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Exporters Hail Stimulus Measures

Image courtesy: Tirupurexporterscompany.com

Chennai:

Port Wings News Network:

Tirupur Exporters Association (TEA) on 13 May 2020 thanked the Prime Minister Narendra Modi, Union Finance Minister Nirmala Sitharaman for laying out comprehensive vision to spur growth and become Self-reliant India with a focus on Aatma Nirbhar Bharat package vision.

In a media statement, Shri Raja M Shanmugam, President, TEA, also thanked for announcement of 15 different measures and out of this, 6 for MSMEs, 2 for Employee Provident Fund, and 3 for direct tax related.

He appreciated collateral free automatic loan for standard MSMEs, Subordinate Debt for stressed MSMEs, Equity infusion for MSMEs through Fund of Funds and specifically thanked for revising the definition of MSMEs linking with additional criteria of sales annual turnover.

He said continuance of Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee contributions into EPF accounts of eligible establishments for another 3 months to salary months of June, July and August 2020 also.

He lauded reduction of Employer as well as Employee EPF contribution for Business & Workers for 3 months from 12% to 10% to other than support received under Pradhan Mantri Garib Kalyan Package (PMGKP). He also appreciated other direct tax measures and extension of income tax return filing.

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