More

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

    Must Read

    WR operated it’s first Kisan rail between Laxmibai nagar to New Guwahati

    In a unique initiative to help farmers to send their perishable agro products to inter-state markets without...

    Cycling expedition by Konark Corps to commemorate Golden Jubilee victory celebrations of 1971 Indo Pak war

    A  Cycling Expedition for a distance of 1971 Kilometers in Gujarat  and Rajasthan is planned to be...

    Covid 19 cases reached 17355 in Vadodara after 106 new cases on Tuesday

    Total 115 discharged from hospital taking the total to 15979 Covid 19 cases in...

    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

    Vice President M. Venkaiah Naidu received warm welcome at Vadodara Airport

    Left for Kevadia to attend 20th All India Presiding Officers conference Vice President of...

    Cycling expedition by Konark Corps to commemorate Golden Jubilee victory celebrations of 1971 Indo Pak war

    A  Cycling Expedition for a distance of 1971 Kilometers in Gujarat  and Rajasthan is planned to be conducted by  Konark Corps of ...

    Covid 19 cases reached 17355 in Vadodara after 106 new cases on Tuesday

    Total 115 discharged from hospital taking the total to 15979 Covid 19 cases in Vadodara reached 17355 after 106...

    Dogs killed after came in contact with 11000kv line broke suddenly at Nadesari near Vadodara

    Three dogs were killed when a 11000 kv line suddenly broke near a police station in Nandesari village near Vadodara.

    Vice President M. Venkaiah Naidu received warm welcome at Vadodara Airport

    Left for Kevadia to attend 20th All India Presiding Officers conference Vice President of India M. Venkaiah Naidu was...

    More Articles Like This

    - Advertisement -