Indian industry has expected a large economic package from the central government to prevent the effects of the coronavirus epidemic. Industry organization CII, in its suggestion to the government, demanded an economic package.
Under this, CII has said that the people of the unorganized sector should be given extra help through cash transfer. The organization has also suggested raising the limit of operating capital loans for the entire industry and government guarantee and debt restructuring facility on loan payment defaults of up to 20 percent for MSMEs and distressed sectors.
Fears of biggest global economic slowdown
Industry organization Assocham made a similar demand. Assocham Secretary General Deepak Sood said that there are fears of the biggest global economic slowdown so far. A rescue package of at least 200 to 300 billion dollars should be announced for this rescue. Sood said, “Assocham believes that on the lines of taking measures around 10 percent of GDP by other countries, the Indian economy will need to inject $ 200 to 300 billion in the next one-and-a-half years. ”
FICCI suggested an additional amount of one lakh crore rupees to the states to help the poor and informal sector workers. FICCI also suggested giving interest-free loans for one year to MSMEs with a turnover of over Rs 500 crore without security.
DK Aggarwal, president of the PHD Chamber of Commerce and Industry, hoped for an economic package of Rs 11 lakh crore, or at least five per cent of GDP. He said that the government has already given a package of two lakh crore rupees. We now expect an additional package of Rs 9 lakh crore through various measures.