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.
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.
"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.
Trouble In Tech Paradise: Amazon postpones joining of several college hires from IIT, IIM
Amazon has deferred the joining of several people from its campus recruitment drives. Several students from IITs, IIMs, and NIT have been told to consider joining the company in 2024, instead of the current year.
Anand Mahindra expresses 'gratification' as India becomes second-largest steel producer
Anand Mahindra recently took to Twitter and lauded India's growing steel industry, while sharing recent statistics about the industry
Indian economy beats expectations to grow at 6.1% in March quarter, 7.2% in FY23
The GDP had expanded by 4 percent in the January-March period of 2021-22, according to data released by the National Statistical Office. The RBI had projected 5.1 percent growth in Q4FY23, while analysts predicted the economy to grow over 5 percent in the January-March period