More

    CII COVID-19 CODE and CII COVID – 19 Rehabilitation and Relief Pool Fund setup by CII

    Must Read

    NDRF with district administration provide dignity kits to people

    NDRF turned Padman for women in such difficult in times The whole world is fighting with...

    Corona helpline center for indoor home and institutional quarantine individuals launched in Vadodara

    Launched to provide accurate information and guidance on corona to people under quarantine A helpline centre...

    Govt launches Twitter handle to ‘smash false facts’ on coronavirus

    The ministry of information and broadcasting on Tuesday set up a dedicated Twitter handle for sharing news and updates...

    To help MSMEs and society at large from the impact of disruptions caused by COVID-19: CII President

    CII has developed and advocated a COVID-19 CODE to its members to help its workers and society at large from the impact of disruptions caused by COVID-19.

    “We announced our initiatives at the interactive meeting with Prime Minister Modi earlier today “ Our initiatives to help the economically deprived people particularly our commitment to not retrench any worker including blue collar and contract workers resonated well with PM Modi who appreciated industry’s efforts, “ said CII President Vikram Kirloskar.

    CII members will dedicate their plant facilities to help scale up manufacture and availability of essential goods and equipment needed to deal with the medical emergency like ventilators sanitisers, essential drugs, medical services, on a no-profit basis, and build a cadre of volunteers for public service the CII CODE advocates.

    Uday Kotak president designate of CII spoke about the COVID Rehabilitation Fund it is important to look at the micro and small industry who will need special hand holding and help to rehabilitate their business. “The CII COVID Rehabilitation and Relief Fund (CRR) will be an industry led initiative to work with the MSME sector,” said Kotak.

    Elaborating on some of the major interventions required from RBI, Kotak said that it is important that a rate cut of 50 to 100 basis points is announced immediately. He also called for dollar liquidity swap as India was in a comfortable position as far as its dollar reserves are concerned. Given the need to help people at the bottom of the pyramid, CII has called for cash into the bank accounts of all whose earnings are below Rs 5 lakhs. All Indian citizens should be given cash in their accounts through the direct benefit transfer; While those below 25 years can be given a one-time payment of Rs 5000, senior citizens above 65 age can be given Rs 10,000, CII has said.

    There is a need to ensure that all migrant workers continue to stay in the cities where they work and so providing for enablers is crucial.

    All borrowers should be given a three-month moratorium on all loans and all repayment obligations should be suspended for this period. CII also emphasised that there is an immediate need to facilitate and enable advances for ways and means for industry across sectors and the government could perhaps explore options of a moratorium on interest and principle for the next three months. It may also be important to suspend IBC proceedings while redefining norms for NPAs as several companies will be unable to meet their payment obligations.

    Also, the need for close coordination between regulators like RBI, MCA and SEBI to get effective results and implementation was highlighted.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Govt launches Twitter handle to ‘smash false facts’ on coronavirus

    The ministry of information and broadcasting on Tuesday set up a dedicated Twitter handle for sharing news and updates...

    Corona helpline center for indoor home and institutional quarantine individuals launched in Vadodara

    Launched to provide accurate information and guidance on corona to people under quarantine A helpline centre is started in Vadodara to...

    Govt launches Twitter handle to ‘smash false facts’ on coronavirus

    The ministry of information and broadcasting on Tuesday set up a dedicated Twitter handle for sharing news and updates about the novel coronavirus.

    Over 21,000 relief camps set up in various States and UTs to feed migrants and poor

    Joint Secretary in the Home Ministry Punya Salila Shrivastav said, over 21 thousand relief camps set up in various States and Union Territories. The...

    WR and IRCTC continue to serve needy persons during Coronavirus lockdown

    Parcel Express trains started over WR Western Railway's staff from various departments continues to display commitment through their exemplary services...

    More Articles Like This

    - Advertisement -