In a press release today, the Indian Chamber of Commerce and Industry, Coimbatore, welcomes the major Stimulus Package for MSMEs announced by the Hon'ble Union Finance Minister on 13th May 2020.
Coimbatore: In a press release today, the Indian Chamber of Commerce and Industry, Coimbatore, welcomes the major Stimulus Package for MSMEs announced by the Hon'ble Union Finance Minister on 13th May 2020. It thanks the Hon'ble Prime Minister of India Shri Narendra Modi for his announcement of Rupees Twenty Lakh-Crores package to combat the economic disruption caused by the Corona Virus Pandemic .
The Chamber lauds these measures are landslide changes in MSME sector and this will lead India towards self-reliance and insulate local companies from external competition. Rs 3 Lakh-crore Emergency Working Capital facility for businesses, including Micro Small and Medium Enterprises, will have important effects on supply chain partners as well as distribution partners. The measures such as new definition of MSME and other measures for MSME and the reduction of EPF contribution for employers and employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months have been extolled by the Chamber as well .
Relief to real estate companies will help developers and safeguard interests of home buyers with the revised new timelines for their home deliverables. The greatest takeaway from the announcement is the clear focus on getting liquidity flowing into the system. The extension of time for filing of Income Tax Returns for the Assessment 2020-2021 will help to a great extent. The special liquidity scheme will certainly supplement the measures announced by the RBI to augment liquidity.In the second tranche, the Hon'ble Finance Minister announced short-term and long-term measures to ameliorate the hardships faced specifically by migrant labourers, street vendors, small traders, self-employed people, and small farmers.
In Toto, the package will support Indian Economy's fight against COVID-19 and the Chamber also pledges its support to this Government in all its endeavours taken for in the interest of the nation and its citizens during the pandemic.