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,
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Puneet Chandok
Puneet Chandok is President, Microsoft India & South Asia and is respo...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
Icons Of India : Bhavish Aggarwal
Indian entrepreneur Bhavish Aggarwal is the CEO of Ola, India’s larg...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...