With China being hit by virus, India should look at positioning itself as alternative supply source: Ficci
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman has said that the government is working with RBI on the Industry's need for the restructuring of loans due to the COVID-19 impact. While addressing the National Executive Committee Meeting (NECM) of the Federation of Indian Chambers of Commerce and Industry (FICCI), Sitharaman noted that the focus is on restructuring. Finance ministry is actively engaged with RBI on this.
Elaborating on the extensive consultations on the reform measures that are being announced by the government, Sitharaman said that every step which is being announced and taken, is taken after exhaustive consultations with the stakeholders and within the government to make sure that no step is going to be a failure because we did not make necessary collateral changes.
Stressing on the need for reciprocity in trade deals, Sitharaman stated that reciprocal arrangements are being asked with the countries with which India has opened up our markets. The Finance minister said that the decision on reducing GST rates on the healthcare and other products will be taken by the GST Council.
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