-SATISH HANDA

It cannot be denied, present lock down declared in the country due to epidemic outbreak causing loss worth Rs 40000 crore everyday to industry adversely affecting economic condition of country and there is immediate need of government support to collapsing industry as suggested by the experts of both prominent industrial associations Confederation of Indian Industry (CII) and Federation of Indian Chamber of Commerce & Industry (FICCI) are of view that delay in this regard would make situation further grim since in the absence of financial support large number of industrial units lying closed at present due to lock down would completely collapse. Moreover, migrant labourer arrived from U.P, Bihar, M.P and other states working in most of the industrial units has left for their home places and getting labour after a long break would make things further worst.

Both CII and FICCI are non-government, non-profit expert industrial consultancy groups helping to the development of Indian industry in the country through advisory and consultative processes. CII was founded in 1985 having over 9100 members from private and public sectors including SMEs and MNCs having indirect membership of over 300000 enterprises from 291 national sector industry bodies. Whereas FICCI is an association of business organizations in India established in 1927 having membership of 250000 companies from various regional chambers having presence in 11 states and other countries.

Information reveals, industry owners are demanding financial aid to distribute salaries and allowances to their staff for months March to May since their manufacturing units remained close during lock down period as well as provision for loan from banks at subsidized rate of interest. A couple of days ago, Nitin Gadkari Union Minister told entrepreneurs that a proposal to provide relief to small and medium industry has been sent to Prime Minister apart from another financial package has been prepared by the Finance Ministry and Neeti Aayog for which Nirmala Sitaraman Finance Minister had a meeting with Prime Minister Narender Modi in this regard a couple of days ago..

According to Dilip Chinnoy General Secretary FICCI, no doubt industry in the country incurring daily loss worth Rs 40000 crore due to lock down, but there is also danger to employment of more than 4 lakh persons working in industry in the country. According to CII Director General Chanderjit Banerjee, it takes time to implement a package declared by the government. He further added, hopefully industry would start working in the normal way after May 3, 2020 when lock down period would be over as such packages offered by the government should be  clarified and announced at an early date. Entrepreneurs of few organizations has suggested government that there should be provision for those industries failed to earn any revenue due to lock down to make them available interest-free loan from Employees Provident Fund account to enable them to pay salaries to their staff.

Few entrepreneurs were of opinion that government should understand the sensitivity faced by the industry in present circumstances no one is sure about their future demanding help to save their collapsing industry. They said, like farmers industry entrepreneurs, too, need government support at this stage to keep their industry alive and announce special packages, incentives at the earliest to save dyeing industry likely to turn NPA.