‘Impactful package’: CII on Nirmala Sitharaman’s economic booster dose | Latest News India - Hindustan Times
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‘Impactful package’: CII on Nirmala Sitharaman’s economic booster dose

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Sabir Hussain
May 13, 2020 07:00 PM IST

The CII Director General said that it was heartening that many of the measures announced are in line with its recommendations.

The Confederation of Indian Industry (CII) on Wednesday said that Union finance minister Nirmala Sitharaman has unveiled an “impactful package” to boost the economy with “a prudent and calibrated set of measures”.

Union Finance Minister Nirmala Sitharaman briefs the media on economic package in New Delhi on Wednesday.(ANI)
Union Finance Minister Nirmala Sitharaman briefs the media on economic package in New Delhi on Wednesday.(ANI)

“Hon’ble Finance Minister has unveiled an impactful package under the first tranche of the Atma Nirbhar Bharat Abhiyan as demanded by the very dire economic circumstances we are in due to Covid-19. The first phase targets the key sectors of MSME, employee provident fund, Discoms, and taxation among other major areas that are the most impacted,” Chandrajit Banerjee, Director General, CII, said in a statement.

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Banerjee said the six measures announced by Sitharaman for the Micro, Small and Medium Enterprises (MSME) sector are very well targeted and meet the immediate as well as longer term requirements of the sector.

“CII had suggested that credit be provided for MSME without collateral requirement and with a guarantee from the Government. The proposal to make the delayed payments from Government and PSEs to MSME was a long-standing request of industry.”

He also welcomed the change in the definition of MSME.

“The most important announcement with long term implications is the quantum jump in definition of MSME, which had not been changed since the MSME Development Act of 2006 and was long awaited. Along with the decision to not have global tenders for Government procurement up to 200 crore, the redefinition will assist the MSME sector to grow and emerge as a vibrant and dynamic sector, contributing to self-reliance and employment in a big way,” Banerjee said.

The CII chief said that the measures on construction, real estate and tax payments add to ease of doing business and reduce the compliance burden for enterprises while infusing confidence among entrepreneurs.

“We particularly welcome the action taken to relieve the stress on Discoms which is feeding into the entire economy. The 90,000 crore liquidity infusion will help revive this critical sector,” Banerjee said.

He said that it was heartening that many of the measures announced are in line with CII’s recommendations.

“The FM has introduced a prudent and calibrated set of measures that promises to stabilise the conditions after the Coronavirus crisis,” Banerjee said.

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