SIEMA welcomes the announcements made by the Hon’ble Prime Minister, Shri Narendra Modi on 12 th May and Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman for economic stimulus packages on 13 th May 2020.
Coimbatore: SIEMA welcomes the announcements made by the Hon’ble Prime Minister, Shri Narendra Modi on 12 th May and Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman for economic stimulus packages on 13 th May 2020.
Collateral free loans to the tune 3-lakh crores for MSME units will be helpful for the units to operate after post Covid 19. However, the rate of interest has not been announced. We hope it is attractive. The decision to support “local” products will improve the prospects of Indian companies.
SIEMA’s specially thanks the Union FM for announcing the new definition for MSMEs, which is one of its long-pending demands.
SIEMA welcomes the government move for not allowing global tenders for a value of upto Rs 200 crores since that will help Indian companies, especially MSMEs, to participate. However, we would request the Government to give priority for MSMEs in public procurement of products.
We welcome the government’s move for clearing all receivables within the next 45 days. We are disappointed that no announcement has been made on exports.
Assistance of 90,000 crores has been given to DISCOMS. We expect all DISCOMS to pass on the benefits to the end consumers instead of putting pressure on them.
EPF contribution from government for firms employing up to 100 employees and drawing less than Rs.15,000, has been extended for another three months. Similarly, for others, the PF contribution has been reduced from 12% to 10%. This is a welcome move.