Chandigarh, May 16, 2020-The economic package declared under the first tranche of “Atmanirbhar Bharat Abhiyaan” will meet the immediate and long term needs of the industry, say the industrialists in the region.

Dr Satinder Pal Singh Grewal, Chairman, CII Chandigarh said quantum jump in the definition of MSMEs will have long-term implications for the sector and credit without collateral requirement is a welcome move. To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29 February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This will be available to units with upto Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard. The units will not have to provide any guarantee or collateral of their own. The amount will be 100% guaranteed by the Government of India providing a total liquidity of Rs. 3.0 lakh crores to more than 45 lakh MSMEs. Commenting on no Global tenders for Government tenders of upto Rs 200 crore, Mr. Grewal said it is an important step towards self-reliance which will make the local MSMEs competitive. Further he said, provisions related to real estate sector and tax-related measures under the package will infuse confidence among the entrepreneurs leading to ease of doing business. Naveen Manglani, President, Chamber of Chandigarh industries, said that the industry had been going through a very difficult time for the last one and half months and the package would make available liquidity by way of loans in the hands of the industrialists.