Views: 3 Author: Site Editor Publish Time: 2020-06-29 Origin: Site
Stimulus package an absolute necessity
A meaningful stimulus package is sought for the medium to long term.
13% of the respondents said there was no government stimulus package announced for the textile industry, and the MSME sector.
32% of the respondents said that there was much more needed than what was announced.
In keeping with the demands from the various textile industry associations, respondents too believed that there was urgent need for a stimulus package that would include among others:
Restructuring of loan repayment
Working capital loans at nominal rates of interest
Package to boost textile & apparel exports
Curb textile and apparel imports
Specific package for MSMEs
Current benefits should be extended for at least six months to a year, depending on how the economy moves forward
More meaningful PF and ESIC relaxations
Compensation for salaries and wages
Restart economic activities as soon as possible in coordination with state governments
Refund GST claims & TUFS subsidy without delay
Compensation in utility bills
Defer payments such as GST, etc.