Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

"These decisions will leave more money in the hands of people and companies and this will spur economic growth and boost the country’s ability to fight Covid-19,” AEPC chairman A Sakthivel said in a press release.

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

Welcoming the finance minister's announcements related to MSMEs, Sakthivel said, “The facility of ₹3 lakh crore collateral-free automatic loans for businesses, including MSMEs, will help many businesses get over the liquidity crunch and lack of working capital due to disruptions brought in by the pandemic and resultant lockdown.”

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

AEPC chairman particularly thanked the finance minister for widening the definition of MSMEs in terms of investment and turnover, as this will enable many of the better doing MSMEs to continue taking benefit of schemes meant for MSMEs.

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

“We sincerely welcome the decision to disallow global tenders by the government for up to ₹200 crore. This will boost the local industries which otherwise found it difficult to compete with foreign competitors and it will further help in realising the PM’s dream of making Atmanirbhar (self-reliant) India,” said Sakthivel.

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

Other measures to improve the liquidity in the economy like ₹30,000 crore liquidity facility for NBFCs/HCs/MFIs, ₹90,000 crore liquidity injection for power discoms and increasing money in the hands of the people through ₹50,000 crore liquidity via TDS and TCS reductions will go a long way in getting the economy back on tracks, he said.   

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

Sakthivel, however, requested the government to extend the benefit under Pradhan Mantri Garib Kalyan Package (PMGKP) of payment of 12 per cent of employer and 12 per cent employee contributions towards EPF accounts, which is extended by another three months till August 2020, to cover all the apparel exporting units as they are highly labour intensive with a huge women workforce.

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

“The new definition of MSMEs on the basis of the revised MSME classification is a very welcome step. However, it is strongly urged that the definition for apparel exporting units may kindly be changed to allow all such units having a turnover of ₹250 crore be defined as an MSME unit, irrespective of their investment in plant and machinery as this is a long-standing demand of our industry, and would definitely assist in scaling up this sector. In light of the weakening of the Indian rupee. most of the small exporters have also already crossed this figure,” Sakthivel added.

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#

 

Apparel Export Promotion Council (AEPC) has welcomed Union finance minister Nirmala Sitharman's decision to leave more money in the hands of individuals / companies, in the first set of measures announced by her, as a part of ₹20 lakh crore economic package announced by Prime Minister Narendra Modi to make India atmanirbhar (self-reliant).#