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Industry expert’s reaction on the announcement made by Finance Minister Nirmala Sitharaman

365telugu.com, online news, Hyderabad,14th May 2020: Industry expert’s reaction on the announcement made by Finance Minister Nirmala Sitharaman..

Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd

“The first tranche of the economic package announced by Honorable Finance Minister shows that the government is embarking on an ambitious reform agenda to cement the Indian economy in the upcoming time. We appreciate the attention to basics like land, labour, liquidity and law where key structural reforms are needed at the moment to overlay the way for the country to become more self-reliant. The fiscal boost for micro small and medium enterprises sector has come at an opportune time to board the growth as the country is looking to become the global manufacturing powerhouse. Redefining the MSME eligibility criterion and infusion of Rs 50,000 crore equity for standard MSMEs will give an impetus to scale-up their business and draw the much-awaited growth history for the sector. We believe that more funds will reach the common man of the society through steps like liquidity easing, TDS reduction, flexibility in loan disbursals, leading to a pick-up in demand in the coming quarter. A special liquidity scheme of Rs 30,000 Cr will open up additional avenue for raising long term funds at a very competitive cost. Additionally, by providing Partial Credit Guarantee Scheme 2.0 for NBFCs of INR 45,000 Cr will support organisations like us for fresh lending and expand our book portfolio without risk of spike in credit cost for these incremental lending.”

Mr. Prabhat Chaturvedi, CEO, Netafim Agricultural Financing Agency Pvt. Ltd. (NAFA)

The economic inducement announced by the Honorable Finance Minister is one of the astute impetus that will act as a major morale booster for the market and strengthen the inspiration of ambitious India. The stimulating articulation has a grand vision beyond relief and aims strongly to provide liquidity to the key sectors of Emerging India. The policymaker has laid a clear roadmap for the revival of the micro small and medium enterprises (MSMEs) sector in India which is passing through an unprecedented crisis. Redefining the MSME eligibility criterion, to include more entities, and the creation of Rs 50,000 Cr Equity “Fund of Funds” will give a tremendous boost to regular/ standard MSMEs in scaling-up their operations. As far as NBFCs are concerned, a special liquidity scheme of Rs 30,000 Cr where the government will buy investment-grade debt papers of NBFCs will be very helpful for NBFCs which are providing moratorium to their borrowers but are unable to avail the same from the lenders.”

Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd

The Government has packed much punch in the “Atma Nirbhar Bharat” package, aimed at boosting Economy, Infrastructure, Technology, Demography and Demand. We also appreciate the attention to basics like land, labour, liquidity and law where key structural reforms are expected, paving the nation’s way to a global manufacturing power house. Specifically to real estate, we believe that the attempt to infuse more liquidity as well as to extend a helping hand to the struggling projects by relaxing RERA deadlines is very timely and appropriate.”