The minister emphasized that special focus towards export enhancement is the need of the hour. He highlighted the need to focus on import substitution to replace imports with domestic production.
Union minister Nitin Gadkari on Thursday said he has requested Finance Minister Nirmala Sitharaman to expedite processing of tax refunds to businesses “anyhow” within eight days to ease the liquidity crunch being faced by MSMEs during the lockdown.
The minister said he was constantly in touch with the Prime Minister and Finance Minister and there was “serious consideration” underway in the government regarding unveiling of another financial package soon. “GST and Income Tax refunds are not released for several days. I have also recommended that anyhow, this should be processed within eight days so that it contributes to liquidity. We have…communicated this to the Finance Minister,” said Gadkari.
Addressing a webinar organised by the Indore Management Association, the minister for MSME and Road Transport and Highways said industries should keep a positive outlook and tap the opportunities that may arise after the COVID-19 pandemic is over.
He called upon the industry to ensure that necessary measures are taken to prevent the spread of COVID-19. Organisations should ensure that their workers and executives are taken care of by providing food, shelter and maintaining social distancing norms, he added. Gadkari stated that all the stakeholders must adopt an integrated approach to come over the crisis while safeguarding the lives and livelihood of the people.
The minister emphasized that special focus towards export enhancement is the need of the hour. He highlighted the need to focus on import substitution to replace imports with domestic production. Gadkari further said Japan has offered a special package to its industries for taking out Japanese investments from China and moving elsewhere. He opined that the current scenario is an opportunity for India which should be grabbed.
Some of the major issues highlighted by industry participants included increasing provision of 10 per cent of working capital limit as additional funds to 30 per cent, benefit for labourers infected by COVID-19, relaxation in labour laws, deferring GST and advance tax, among others. Gadkari assured the representatives of all possible help from the government. The minister said he would take up the issues with related departments.