India Inc seeks economic package from Centre

| | New Delhi
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India Inc seeks economic package from Centre

Thursday, 09 April 2020 | PTI | New Delhi

India Inc has sought an economic package from the Centre to tide over the impact of the coronavirus outbreak and support small and medium businesses to keep their enterprises afloat while catering to the needs of the poor and informal sector workers.

The Confederation of Indian Industry (CII) has submitted recommendations to the government seeking an “economic package” entailing additional support to the lowest strata and the informal sector through cash transfers, amounting to Rs 2 lakh crore to Jan Dhan account holders.

It also suggested the Centre to enhance credit limits for working capital across the board to all industries and additional reconstruction term loans to MSMEs (micro, small and medium enterprises) and stressed sectors with a government guarantee on default, up to 20 per cent.

Another industry chamber Assocham has also sought a “stimulus package” of at least USD 200-USD 300 billion “to thwart one of deepest global recession expected in the world’s history”, its Secretary  General Deepak Sood said.               

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