Sonia Gandhi calls for Rs 2 lakh crore wage protection, credit guarantee MSME package

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Sonia Gandhi calls for Rs 2 lakh crore wage protection, credit guarantee MSME package
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Stating that greater than 6.three crore MSMEs are on the verge of financial spoil with a every day lack of Rs 30,000 crore on account of coronavirus lockdown, she urged the federal government to announce a Rs 1 lakh crore MSME Wage Safety Bundle

twitter-logo Joe C Mathew   New Delhi     Final Up to date: April 25, 2020  | 22:17 IST
  • Sonia Gandhi has urged Rs 1 lakh crore MSME Wage Safety Bundle
  • Additionally, suggested deploying Rs 1 lakh crore credit score assure fund
  • Advised business banks be instructed to go on RBI’s liquidity drive to clients

Congress President Sonia Gandhi has urged Prime Minister Narendra Modi to announce a stimulus bundle for the micro small and medium enterprise (MSME) sector. Stating that greater than 6.three crore MSMEs are on the verge of financial spoil with a every day lack of Rs 30,000 crore on account of coronavirus lockdown, she urged the federal government to announce a Rs 1 lakh crore MSME Wage Safety Bundle to assist 11 crore staff working within the MSME sector. “Practically all MSMEs have misplaced gross sales orders, seen an entire cessation of labor and are struggling to pay wages and salaries,” Gandhi mentioned in a letter to the PM.

She additionally wished the federal government to deploy a credit score assure fund of Rs 1 lakh crore to offer quick liquidity to the sector and guarantee sufficient capital to MSMEs.

Additionally Learn: Coronavirus: Sonia Gandhi says authorities ‘miser’ in aid efforts, advocates Rs 7,500 every to poor households

The letter, despatched on April 25, additionally says that the federal government ought to be certain that the business banks go on the actions taken by Reserve Financial institution of India to make sure sufficient, simple and well timed credit score provide to MSMEs. One other suggestion from Gandhi was to supply tax waiver and tax discount for MSMEs and different sector particular measures.

The Congress President additionally reiterated the Get together’s constructive help to the federal government within the battle towards COVID-19.

Additionally Learn: Franklin Templeton: P Chidambaram says govt should act swiftly as Congress did in 2008

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