CAIT seeks fiscal stimulus for traders, small businesses to cope with Coronavirus

New Delhi, Mar 14 (KNN) The Confederation of All India Traders (CAIT) has urged the government to provide fiscal stimulus to traders and small businesses to be able to deal with the impact of the coronavirus outbreak.

In a statement, CAIT, said the government in close co-ordination with the Reserve Bank of India should provide fiscal, monetary and taxation stimulus to both trade and small industries.

''Corona Cash loans up to 7 per cent of total sanctioned limits with each month 1 per cent of cash limit should be reduced and the account should come back at par in 7 months. All statutory due dates for payment and filing of returns be postponed till June 30 and bank EMIs should be also postponed to June 30,” said CAIT Secretary General Praveen Khandelwal on Friday.

CAIT along with other trader leaders have also urged the government to provide cash bridge loans calculated on both fund and non- fund based limits.

“All bank loan instalments should be suspended for 12 months. Small industries should be liberally funded to increase domestic production to meet the domestic demand. A package of tax benefit may be announced by the government to accelerate domestic production and ensuring uninterrupted supply chain,” the statement added.

CAIT on Friday, held a seminar on Corona Virus- Impact on Trade & Small Industries" here at New Delhi where the leaders of various prominent trade sectors and MSMEs in a unanimous voice appreciated the steps taken by the government to protect country from deadly Corona Virus.

---------------------

---------------------