The government has introduced many relaxation policies to save the backbone of the country which is the micro, small and medium Enterprises during this COVID-19 pandemic. More than 50% of the jobs is generated from this industry and Enterprises that is why it is very important and essential for the government to introduce some policies which would help these Enterprises to survive this massacre. In this content, we have introduced many relaxation measures which the government has undertaken, problems the notice, and the measures suggested in order to help the MSME thrive and survive in this pandemic.
A stimulus program to assist in the underlined Small and Medium Enterprise (SME) sector is currently being negotiated between the Ministry of Finance, the Prime Minister's Office (PMO) and the Ministry of MSME.
The pandemic of coronavirus created immense difficulties in the industry and the MSME business may be the next field that is so badly needed.
India addresses with unparalleled public safety and economic steps the impact of the regional COVID-19 pandemic. Support measures will mitigate irreversible harm to lives and livelihoods if adverse economic effects are high. Tiny, small, and medium-sized businesses are among other sectors of the economy that require urgent attention and funding.
In recent days, the Government has studied many industries and has conducted talks with stakeholders. After consultations, it was agreed that "MSMEs affected various rates, like development, retail outlets, etc.," according to the report, which is why the government would take the highest priority.
The government is proposing non-financial steps such as easing some procedural criteria and time limits, raising the deadline for compulsory procurement of the industry, demanding that States assist in building efficiency, and disbursing government or PSU dues.
The Minister kept stock of the measures taken in the sense of the pandemic in the sector in a formal discussion that lasted about two and a half hours. The ministry itself has also started to offer relief to workers and craftsmen engaged in the sector.
It has now been agreed to allocate Rs. 1000 per month from the Artisan Welfare Fund (AWF) Trust to any registered artisan. Furthermore, AWF donation to artisans' bank accounts in three installments has been rendered possible through Khadi institutions.
On 9 April, Finance Minister Nirmala Sitharaman was also invited by the Confederation of All India Traders (CAIT) to announce an opportunity package to the trading community to alleviate the repercussions of COVID-19.
The CAIT proposed a variety of measures, including a system of cash loans for COVID-19 and merchants' and workplace compensation cover, policy incentives for the paying of salaries and employment, the rise of the Mudra loans from Rs 10 lakh to Rs 25 lakh, waiver of interest for three months after April, to raise the non-bank loans, CC and OD caps,
Presently, the nation is locked up until 14 April 2020. Commerce & export operations have been heavily affected, culminating in the closing of over seven crore companies working nearly forty crore people. CAIT also made a range of proposals for tax exemption, license extension exemption, incentive incentives, debt-free moratoriums, and deferred payment non-classification of NPA.
Covid-19 is an uncertain consequence situation. However, it is evident that the government and companies, whether big or small, would have to work closely to ensure employees are safe, remain able to handle threats to phase them out, and plan for systemic shifts in their operations.
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