ICC welcomes Finance Minister's announcement of simulus package for MSMEst

GUWHATI: The Indian Chamber of Commerce (ICC) has welcomed the Union Finance Minister's announcement of simulus package for MSMEst. The ICC said in a statement that the announcements by Finance Minister are praiseworthy and path-breaking.

The ICC says, "The turnover-based definition of MSMEs has addressed a long pending demand and extended the benefits to a large number of companies. Rs 3 lakh crore government guaranteed loans to the liquidity-starved MSMEs would go a long way in stabilizing and strengthening the sector. This is expected to benefit 50 lakh small enterprises." The ICC further said, "We feel liquidity enhancing measures on PF front, reduction in the fixed costs through TDS and TCS by 25 % for 1 year would provide huge relief to the industry.

"Other critical problems taken care of today are that of DISCOMs which is facing unprecedented cash flow problems. An emergency liquidity injection to the tune of Rs. 90,000 crore to all DISCOMs would provide much needed liquidity support. Another laudable move is the extension of contracts by six months to Railways, Ministry of Road and Transport and PWD contracts. This will cover construction work and goods & services contracts. This would have a beneficial and positive effect on labour employment."

Also read: Minister Naba Kr Doley reviews P&RD scheme progress in Barpeta

Also watch: Himanta Biswa Sarma visited the Sarusojai stadium as the new headquarters for fight against COVID19