Gadkari assures industry of govt support after COVID-19 lockdown

Gadkari assures industry of govt support after COVID-19 lockdown

Agency News

New Delhi, Apr 14: MSME Minister Nitin Gadkari on Tuesday assured the industry of full cooperation from the government in restarting their enterprises after the lockdown is lifted post COVID-19.

Interacting with FICCI representatives on a web-based seminar, the Minister informed them about the various financial decisions taken by the government in this direction. Gadkari informed that RBI has allowed rescheduling of term loans and working capital facilities. About micro, small and medium enterprises, Gadkari said the Government is aware of their difficulties and realises their importance to the economy. He called upon industry sector to work in tandem with Government and the banking sector.

He stressed that all sectors remaining strong is in the interest of each one of them. Talking about the importance of liquidity in the market, the Minister informed that he is striving to increase credit guarantee to MSMEs to Rs Five lakh crore from the present level of about Rs one lakh crore wherein 75 per cent of the advances granted by financial institutions are guaranteed by the under the Credit Guarantee Scheme of the Government. He promised that the issues raised by the industry especially by MSMEs will be taken up discussed with relevant ministries and departments.

Gadkari called upon the industry to look upon the present crisis as challenge and opportunity especially as some countries are looking to move away their investments from China, and India can be one of the best options for them. Dwelliing upon Road Sector, the Road and Highways Minister said the Highways construction which saw reaching record level in 2019-20, should increase pace by 2-3 times in coming years to meet growing needs of the infrastructure sector. The Minister also informed that time taken in reaching decisions should be kept at the minimum possible to avoid delays.(UNI)