Congress president Sonia Gandhi on Saturday urged Prime Minister Narendra Modi to announce a financial package for the revival of the MSME sector, saying if ignored, the problem can have a devastating and expansive ripple effect on the country's economy. She has given five suggestions to deal with the crisis small industries are facing due to COVID-19 lockdown.
In a letter to Modi, Gandhi also made some suggestions for the revival of the Micro, Small and Medium Enterprises (MSME) sector, which is reeling under the adverse impact of the coronavirus lockdown.
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.
She also added that as the nation continues to fight against Covid-19, it is essential to highlight an economic concern that needs immediate attention and intervention.