Nothing substantial in relief package: Rameshwar Oraon

RANCHI: State finance minister Rameshwar Oraon on Wednesday dubbed the Union government’s announcements of economic stimulus package as hollow and said the package has nothing concrete. “The MSMEs, which contribute to one-third of the country’s GDP, were not given even 5% of the special package. The industrial units will now have to spend more for sanitation and hygiene and work on pruned manpower to maintain social distancing. There was a hope that the government will bear a part of the expenses, but nothing happened,” Oraon’s statement said.
Oraon also hit out at the announcement of 2% reduction of EPF contribution for all business and workers. “The announcement does not promise anything for those who lost their jobs. Giving financial assistance to power companies is a welcome step, but making state governments as guarantors proves that the Union government will not take any responsibility in the long run,” Oraon said.
Former chief minister Raghubar Das hailed the announcements in a statement by saying, “The Rs 3 lakh crore package, announced by finance minister Nirmala Sitharaman, will drive the Union government’s vision of self-reliant India. The package has taken care of employees and employers. Power companies, NBFC, real estate and middle class will benefit from the package.”
In her announcement, Sitharaman announced a Rs 3 lakh crore collateral free automatic loans for business with a 12 month-moratorium and Rs 20,000 crore subordinate debt for equity support aimed at benefiting 2 lakh stressed MSME units.