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The Central Government had always recognised the importance of wealth creators and it was, therefore, closely monitoring whether the relief measures announced for the industry were percolating downwards, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman assured the managing committee members of the Punjab, Haryana, Delhi (PHD) Chamber of Commerce on Friday.
This especially included the transmission of the repo rate cuts to consumers in terms of reduced interest rates.
Interacting with members of the industry chamber through video conference, the country’s first full-time woman finance minister said the government was closely watching the developments in the disbursement of loans under the provision of Rs 3 trillion collateral-free automatic loans for businesses to mitigate the daunting impact of the COVID-19 pandemic.
Echoing Prime Minister Narendra Modi, the finance minister said the government was focused on minimum government and maximum governance, with a special emphasis on addressing challenges faced by the industry and promoting ease of doing business.
The government had always provided a helping hand without differentiation to all industry stakeholders, especially to micro, small and medium enterprises (MSMEs), she said.
Appreciating the significant reforms announced by the centre, Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry said in his welcome remarks that Rs 20.97 trillion stimulus package was very comprehensive, substantial and one of the largest in the world. It was not only a monetary and financial stimulus but also contained the game-changing reforms to take India to the next level.
Dr. Aggarwal sought a one-time restructuring of the loans without affecting the classification for the severely impacted sectors such as tourism, aviation, entertainment, real estate, automobile, among others.
He also suggested a formal communication from the government to bankers so that bank officials could sanction and disburse loans to trade and industry without any fear of reprisals. He said that criminal proceedings must be avoided if a business entity turned into a non-performing asset (NPA) due to genuine reasons.