The Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that the government is working closely with RBI on the debt restructuring demand of the industry keeping in mind the adverse effects caused by Kovid – 19. Addressing the National Executive Committee Meeting (NECM ) of the Federation of Indian Chambers of Commerce and Industry (FICCI) , Sitharaman said , ‘The focus is on rescheduling. The Finance Ministry is actively working with the RBI on this. Theoretically, the idea that rescheduling may be necessary is being considered. ‘
Regarding the comprehensive deliberations on the reform measures being announced by the government, Mrs Sitharaman said , ‘ Every step being announced is taken only after extensive consultation with the stakeholders and within the government , so that it To ensure that any step does not fail simply because we have not made the necessary related changes. We have taken all these steps to ensure that its impact is seen at the ground level. ‘
Addressing the concerns expressed by the members of FICCI on the difficulties faced by MSMEs in availing loans under the ‘Emergency Credit Guarantee Scheme’ announced by the Government , Sitharaman said , ‘Loans to MSMEs falling under the Bank Emergency Credit Facility Can not refuse to give. If refused , he should be informed of such cases. I will look into it. ‘
On FICCI’s suggestion to set up a ‘Development Finance Institute’ to meet the credit related demands being made by the industry , the Finance Minister said , ‘ Development Finance Institute is under progress. The format would be like , in this regard, we will know soon. Stressing the need for reciprocity in trade deals, Sitharaman said , ‘ We are being asked to make reciprocity arrangements with the countries with which we have opened our markets. Reciprocity is a very important point or issue in our trade negotiations. The Finance Minister said that the decision to reduce GST rates on healthcare and other products will be taken by the GST Council.
Sitharaman said that the Finance Ministry is working closely with the RBI on the demand for extension or rescheduling of the hospitality sector . He said , ‘I understand the demand for extension or rescheduling of the hospitality sector very well. We are working closely with the RBI on this. ‘
FICCI Chairperson Dr. Sangeeta Reddy praised the government’s proactive approach in dealing with this situation. Dr. Reddy said , “Though there are signs of improvement or improvement, but to maintain this improvement in the operational parameters of the business people, constant support from the government will be required. Cooperation is needed especially to strengthen the market demand and to increase the general demand. ‘
Uday Shankar, Senior Vice President, FICCI, proposed the vote of thanks and said that his Chamber will work closely with the Government to reduce the challenges facing the industry.
