Indian Chamber of Commerce met the Finance Minister, Ms. Nirmala Sitharaman today. Her focus was to understand the issues affecting industry at ground level and to try and resolve them. On the liquidity front, Government has taken steps to clear all dues of industry and as on 31st May, only 1800 crore remained.
The ICC members raised the point that liquidity transmission , particularly the sovereign guaranteed loan for MSME was an issue, along with implementation of the interest subvention schemes. The members also requested for a relook at the tenor before an asset became an NPA, from 90 to 180 or 270 days. She promised to take up all with RBI . She said necessary legislative steps have been taken up at the Center level, for release of all subsidies, some remained at the state level. The members also requested for a relook at the GST rates for some sectors, which were severely affected by demand constraint which she agreed to take up in the GST council.
Finance Minister urged upon the members to keep the interaction going between Industry and Government and work together for realisation of ‘Atmanirbhar Bharat’.