Once again the Finance Minister Nirmala Sitharaman has left corporates wondering. While they were hopeful about an economic package coming their way, it has not happened. But as these corporates welcome the package basically for marginalised Indians, they continue to be hopeful for an economic package for the private sector.
Appreciating the FM for taking care of poor, women and workers with the special economic package, industry body FICCI, said, “FICCI looks forward to the next set of announcements by the Finance Minister aimed at the corporate sector that is also essential to keep the economic fabric of the country intact and we are hopeful that same will be announced in quick succession.”
Echoing the same sentiments, CII, stated the body expects some measures for addressing the needs of distressed businesses, especially in the small and medium scale sector, which have very little cash flows in the current circumstances. “The government needs to excuse them from making statutory payments such as utility and GST payments for the next three months. Special support is also needed for severely affected sectors such as tourism and hospitality, etc. CII hopes that the RBI will soon bring in relief measures for distressed businesses including a moratorium on debt repayments and redefinition of non-performing assets.”
The announcement of EPF contribution by the government for small business was also lauded. Corporates appreciated this liquidity tool used to provide relief to small businesses. Niranjan Hiranandani, President, Assocham and NAREDCO said, “ For the organised sector, EPF contribution by the Government for some segments of workers will play an important role in ensuring that the bottom of the pyramid is able to handle the challenges of the lockdown.”
Supporting the FM on the announcement, IMC, President, Ashish Vaid, said, “IMC is fully confident that the FM's announcement of today (Thursday) will help in streamlining compliances and provide relief to the poor, daily wage earners, and to the lower sections of the society who have been badly affected due to this disruption. However, businesses are eagerly awaiting the fiscal stimulus needed to overcome these difficult times.”