Govt working on financial package for all sectors, says official

The government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy, a top official said on Thursday.

"Government of India, Prime Minister's Office and the Department of Economic Affairs are already working on a package, which includes not only the MSME but also the entire industry. All sectors of the economy being taken care of by a comprehensive package, being worked out in the government,"said Giridhar Aramane, Secretary in the Ministry of Road Transport and Highways.

He was speaking during an interaction with members of SIAM (Society of Indian Automobile Manufacturers) Institute via video conferencing.

Participating in the same meeting, Union Minister for MSME and Road Transport and Highways Nitin Gadkari also said "a package is going to be declared".

The demand for a package to stimulate the economy has been growing from various quarters, including industry bodies and MSME sector experts.

India's micro, small and medium enterprises (MSMEs), which contributes 29 per cent to the country's growth and 48 per cent to exports, is a major employment generator.

However, the sector is facing a huge crisis amid coronavirus pandemic, with millions of units staring at losses and the prospect of job cuts as they struggle to survive.