CIA reacts to FM’s package

K E Raghunathan

Chennai: While thanking Finance Minister Nirmala Sitharaman for the announcements on providing fresh loan assistance, extension of PF contributions till 22 March, additonal allocation for ECLGS, attraction of tourists etc., Consortium of Indian Associations has said the biggest need of the hour for self-employed, micro and small business are moratorium for six months without interest for all loans.

The other important needs are relaxation of eligibility criteria for ECLGS from 31 March 2021 standard account to 31 March 2020, providing additional 30 per cent of outstanding loans to 52 affected sectors mentioned in CIA’s mega survey.

According to CIA convenor K E Raghunathan, “increase in employment opportunity is first required than payment of social security alone. Why ESI is not covered for payment by government? While flights and restrictions to travel are still not in place, how tourists are expected to visit India in the near future? With third wave uncertainity, with vaccination uncertainity, is it right to introduce long term plans and incentives at this moment? Required is short term relief such as export incentive to be fixed from January 2021 and releasing them, exemption from government payments till March 2022, IT exemptions for up to Rs 15 lakh to increase spending, exemption of gold loan interests to save common man, allowing 100 per cent depreciation for any purchases above Rs 2 lakh by both individuals and companies, waiver of capital gain tax for small and micro enterprises etc.”


NT Bureau