Mr Chandrajit Banerjee, Director General, CII said, "The announcement by Hon’ble Finance Minister today catapult the reforms process to a new level. The quantum jump in MNREGA will add to relief for workers and also sustain demand for the economy and is a very positive step in the current situation.” Said Mr Banerjee commenting on the 5th tranche of the economic package “The measures for PSE efficiency through a comprehensive privatisation program and limited presence in very strategic sectors really go towards building the confidence of the private sector and we thank the PM and FM for their vote of confidence in the private sector.
Equally, the FM has rightly targeted state level reforms which is really the need of the hour. CII has been advocating for ease of doing business and power sector reforms at the state level, and we strongly feel that this will incentivise state governments to take reforms to the grassroots and greatly improve the investment climate.” Mr Banerjee said.
“While the healthcare spending package has not been defined, we do believe that expanding health and wellness centres, infectious disease blocks and public labs will require significant outlay and the private sector looks forward to collaborating with the government on this mission to bring healthcare to the doorsteps of all.
As a part of the endeavour to reduce the burden on industry, the FM has made some significant announcements in the area of insolvency including raising minimum threshold to initiate insolvency proceedings, mandating that insolvency proceedings will not be initiated up to 1 year, a special insolvency resolution framework for MSMEs, and empowerment of the Central Government to exclude COVID-19 related debt from the definition of default under the Code, for the purpose of triggering insolvency proceedings. These measures will prove to be instrumental in easing the financial situation of firms especially, MSMEs who have been one of the biggest victims of this pandemic crisis.”
“All in all, a most welcome package for industry, for states and for the people of India!” Mr Banerjee concluded.