Finance Minister Nirmala Sitharaman’s steps meant to meet legal compliances: Experts

Finance Minister Nirmala Sitharaman’s steps meant to meet legal compliances: Experts

However, they expect much more in the economic revival package the FM has said she will announce soon.

Sanjay JogUpdated: Wednesday, March 25, 2020, 04:08 AM IST
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Nirmala Sitharaman | Photo: PTI

Mumbai: Industry bodies and experts said Finance Minister Nirmala Sitharaman’s relief measures are extension of dates for complying with various mandatory procedures and give time to meet various regulatory compliances at all levels.

However, they expect much more in the economic revival package the FM has said she will announce soon.

Indian Merchants Chamber deputy director general Sanjay Mehta said the measures were announced as March 31 is round the corner and businesses needed that extension for if it is GST or tax-related or company related compliance for 2018-19. “About economic package, FM said it would soon be announced.

However, there is no strategic announcement to rescue economy from the present crisis,’’ he added. FICCI Pesident Sangita Reddy welcomed the FM’s relief measures amid the lockdown imposed to contain Covid 19.

“We look forward to announcements on economic package and more relief steps to keep the economic engine going,’’ she noted. Credit rating agency CARE has listed some measures the FM may announce to revive economy.

Some include cash transfers to the poor, expediting projects once the epidemic is over, interest rate subvention on retail loans to be funded by budget, approach to NPAs for non-SME loans, distribution of medicines.

CARE said the govt may announce lowering of drug prices, compensation for job loss — where private sector doesn’t heed the govt advice not to layoff workers, free movement of good across states as this has created the beginnings of shortages in this period of shutdown.

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