At a time when the industrial sector is in a state of collapse, Karnataka Small-Scale Industries’ Association (KASSIA) is eagerly looking forward to the proposed second package of measures being considered by the Union government for industry revival.
The measures announced sometime back have not been found adequate, considering the enormity of the crisis triggered by the COVID-19 pandemic that is continuing to ravage the global economy. KASSIA, therefore, in a statement on Monday asked the government to step in with more robust support and concessions to restore industrial production, particularly among the SMEs, which are collapsing.
KASSIA has spelt out a few measures so that the concessions are effective in helping the industry get back on track. It has called for relaxation in GST payments for a year. In addition to that, it wants the removal of the cap/qualifications for PF contribution by the government already announced too.
It has also called for keeping the NPA norms relaxed for at least six months while easing the compliance norms for six months and suspending penal provisions for a period. KASSIA has also sought the postponement of new minimum wage enactments by two years. It has urged the government to make the support substantial in terms of percent of GDP as done in many countries in view of the magnitude of the crisis.