Nitin Gadkari asks traders to take loan in dollars, keep their balance sheets clean

New Delhi: Union minister Nitin Gadkari on Friday (May 8) gave valuable advice to traders and asked them not to panic amid coronavirus lockdown while interacting with different industry associations that reach out to him seeking relief measures from the government. 

The Union minister also offered them some remedies that are likely to earn money and will help them in increasing their business. Gadkari said that there are many businessmen and traders in the country who require dollars for their everyday business and for them, he said that they should take a loan in dollars that many banks offer. 

"This will benefit them in two ways, one is that they will not face the scare of rupee depreciation against the dollar, the second benefit is that banks lend in dollars at a lower interest rate," he said, adding that some banks give loan in dollars at an interest rate of around four per cent, and traders should repay their loan amount in dollars to avail maximum benefit. 

Apart from this, small businessmen or traders should keep their balance sheets clean and not hide their turnover, besides keeping their tax book transparent if they wish to trade in the capital market, he said, adding "they will be able to get money from the capital market due to their clean book."

"Some investors would be ready to invest money in your venture looking at your credit which would ultimately help in the growth of your business, he said, adding "If your company's rating is good then it will earn more benefit."

According to Nitin Gadkari, there are several companies that became big after they ventured into the capital market.

He added, "There a proposal to create a separate stock exchange for small companies. Small companies are still being listed in the stock exchange, but the new exchange will help smaller firms will easily get money from investors."