SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 31 Mar, 2020  

Globe.9.Thmb.jpg Battle against COVID-19

   Top Stories
» Net direct tax collection reaches highest-ever figure in FY 22
» Musk has to manufacture here to sell Tesla cars in India: Gadkari
» Round tripping of industrial inputs by large players unfavourable to local value chains
» Sitharaman engages investors in Silicon Valley
» Modi hails India's success in achieving target of $400 billion of exports
Bikky Khosla | 31 Mar, 2020

The COVID-19 is on rampage; humanity is under lockdown; economies are shattering across the world. The deadly virus is showing no sign of abetting, and India is also facing its scourge. The number of Covid-19 positive cases has already crossed the 1,000 mark in the country; people are fleeing to family, industries are shut down, labourers are leaving cities. The Indian economy is in deep trouble and our government is doing its best to fight the battle against COVID-19.

Last week, the Centre announced a Rs 170,000 crore relief package. No doubt, this package -- which seeks to protect the weaker sections of the society from the ongoing crisis – is a welcome step. Questions are raised that this relief package may fall short of what is required to rescue our poorest groups, but not an iota of doubt, it is a good start. The Finance Minister, while announcing the package, hinted that this might not be the final relief package.

This was soon followed by a number of confidence-boosting measures by our central bank to ensure adequate liquidity flow in the system and support businesses. The RBI cut the repo rate by 75 basis points to 4.40 percent from 5.15 percent. This measure will definitely support liquidity requirements. Additionally, a three month moratorium has been allowed on payment of instalment in respect of all term loans outstanding on March 1, 2020. Also, it announced deferment of interest payment on working capital loans by three months.

These multi-pronged measures to address the ongoing economic downturn resulting from the COVID-19 crisis is welcome. The Finance Minister last week indicated that concerns of the Indian industry, including the Small and Medium Enterprise (SME) sector and other segments hit by the lockdown might be looked at soon. The COVID-19 scourge is a global crisis, it is an enemy against humanity, but we firmly believe that the world will soon win this battle.

I appeal everyone to stay at home and obey the Coronavirus lockdown.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter