Finance minister Nirmala Sitharaman on Wednesday assured India Inc of government support, to overcome the impact of the pandemic, The Economic Times reported. She also commended the Indian industries for their forbearance, patience, and perseverance. She made these remarks in two different events while interacting with industry captains, which was organised by the Confederation of Indian Industry (CII) and Ficci.
The Finance Minister mentioned that the government has extended the Emergency Credit Line Guarantee Scheme (ECGLS 2.0) for sectors which are severely affected due to pandemic like hospitality, travel, tourism, aviation. She assured the industry that the government is taking all necessary measures to deal with the second wave of the pandemic and urged the industry to wait and watch for the next few days to assess the situation. “I would request the industry to watch the next few days a bit more carefully, and then assess for yourself what this quarter is going to be like,” she said while addressing the national executive committee members of the Federation of Indian Chambers of Commerce and Industry (Ficci) virtually.
The finance minister mentioned the need to adopt a micro containment strategy to deal with this pandemic. “Unlike last time we now have important tools such as vaccines and medicines.”, she continued. She assured the industry that the government is determined to contain the pandemic with a five-fold strategy — test, track, treat, Covid-19 protocols, and vaccination.
She shared, the government is taking steps to help up ramp up vaccination production. Some of these steps include rapid clearances for new capacities, stopping exports of vaccines, APIs, and formulations used in the manufacturing of life-saving drugs. Also, allowing EoUs and manufacturers located in SEZs to also sell in the domestic market.
Uday Shankar, president of Ficci mentioned, some clarity may be needed over the essential and non-essential supply of goods. He also stressed the need to support the currently struggling MSME sector.