Sonia Gandhi writes to PM Modi seeking economic package for MSMEs

Gandhi emphasised that the MSME sector is suffering around Rs 30,000 crore loss every day due to the lockdown

Congress President Sonia Gandhi on Saturday wrote to Prime Minister Narendra Modi on the grave economic crisis facing the nation. In the letter, Gandhi highlighted the concerns of the MSME sector, saying if ignored, the problem can have a devastating and expansive ripple effect on the country's economy.

Gandhi suggested five ideas for redressal of the Micro, Small and Medium Enterprises (MSME) sector, which 'stand on the verge of economic ruin'

She urged the prime minister to announce a Rs 1 lakh crore "MSME Wage Protection" package as also a credit guarantee fund of an equivalent amount, besides a 24X7 helpline for helping them out of this crisis.

While highlighting the crisis, she said MSME sector is suffering around Rs 30,000 crore loss every day due to the lockdown and efforts should be made to help revive them as they are the backbone of the economy.

"If ignored, this issue has the potential of having a devastating and expansive ripple effect on our economy," she said in the letter. 

Gandhi also highlighted the need to establish and deploy a credit guarantee fund of Rs 1 trillion. 'This is necessary to provide liquidity to the sector and ensure adequate capital is available to MSMEs at a time when they need it the most.'

She also added that as the nation continues to fight against Covid-19, it essential to highlight an economic concern that needs immediate attention and intervention.