BRINGING LIQUIDITY IN THE MARKET AND HELPING MSME’S GET THEIR PENDING PAYMENTS.
Minister for Road Transport and Highways and Micro, Small and Medium Enterprises (MSMEs) Mr. Nitin Jairam Gadkari addressed a webinar organized by Associated Chambers of Commerce and Industry of India (ASSOCHAM) President Dr. Niranjan Hirandani along and senior Vice-President Mr. Vineet Agarwal and ASSOCHAM Secretary Mr. General Deepak Sood who was the moderator in this 1-hour session held on 24th April in which Dr. Niranjan Hirandani and Mr. Vineet Agarwal raised their concerns over the liquidity crisis. The Honourable Minister said that he has urged Prime Minister Narendra Modi to take steps to ensure the release of all payments pending from various departments of the government, including public sector undertakings (PSUs) and Central government undertakings, to the MSMEs. Which will bring liquidity in the market and help MSME’s, he said.
“We are in the middle of formulating a scheme of Rs 1 lakh crore to help MSMEs get their pending payments.” He added. The ministry is trying to help the MSMEs, the backbone of the economy, by implementing some relaxation measures for domestic manufacturers.
As the pressure for April salaries and wages is building, the Honourable Minister said that “he has also shared a proposal to the labor minister Santosh Gangwar to utilize Rs 80,000 crore lying with the ESIC, to tackle the immediate crisis faced by MSMEs will have to be examined by the Finance Ministry and the Prime Minister's Office (PMO).”
The Honourable Minister also urged Indian factories to provide food and temporary shelter facilities for the laborers in their factory premises and to take all precautionary measures to ensure coronavirus does not spread.
Mr. Gadkari said that he is going to suggest Finance Minister fast track the GST and Income Tax refunds and clear the same within 8 working days.
Besides this, The Honourable Minister also told that “All the state governments and collectors are informed that all the national highways are now open and 55% - 60% transport had started as of yesterday.” Opening the Highways will help the economy to get back to normal. Apart from highways, all ports have been opened as well and provisions for import and export and all the precautionary measures have been taken.
He also suggested that in order to open all the logistic hubs, the logistic companies along with the logistic hub, have to take all the precautionary measures suggested by the government seriously followed them and the responsibility for ensuring this falls upon the leaders of the logistic industry.