Hyderabad, May 12 (KNN) Union Minister of Micro Small and Medium Enterprises (MSME) Nitin Gadkari has assured Telangana MSMEs of speeding up the announcement of relief package for them.

The Union Minister, while interacting with the members of Federation of Telangana Chamber of Commerce and Industries (FTCCI), said he would speak to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for speeding up the announcement of MSME relief package. 

Gadkari further said that a number of companies including those from Japan, the US and several European countries are looking to relocate their facilities from China after the Coronavirus pandemic. India is in the best position to attract these companies.

''These are rich nations and they can afford to announce such relief measures. We will also come up with a major relief package within two days,” he said when industry representatives suggested him to announce a stimulus package like US and Japan did.

Representatives from various industrial associations expressed their concerns and the challenges they are facing in reviving their units.

Some of the major issues highlighted and the suggestions given included: extend period of moratorium, tax rebates, early release of funds for revival, including working capital. They also highlighted the difficulties of raising funds from private sector banks.

Gadkari responded to the questions fr0m representatives and assured all possible help from the government. He informed that he would take up the issues with related departments.

''MSMEs must master the art of living during Coronavirus times” Gadkari added.