Package can put the economy back on track: Manik Batra

JK News Today

Jammu, May 14:

ASSOCHAM J&K council welcomed the Covid 20 Lakh Crores package announced by the Prime Minister Narendra Modi on Tuesday, which was explained the Financed Miniter Nirmala Sitharaman on Wednesday and Thursday.

Manik Batra, Chairman ASSOCHAM J&K Council, while express gratitude for Government of India and Prime Minister Narendra Modi for supporting MSME by announcing world’s largest covid relief package said that MSME form a very important part of the Indian Economy, not only in GDP contribution but also in employment generation.

“Out of the 16 measures announced by the FM, six are targeted specifically at the MSMEs. They aim for more funding for the small businesses amending the definitions and  timely payment of dues by the government enterprises. The measures for MSMEs through guarantees, equity infusion and dead support will intensify banks, lending to MSMEs as well as provide crucial support to the stress entities in the current scenario,” Manik Batra said.

“With the change in definition, more entities will be covered under the MSME act, turnover has been added to the act, which will provide a realistic measure for the bank to access any entity. This will led to cheaper and less cumbersome access to funding. Overall it is a visionary package which will not only put the economy back on track but also prepare businesses in India for future opportunities,” he added.