Coronavirus: Traders, MSMEs seek stimulus package, deferral of statutory compliance

Representatives of traders and MSMEs on Friday demanded a stimulus package and deferring of all statutory compliance till June 30 in view of the coronavirus outbreak.

At a seminar on 'Corona Virus- Impact on Trade and Small Industries' organised by CAIT, representatives of various trade sectors and MSMEs also appreciated the steps taken by the government to deal with impact of the coronavirus.

The participants were of the opinion that in order to maintain supply chain effectively, the domestic small industries should be encouraged to produce more and use their optimum capacity of production.

"A unanimous resolution also urged the government to provide fiscal, financial and taxation stimulus to both trade and small Industry," the Confederation of All India Traders(CAIT) said in a statement.

While expressing concern over COVID-19, President of MSME Forum Rajneesh Goenka said that MSME sector is dependent upon China and other countries for its raw material needs to a great extent but if the government provides funding and stimulus, the sector can become self dependent.

Ajay Sahai of FIEO said the Indian economy is driven by domestic market but global disturbances affect domestic exports.