Kerala FM terms Centre's financial package 'disappointing'; says 'nothing for the workers'

After Union Finance Minister Nirmala Sitharaman on Wednesday anunced  15 measures of ecomic pack, Kerala's Finance Minister Thomas Issac has termed ecomic pack as disappointing. Finance Minister Nirmala Sitharaman on Wednesday anunced a Rs 3 lakh crore collateral-free automatic loan schemes for Micro, Small and Medium Enterprises along with five or major boosters aimed to revive sector most hit with ecomic woes. 

Speaking to a leing news daily, Thomas Issac said that with  world tre going haywire, it appears Centre is trying to create a ''self-reliant India'' and ded that pack will t benefit or help country. He ded that it is disappointing as re is thing for workers in pack anunced.

C.P. John, a former State Planning Board member and a key think tank of Congress-led UDF, however, welcomed measures anunced by Union Finance Minister. He said that it is heartening to te that detailed analysis has been done while coming to aid of MSME sector and it's a very good move. 

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15 measures of ecomic pack unveiled

Currently, re are 74,281 confirmed vel coronavirus cases in India out of which 24,386 patients have recovered while 2,415 casualties have been reported. Earlier in day, Union Finance Minister Nirmala Sitharaman unveiled first set of 15 measures of financial pack worth Rs. 20 lakh crore. She stated that PM Narendra Modi laid down vision of Aatmanirbhar India (self-reliant India) after deep consultation with several sections of society. Sitharaman also mentioned that focus of pack is on factors of production- land, labour, liquidity, and ors.

measures to revitalise MSME sector include Rs.3 lakh crore collateral-free automatic loans for businesses, including MSMEs, Rs. 20,000 crore subordinate debt for MSMEs, Rs. 50,000 crore equity infusion through MSME Fund of Funds, revising definition of MSMEs and  prohibition of global tenders in government procurement tenders up to Rs.200 crore.

Or measures such as Rs. 2500 crore EPF support for business and workers for 3 more months, reduction of EPF contribution for business and workers for 3 months, Rs. 30,000 crore liquidity facility for NBFCs/HFCs/MFIs, Rs. 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs. 90,000 crore liquidity injection for DISCOMs were also anunced. 

Furrmore, registration and completion date of all registered projects expiring on or after March 25, 2020, shall be extended suo-moto by 6 months. due date of income tax return, tax audit, assessments and 'Viv se Vishwas' scheme has also been extended. ditionally, all Central ncies shall provide an extension to construction work, service contracts etc. by 6 months. 

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