Industry Body  ASSOCHAM and  FICCI have welcomed the announcement of first tranche of measures by Finance Minister Nirmala Sitharaman as part of the 20 lakh crore rupees economic package.

ASSOCHAM Secretary General Deepak Sood said, it will  provide immediate relief to the MSMEs, micro finance institutions, housing finance companies, stressed real estate and construction sectors to mitigate the enormous impact of the nation-wide lockdown due to Covid-19 pandemic.

He said, assuring 100 per cent government guarantee on  3 lakh crore rupees collateral -free loans to the MSMEs for a four-year term and one-year moratorium is a major step towards reviving the MSME sector. Mr Sood said it is clear from the first tranche of measures that the mega package announced by the Prime Minister yesterday would be all-encompassing , going well beyond the fiscal stimulus. He said, the reforms are clearly aimed at the ‘Atma Nirbhar Bharat Abhiyaan’.

President of Federation of Indian Chamber of Commerce and Industry, FICCI  Dr Sangita Reddy said that with today’s comprehensive set of announcements, the stage is now set to rebuild the Indian industry and economy. She said, the series of measures have given them the confidence that our government is ready and will lead from the front in taking India out of the covid-19 storm and emerge bigger and stronger.  She said,  FICCI thanks the Finance Minister for the Stimulus Package  and looks forward to more such measures in the ensuing days.