Economy in 'very bad' state, expect financial package in 2-3 days: Gadkari

Union minister Nitin Gadkari on Monday said he expects the Centre to unveil a financial package in two-three days, observing that the economic situation "was very bad" despite the three-month moratorium on loan repayments announced by the RBI.

The minister for MSME, and Road Transport and Highways said the government stands with the industry but it also needs to understand the government's limitations.

"We are trying our level best on how we can protect everybody," Gadkari said, adding that while Japan and the US have announced mega packages, their economies are bigger than India's.

As part of measures to alleviate hardships faced by people, the Reserve Bank, on March 27, announced a slew of steps, including a three-month moratorium on loan repayments.
 

Interacting with the industry of Telangana via video conference, the minister said he has also suggested the finance ministry to explore a mechanism through which income tax and GST refund payments can be immediately transferred to the bank account of the individual concerned.

Gadkari said he has shared recommendationsarising out of his interactionsrelated to micro, small and medium enterprises (MSMEs) and the industry with the Finance Minister and the Prime Minister.

The minister said "within 2-3 days somewhere" he was "expecting a package from the government". "We are waiting for that", he added.