Panjim: Goa Chamber of Commerce and Industry (GCCI) has welcomed the financial package announced by Union Finance Minister Nirmala Sitharaman.
In a statement, GCCI President Manoj Caculo said first phase of economic revival package unveiled by Finance Minister was in tune with the clarion call for self reliance given by Prime Minister Narendra Modi and the measures announced would surely help kick starting the economy which was severely impacted by the lockdown necessitated by the COVID 19 pandemic.
He said MSME sector was the most important pillar of the Indian economy as it contributed about 29 per cent to the GDP and 48 per cent to exports and waa key to India’s dream of becoming a $5 trillion economy by 2020, so the various measures to boost the sector were welcome.
The three lakh crore collateral-free 100 per cent guaranteed automatic loan for MSMEs for a four year tenure, Rs 20,000 crore loan for stressed MSMEs, government suport of Rs 4,000 cr to CGTMSE., Rs 50,000 crore to help MSME expand their capacity were some serious measures that would help the MSME sector to quickly move on the path of recovery, he said, adding the expansion in the definition of MSMEs would help the MSMEs grow and still benefit from the various schemes.
The decision to source all government procurement up to Rs 200 crores locally, clearing of all MSME receivable in the next 45 days, E-market facilities etc would also help the MSME sector immensely.
Mr Caculo said aunch of a Rs 30,000 crore special liquidity scheme for NBFCs/HFCs/MFIs, Rs 45,000 Crore Partial Credit Guarantee Scheme for NBFCs, Rs 90000 Crore Liquidity Injection for DISCOMs, 25 per cent Reduction in TDS or TCS Rates etc would help in bringing the much needed liquidity in the economy.
“The original scheme of EPF support was not found to be beneficial to large sections of industry and we were expecting some relaxations in its terms. So the extension for further three months is not really a big relief,” he said.
“While all these steps will help the industry in a big way , we were also hoping that the centre will announce some relief packages to put some more money in the hands of the state governments as they are in a better position to understand the local conditions and help the local economies,” he said.