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Sonia Gandhi, in her letter to Modi, said that more than 6.3 trillion Croatian rupees are on the verge of economic ruin and say that MSMEs contribute about a third of the country’s GDP and represent 50% of exports. .
President of Congress Smt. Sonia Gandhi writes to Prime Minister Modi about the serious economic crisis facing the nation. She reiterates … https://t.co/0b9lBI9SnS
– Congress (@INCIndia) 1587814851000
Raising the issue of micro, small and medium-sized enterprises (MSMEs), the President of Congress suggested five ideas to avoid a crisis in the future:
* First, advertise a Rs 1 lakh crore ‘MSME Salary Protection’ package.
* Second, to establish and deploy a credit guarantee fund of Rs 1 lakh crore, to provide immediate liquidity to the sector.
* Third, the actions taken by the RBI must be reflected in the actions of commercial banks to guarantee an adequate, easy and timely supply of credit to MSMEs.
* Fourth, these measures must be supported by an expansion and extension of the RBI moratorium on repayment of loans to MSMEs beyond the stipulated 3-month period.
* Fifth, high collateral security is leading to denial of credit. Same is the case with the “money margin” limits which is extremely high. These factors combine to ensure the lack of access to credit available to MSMEs and must be addressed.
“If ignored, this problem has the potential to have a devastating and expansive ripple effect on our economy,” he said in the letter.
The President of Congress said that it is time for the government to take measures to guarantee the reactivation of MSMEs, which are the backbone of the economy.
He also reiterated his party’s continued constructive support for the government in the fight against the Covid-19 pandemic.
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