Mr. Devesh Agarwal President, BCIC expressed his views in regard to the clarifications presented by the the Honorable Finance Minister, Ms. Nirmala Sitharaman today in her speech by saying that, "While we welcome the intent of the Atmanirbhar package announced by the Finance Minister, it is grossly inadequate. The lockdown has left the entire business community bereft of cash. Till the Government does not issue mandatory directions to banks and financial institutions to lend to MSMEs instead of deploying funds into markets and government securities, we are looking at a dark future
We also hope that the Government immediately accepts BCIC's recommendations to utilise the ESI funds to provide unemployment benefits to workers and to defer payment of GST/VAT/TDS for businesses for 6-9 Months to improve cash flow."
By Devesh Agarwal, President, BCIC