LETTER TO PMO , MOF , MOC&I , MOMS&ME, RBI
The MS&ME which is the backbone of employment and economy in India is paralysed and on a death slide if government does not take action on following 5 key demands immediately :
1. Banks should be asked to charge only 65 percent of interest for the lockdown period on business terms loans and cc , and should decrease rates in line with repo rate reduction. This will reduce NPA.
2. Business related rentals should be waived off and a sum of 20 percent which is normally considered as mentainence cost should be paid to lessors.
3. Salaries should be paid to the extent of 70 percent by companies and 15 percent support from government welfare schemes. No contribution for esi pf should be made in this period.
4. Banks should provide interest free moratorium for 6 months for interest payments.
5. Export incentives should be increased for all products by 4 percent flat drawback scheme to boost economic activity by making export competitive for one year period.
Let us all come together and unite our voices and send this application to the government so that they can understand.