Mr D.K. Aggarwal, President, PHD Chamber of Commerce and Industry

“This money will be injected for relief and rehabilitation across all levels of the economy including people at the bottom of the pyramid, informal workers, micro, small and medium enterprises and large corporates,” it said. The industry body has also suggested setting up of a ‘Bharat Self-Sufficiency Fund’ with an outlay of Rs 2 lakh crore. It said that the fund could be used to promote scientific research and innovation for building a stronger and resilient nation and creating self-sufficient industry clusters with fully developed value chains within the country for products where India has high import dependence.

It said that given the complete breakdown of businesses, there is a need to assess the situation and if required, the timeline for loan moratorium should be extended. “Provide greater regulatory forbearance, including change in NPA definition and loan restructuring etc. NPA recognition period to be extended from 90 days to a minimum of 360 days,” it said.

FICCI also recommended that interest free and collateral free loans be given to MSME companies, with a turnover of less than Rs 500 crore for a period of up to 12 months depending on the sector to enable them to cover fixed costs, salaries and other operational expenses.