New Delhi: Union Minister Nitin Gadkari said Monday that he expects the Centre to unveil a financial package in two-three days. Nitin Gadkari also observed that the situation ‘was very bad’ despite the three-month moratorium on loan repayments announced by Reserve Bank of India (RBI).
The minister for MSME, and Road Transport and Highways said the government stands with the industry. However, the industry also needs to understand the government’s limitations.
“We are trying our level best on how we can protect everybody,” Gadkari said. “You should understand that while Japan and the US governments have announced mega packages, their economies are bigger than India’s,” added Gadkari.
As part of measures to alleviate hardships faced by people, the RBI, announced March 27 a slew of steps, including a three-month moratorium on loan repayments.
Interacting with the industry leaders 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.
PTI