By Kishan Jain, Director at Goldmedal Electricals
“We welcome the move by the Government of India on providing much needed relief to industry through the INR 20 lakh crore economic package announced. Finance Minister’s plan of providing INR 3 lakh crore collateral-free automatic loans for MSMEs will provide much needed line of credit to the sector that is currently under strain due to the COVID-19 lockdown. Additionally, the INR 20K crore subordinate debt for stressed MSMEs will provide a much needed shot in the arm and will help these companies get back on their feet. By changing the way MSMEs and SMEs are defined through the increase in the investment and turnover limits, it will enable them to gain the benefits that the Government provides. All of these measures will definitely ease the financial burden of this sector and boost growth and expansion. It will also invigorate MSMEs by investing in building innovative products and services that will give further boost to Aatma Nirbhar Bharat Yojana announced by PM Modi yesterday and give a much needed fillip to India’s economy post the lockdown.”