Package for SMEs, others on cards, indicate Sitharaman

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SME Times News Bureau | 26 Mar, 2020
The Rs 1,70,000 crore package, aimed at providing food security to the poor and money in their hands to fight the Covid-19 pandemic issues, may not be the last set of economic relief from the government.

Finance Minister Nirmala Sitharaman, here on Thursday, indicated that concerns of India Inc, small-to-medium enterprises (SMEs) segments and other segments hit by the lockdown might be looked at and the government could announce a plan later.

"Our first priority is to provide food to the poor and money in their hands. We will think about other things later," Sitharaman said.

On relief to the travel and aviation sectors that are bearing the brunt of the lockdown, the Finance Minister said, "We will come back when something is ready."

Today's package follows announcements by the Finance Minister on Tuesday where she dealt with several compliance-related issues during the lockdown.

India Inc has been waiting for a package to resolve immediate problems and provide relief to lockdown-hit sectors. The India Inc's suggestions include withdrawal of LTCG temporarily, removal of buyback tax and deferment of payment of corporate tax.

The industry has also suggested that time-lines for qualifying delays in loan repayment as NPAs should be extended.