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Coronavirus: Sonia Gandhi calls for Rs 2 lakh crore wage protection, credit guarantee MSME package

Stating that more than 6.3 crore MSMEs are on the verge of economic ruin with a daily loss of Rs 30,000 crore due to coronavirus lockdown, she urged the government to announce a Rs 1 lakh crore MSME Wage Protection Package

twitter-logoJoe C Mathew | April 25, 2020 | Updated 22:17 IST
Coronavirus: Sonia Gandhi calls for Rs 2 lakh crore wage protection, credit guarantee MSME package
Congress President Sonia Gandhi advised deploying Rs 1 lakh crore credit guarantee fund for MSMEs

  • Sonia Gandhi has urged Rs 1 lakh crore MSME Wage Protection Package
  • Also, advised deploying Rs 1 lakh crore credit guarantee fund
  • Suggested commercial banks be told to pass on RBI's liquidity drive to customers

Congress President Sonia Gandhi has urged Prime Minister Narendra Modi to announce a stimulus package for the micro small and medium enterprise (MSME) sector. Stating that more than 6.3 crore MSMEs are on the verge of economic ruin with a daily loss of Rs 30,000 crore due to coronavirus lockdown, she urged the government to announce a Rs 1 lakh crore MSME Wage Protection Package to help 11 crore employees working in the MSME sector. "Nearly all MSMEs have lost sales orders, seen a complete cessation of work and are struggling to pay wages and salaries," Gandhi said in a letter to the PM.

She also wanted the government to deploy a credit guarantee fund of Rs 1 lakh crore to provide immediate liquidity to the sector and ensure adequate capital to MSMEs.

Also Read: Coronavirus: Sonia Gandhi says government 'miser' in relief efforts, advocates Rs 7,500 each to poor families

The letter, sent on April 25, also says that the government should ensure that the commercial banks pass on the actions taken by Reserve Bank of India to ensure adequate, easy and timely credit supply to MSMEs. Another suggestion from Gandhi was to offer tax waiver and tax reduction for MSMEs and other sector specific measures.

The Congress President also reiterated the Party's constructive support to the government in the fight against COVID-19.

Also Read: Franklin Templeton: P Chidambaram says govt must act swiftly as Congress did in 2008

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