FICCI's nod to government's final tranche of ‘Aatmanirbhar Bharat’ package

New Delhi: Hours after the Union Finance Minister Nirmala Sitharaman announced the fifth and final tranche of Aatmanirbhar stimulus package, FICCI welcomed the announcements noting that the giving states more room for market borrowing is a step in the right direction.

In a statement, FICCI also appreciated the government’s decision to amend the Companies Act, 2013 to decriminalise bona fide defaults under the Act through the Ordinance route, which would help companies to take benefit of this provision immediately. It urged for similar decriminalisation provisions to be extended to other legislations that impact businesses. FICCI has been working with the Government towards the same objective.

The press note said that the additional boost of Rs 40,000 crore towards MGNREGA will help provide work to the migrants who returned home and will support rural demand. The government also needs to plan for more support for the migrant workers and the more vulnerable sections of society.

On the announcement to ensure that management of companies do not have to undue stress about the company being dragged into insolvency and liquidity proceedings for non-payment of debt owing to economic losses incurred during the COVID-19 lockdown will help assure business continuity and also in line with industry's request for a breather for a year.