Published On : Wed, May 13th, 2020

Dipen Agrawal, President CAMIT welcomes FM economic stimulus package announcement

Nagpur: FM accepting CAMIT representation has attempted to prescribe vaccine for few & alternate medicine for other issues said Dipen Agrawal, President – Chamber of Associations of Maharashtra Industry & Trade (CAMIT)

Finance Minister accepting long pending demand has amended the definition of MSME. Today’s announcement for clearing bills payable by CPSEs and government departments within 45 days, releasing partial bank guarantee will improve financial condition of MSME. The threshold limit to call for global tender is relaxed to tender value upto 200 crore this step will help domestic entrepreneurs to expand their horizons. Many liquidity measures for standard, stressed & stressed but viable MSMEs were announced, we have to wait and see how these steps are taken forward by banks.

Likewise accepting suggestion on funding all DISCOMs FM has provided for Rs. 90000 crores to fund the DISCOMs facing cash flow problems due to ongoing lockdown, now ball is in State/UT government to provide for concession sought by MSME from DISCOMs, Agrawal added though amount of Discom funding should not be considered to be part of economy stimulus announcement by PM Modi .

Dipen Agrawal pointed out that return filing was usually extended on last date or a day before but Finance Minister had surprised all by announcing extension of return filing due dates for FY 2019-20 (AY 2020-21) which demonstrates that present government is sensitive and working proactively in the interest of all concerned.

In this difficult time of loss of revenue , reduction of TCS & TDS by 25 % is a bold decision & it will help in having that money in hand of trade & industry improving on their liquidity position to a certain extent .

CAMIT anticipates more such humanitarian measures in announcements to be made in coming days.