Expect a financial package from govt in 2-3 days, situation 'very bad', says Nitin Gadkari to industry

Nitin Gadkari said the government stands with the industry but it also needs to understand the government''s limitations.

Press Trust of India May 11, 2020 15:58:24 IST
Expect a financial package from govt in 2-3 days, situation 'very bad', says Nitin Gadkari to industry

New Delhi: Union minister Nitin Gadkari on Monday said he expects the Centre to unveil a financial package in two-three days, observing that the situation "was very bad" despite the three-month moratorium on loan repayments announced by the RBI.

The minister for MSME, and Road Transport and Highways said the government stands with the industry but it also needs to understand the government''s limitations.

Expect a financial package from govt in 23 days situation very bad says Nitin Gadkari to industry

File image of union minister Nitin Gadkari. PTI

"We are trying our level best on how we can protect everybody," Gadkari said, adding that while Japan and the US governments have announced mega packages, their economies are bigger than India's.

As part of measures to alleviate hardships faced by people, the Reserve Bank, on 27 March, announced a slew of steps, including a three-month moratorium on loan repayments.

Interacting with the industry of Telangana via video conference, the minister said he has also suggested the finance ministry to explore a mechanism through which income tax and GST refund payments can be immediately transferred to the bank account of the individual concerned.

Gadkari said he has shared recommendations arising out of his interactions related to micro, small and medium enterprises (MSMEs) and the industry with the Finance Minister and the Prime Minister.

The minister said "within 2-3 days somewhere" he was "expecting a package from the government".

"We are waiting for that", he added.

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