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The government may announce another package to provide relief to small companies affected by the lockdown and to revive the economy. This relief package can be from Rs 90,000 crore to Rs 1 lakh crore.
The government may announce another relief package to help companies of MSMEs segment, which is troubled by lockdown and low demand. Preparations for this have been started.
Actually, the contribution of MSMEs segment is the highest in the economy. This segment is producing the most in the country. Therefore, special relief package is being prepared for them. This relief package can be from Rs 90,000 crore to Rs 1 lakh crore.
According to sources, this relief package will be used to reduce the burden of salary of employees on these companies. The MSME Ministry and the Textile Ministry are constantly demanding such a package.
Now the finance ministry has held several rounds of meetings with these two ministries and many options are being considered for this package.
In the first option, companies will be given financial assistance on the basis of employees. They will use this help as payment of full salary or partial salary of 3 or 6 months of the employees. For this, funds worth Rs 80,000 crore can be used under the Atal Insured Persons Scheme under ESI.
In the second option, MSMEs will be given loans from banks and financial institutions at an interest rate of 2 to 3 per cent. They will repair it when conditions become normal. A maximum time of 3 years can be set for loan repayment.
As a third option, the Bangladesh model for textiles can be considered for implementation. Under this, the government will be able to directly help these companies financially. They will use this help as salary support for their employees.