Finance Minister Nirmala Sitharaman has announced the fifth and final tranche of the stimulus Rs 20 lakh crore economic package on May 17 (Sunday). The announcement aimed to help migrant workers and farmers. On one hand, the initiative has provided big relief to migrant workers, street vendors, small traders, self-employed people, small farmers etc. On the other side, industries such as hospitality and aviation, construction sector are not much happy with the package.
However, Nirmala Sitharaman assured the business leaders that the government will address issues that companies might face even after the government’s recent fiscal stimulus measures. This news comes as latest good news for all the business leaders who were not much satisfied with the Rs 20 lakh crore economic package.
Senior representative who attended a Confederation of Indian Industry (CII) meeting with the finance minister said, “We felt very reassured. She recognised that there is a lot of pain there and we will keep the dialogue open.”
The business leaders mentioned in the meeting that certain industries such as hospitality and aviation have not got much relief even though they are among the worst affected. Likewise, the condition of the construction sector is another badly affected sector which was also discussed in the meeting.
Adding more to it, heads of industries also urged Nirmala Sitharaman to consider ways to take forward agricultural reforms to the state level, which includes strengthening of the Agriculture Produce Marketing Committees. Industry representatives discussed other issues relating to working capital needs of businesses in the meeting.
The finance minister also explained the rationale for the new definition for small businesses and power sector reforms. The subject of farm loans to avoid rural distress was another topic which was discussed in the meeting. Industry leaders were very much satisfied with this meeting as the finance minister answered to all their queries.