Government of India has undertaken decisive measures and reforms to handhold the businesses in this testing times, said Shri Anurag Thakur Hon’ble Minister of State for Finance & Corporate Affairs Government of India while interacting with captains of Indian industry from North India organised by CII Northern Region over virtual platform. Based on 5 pillars of growth i.e. intent, inclusion, investments, infrastructure and innovation, the Government of India has eased compliances under various regulatory laws; extending deadlines for tax filling; sanctioned around Rs 1.15 lakh crore loan under the 100 per cent Credit Guarantee Scheme of the Central Government under Aatmanirbhar Bharat scheme of which Rs 56,091 crore have already been disbursed; provided free ration to around 800 million plus people for the 9 months, he added.

“For us, reforms are Systematic and provide Synergy to help you - the Indian Industry achieve Size and Scale. Our reforms are Integrated, Inter-connected and Targetted, so that India Inc. and the Indian economy is future ready”, Hon’ble Minister outlined.

Highlighting some of the bold reforms undertaken by the Modi Government, Hon’ble Minister talked about implementation of initiatives like Indian Bankruptcy Code, where around 5 lakh crores cases have been settled, implementation of GST, JAM trinity, faceless income tax assessment, lowering of the Corporate tax rate from 30 per cent to 15 per cent, decriminalization of 58 sections under the Companies Act 2013, suspending insolvency proceeding during Pandemic times, increasing the FDI limits in a number of strategic sectors, opening up of strategic sectors such as Defence equipment manufacturing amongst others.

On handholding the MSME sector, Shri Anurag Thakur expressed that the Government has come up with the plan of Rs 3 Lakh crores for supporting MSMEs along with collateral free liquidity measures with 100 per cent guarantee given by the Government, helping millions of MSMEs working in India and will have a multiplier effect on the economy. Shri Thakur further asked the Indian Inc. to be self sustaining and self generating, as there are many possibilities and opportunities in various green field, brown field and sunrise sectors in India.

In concluding Hon’ble Minister said that “we are Bullish about reviving growth, because we believe in India Inc.”.

Complimenting the government for dealing with the aftermath of the COVID pandemic in a proactive manner, Mr Nikhil Sawhney, Chairman, CII Northern Region expressed that the Unlock 1.0 & 2.0 marks the calibrated re-opening of the economy, supporting industry through liquidity measures and reforms. He assured that CII is committed to working in partnership with the Government sharing its thoughts, ideas and knowledge resources for taking the Indian economy forward as India enters the unlock phase.

This interaction was joined by around 100 CEOs from North India.