free Press Journal

Image Source: Google Images

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