The minister for MSME, and Road Transport and Highways Nitin Gadkari has said he expects the government to unveil a financial package in two-three days, observing that the situation was very bad despite the three-month moratorium on loan repayments announced by the Reserve Bank of India (RBI). He noted that on March 27, the RBI announced a slew of steps, including a three-month moratorium on loan repayments, as part of measures to alleviate hardships faced by people.
The minister said that the government stands with the industry but it also needs to understand the government's limitations. He said ‘we are trying our level best on how we can protect everybody. He added that while Japan and the US governments have announced mega packages, their economies are bigger than India's.
Gadkari has also suggested the finance ministry to explore a mechanism through which income tax and Goods and Services Tax (GST) refund payments can be immediately transferred to the bank account of the individual concerned. He also shared recommendations arising out of his interactions related to micro, small and medium enterprises (MSMEs) and the industry with the Finance Minister and the Prime Minister.