Given the major disruptions caused by the coronavirus pandemic, the industry has asked for increased government spending, direct cash transfers to consumers, and deferment of taxes.
Even as the Narendra Modi-led government rolls out a special economic package as big as Rs 21 lakh crore, the industry has called it insufficient and has demanded more heavy lifting from the centre to boost demand in the market. Given the major disruptions caused by the coronavirus pandemic, the industry has asked for increased government spending, direct cash transfers to consumers, and deferment of taxes. In a survey conducted by a national trade body with responses of over 100 companies, most companies said that the stimulus package of the government did not benefit them and it was ineffective, The Indian Express reported. Many companies also said there was little fiscal support either to the industry or to the poor.
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The survey was conducted after Finance Minister Nirmala Sitharaman detailed out the economic package that included measures to ease the financial burden of people and businesses. In the survey, it tuned out that bigger companies have resumed operations at higher capacities while mid and small-sized companies in the same or related sectors are operating at lower capacities.
Source: Financial Express
