Government trusts industry fully
Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman has stressed that the Government trusts industry fully and comprehensively. She urged the industry to plan for engaging labor with a more professional approach and engage in skilling. “Mindsets in the industry need to set examples in handling workers in a way that is acceptable to all,” stated the Finance Minister.
The Finance Minister was speaking at an interaction through video conferencing with Confederation of Indian Industry (CII) which is marking 125 years of its existence in 2020. Felicitating CII on this milestone, Smt Sitharaman said that CII has played a critical role in the country and its members have played strong roles in their own sectors. She exhorted CII to stand out as an exemplar in the policymaking process.
The industry needs to reset its relations with workers and plan for labor including unskilled labor, said the Finance Minister. She requested industry to consider a professional manner in terms of engaging unskilled workers and work towards the skilling of employees at all levels.
On a question regarding the MSME sector, Smt Sitharaman stated that before Covid19 as well, clear handholding was announced for MSME and NBFCs to help enterprises in rural areas. She stated that credit availability for additional term loans and the working capital loans were intended to reach all MSME, and hence the Government has provided a guarantee to banks to overcome hesitation in lending.
“When the Government provides full and partial guarantees with a special purpose vehicle post-lockdown, the banks' hesitation has been addressed,” she said.