CII moots supporting MSMEs through the COVID-19 crisis

CII moots supporting MSMEs through the COVID-19 crisis

Agency News

Kolkata, Apr 14: Further to its suggestions on the economic package for the Industry, the Confederation of Indian Industry (CII) has submitted its recommendations targeted at providing relief specifically to MSMEs to the Government. Detailing the suggestions, Chandrajit Banerjee, CII Director General, said, “With limited resources, MSMEs do not have the capacity to withstand massive shocks like COVID 19. In addition, many MSMEs are an important part of larger supply chains. The health of these MSMEs have a bearing on the entire supply chain, including the large corporates”.

“Therefore, special, immediate and substantive support measures are required to see the MSMEs through this crisis,” added Banerjee. The CII recommendations focus primarily on increasing the financing available to MSMEs with relaxed collateral norms, extension of the RBI moratorium and wage support. It also suggests expediting the Fund of Funds for MSMEs, which has been under the consideration of the Government, and augmenting the assets of MUDRA Bank. (UNI)