FAIITA Pleads Government to Consider on the Shortage of Working Capital Loans
By MYBRANDBOOK
To,
The Finance Minister of India,
New Delhi
Respected Madam,
Greetings from FAIITA.
Federation of IT Associations of India (FAIITA) applauds the efforts made by Govt of India towards fighting the Corona Virus menace. Present problem has shaken the country both in social terms and financial terms.
Once the lockdown is lifted after the successful fight with the virus the herculean task of rebuilding the economic structure is to be started. Govt has made certain initiative which will help the business and industry to a limited extent but major issues such as erosion of capital because of fixed expenses will result in huge loss of revenue to the government, shortage of working capital and eligibility of generation of working capital loans.
We, therefore, suggest the following measure to take care of MSME and trade channel:
1. Each MICRO UNIT AND TRADE be on-demand sanctioned a term loan equal to working capital expenses such as interest, salaries, rents, electricity etc for 3 months and such expenses be paid from said term loan repayable in 36 months at a fixed interest rate of 7%.
2. These expenses to be allowed to be capitalised during the current financial year and repayment of term loan be allowed as an expense linked with the repayment period of term loan.
These two simple measures will solve the entire problem of growth, employment of banking funds, revenue collections and capital adequacy.
We are prepared to explain the impact of these proposals to finance ministry or any other person appointed for the purpose.
With kind regards,
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