FIEO welcomes slew of initiatives to propel economy

Ludhiana, August 23, 2019: Welcoming the slew of measures announced by the Finance Minister, Nirmala Sitharaman; Sharad Kumar Saraf, President, FIEO said that announcements made by the government are aimed at investment stimulus, demand stimulus, ease of doing business and recognition to wealth creators.

Besides the roll back of the higher tax on foreign investors and the release of funds to recapitalise public sector banks will go a long-way in easing liquidity and further giving a much needed boost to the economy in such challenging times, added Saraf.

Further simplifying the GST system, the government announced that all pending GST returns for MSME till now will be sorted out in 30 days with future refunds in 60 days. This initiative of the government will further help the trade and industry to overcome their problem of liquidity and capital requirements, said Sharad Kumar Saraf.

FIEO President added that recapitalising of banks by Rs.70,000 crore upfront as additional lending and liquidity along with banks being asked to pass on rate cuts through MCLR reduction to further make Rs.5 lakh crore available for credit expansion will further help in creation of liquidity into the system.

The reforms and measures to revive economic growth in such challenging times shows the commitment of the government under the dynamic leadership of the Prime Minister on a road map for New India based on inclusive growth.