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'We want state specific relief package' - Mr Upadhyay, BCIC
16
Dec '08
Mr Upadhyay, President, BCIC
Mr Upadhyay, President, BCIC
The recently announced fiscal package has brought along bouquets and brickbats for the central government. While some association bodies have heralded the package, others are looking for more incentives to save their respective sectors. The Bangalore Chamber of Industry & Commerce (BCIC) has now urged the state government to announce a state specific relief package along with a one year interest free scheme for the industries.

Justifying the need for another package and a state specific one in particular, the President of BCIC, Mr Upadhyay said, “The global crisis has impacted harder than initially estimated. The state of the Indian economy and the industries in particular seems to be difficult in the near future in view of the increased integration of the economy with the global economy like never before.”

He added by saying that, “Recent measures announced do not seem to have had the desired effect. The situation in the state is worse since it is even more integrated due to the IT sector and the large number of export oriented industries. The state government should help exports of garment, IT and engineering industry by making finance available on softer terms.”

According to Mr Upadhaya, the BCCI has asked the Chief Minister to prevail on the Union Government to reduce the lending rates of the banks by further reducing the cash reserve ratios and repo rates as the industries are going in through a severe credit crunch. The body has also suggested the government to come out with measures to deal with job losses in the garment and IT sector as it is expected to witness the same in the coming weeks.

Among other demands the BCCI has suggested that 100 percent export units be allowed to sell 35 percent of their produce in the domestic markets, thereby easing their credit crunch and help the state earn extra taxes. They have also suggested the government to improve governance, reduce corruption, tighten administrative machinery and stimulate infrastructure spending as these are key measures.

Fibre2fashion News Desk - India

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