Relief and Rebate focused Economy Package or Funding Based – What India Wants?

Direct Relief, Waivers, Rebates or Slashing the Lending Interest Rates, Penalty or EMI Waivers to people for becoming self-reliant (Aatm Nirbhar) or funding them with more loans through easy process, extended tenure, which will be more beneficial and whether PM’s Mann ki Baat properly sync with Janta Ke Mann Ki Baat. Now we are landing to the phase with too many versus options – Lockdown 3.0 vs. Lockdown 4.0, Priority being Corona Spread vs. Economy Revival, Funding vs. Relief etc. etc. Loans to MSME and SME in Economic Package is undoubtedly commendable, but will it be able to single handedly revive economy and acknowledge corona crisis too, stays doubtful. Country is fighting two monsters at same time – Corona and Economy Crisis, some will be effected more with Corona while others with Economy. [SAVE PEOPLE FROM BOTH]

Disclaimer: Personal Opinions, not intended to hurt any community, religion or group. So if you don’t agree or find something irrelevant; kindly comment to correct me or simply ignore.

None could foresee the consequences and quantum of impact of the Corona Virus Outbreak in India, and with all possible measures, the country is trying to fight the pandemic. With the hypothesis, assumptions, miscalculations, uncertainty and lack of on-ground implementation of policies or measures, the battle against corona is getting fiercer day by day.

With over 50 days of lockdown, people are soon expected to face the tougher economic crisis in coming days. Any battle which goes longer is expected to break the morale of the people, who only rely on government for their hardships.

Previous instances of Migrant Laborers Panic to reach their villages and home town, , Poor Section of the society struggling for the bread and butter, it actually raises a question – Are the benefits of measures taken as Corona Relief actually reaching to people? Warnings of severity of Covid-19 Pandemic were initially taken too lightly and carelessly.

India’s preparedness to deal with the coronavirus pandemic are still being claimed to be best in the world due to least number of cases or flattened graph of contamination. Still while in lockdown, when economy was compromised over corona preparedness, now after Lockdown 3.0 or maybe Lockdown 4.0, the priority essentially needs to be reversed.

Lockdown in India (Corona Virus)

• Lockdown 1.0: 25 March 2020 to 14 April 2020 (21 Days)
• Lockdown 2.0: 15 April 2020 to 3 May 2020 (19 Days)
• Lockdown 3.0: 4 May 2020 – Present Day
  [Scheduled to End on 17 May 2020]
• Phase 4: 18 May 2020 Onwards (Uncertain)

What India Witnessed – Paradoxically Questionable

• Regardless of Early Airport Screening and Ban of Flights from affected countries, Corona Virus Contamination reaches to Country and Spreads
• Lockdown 1.0 was implemented when total contamination was less than 1000 even (Early and Masterstroke Claims) while after 50 Days the Cases in Complete Country Lockdown and 3 Cycles of Lockdown Implementation crossing 75,000
• Homeopathy, Ayurveda and Alternative Medicines could be game changer and we are yet to affirm the hypothesis
• Migrant Worker’s Issue could not be resolved on time and created a lot of hue and cry and they had suffered like anything n the whole scenario
• Verdict of opening the Liquor Shops makes it most questionable choice, as it actually brings liquor into essential commodity in lockdown. Although the decision could be in lines of economy boost, but at the cost of human risk?
• In National Crisis Situation, judging people’s agony or needs on basis of the benchmarks defined in non-global pandemic conditions is an assumption based model, a person not holding status of EWS or Poor, averagely earning before crisis could have landed into severe crisis by now, yet can’t the identified
• Direct relief gained by people from RBI’s 3-Month moratorium amidst lockdown is still questionable as Private Sector Banks, NBFC and Loan Lending Agencies / Apps implemented it or not, or with which clauses still a big question, which time will answer. On twitter lot of people are crying and suffering over their high emi, penality and loan recovery attempts being made by agencies, with several quoting that with no job, business and in lockdown uncertainity, EMI and Interests of Loan will be the bigger killer than Corona itself.
• On Rent of Premises (Home, Factory, Shops), Electricity Bill Waivers, Tax Relief (Not in terms of Payment Schedule but in terms of Interest Rates), Loan (EMI Free or Low interest and again not in terms of re-payment extensions), still no definite solution or opinion could be formed, whereas these could have been the biggest relief packages for the common man.
• In New Tech Era, Government Representatives could form a Poll Based System to know what actually the Public Wants, with Choices Decided by Government and on basis of the choises, Relief or Funding or mixed approach could have been implemented in relief package.

Readers can comment on the post with their ideas, points under What India Want to be Aathm Nirbhar so that the voice of common man could also be heard

#janta_ke_mann_ki_baat

16 Relief Measures
(Announced by FM Sitharaman)

• Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including MSME
• Subordinate Debt For Stressed MSME
• Funds for MSMEs of upto Rs 50,000 Crore
• New Definition of MSME: An additional criteria of turnover is also being introduced for MSMEs. The distinction between manufacturing and service sector MSMEs will be eliminated. Businesses with investment up to Rs 10 crore, and turnover up to Rs 50 crore to be classified as small business. Businesses with investment up to Rs 20 crore, and turnover up to Rs 100 crore to be classified as medium business
• Global tenders to be disallowed upto Rs 200 Crores
• All MSME Receivables from Government and CPSEs to be cleared in 45 Days
• Rs. 2500 crore EPF Support for Business & Workers for 3 more months
• EPF contribution reduced for Business & Workers for 3 months- Rs 6750 crores Liquidity Support
• Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs
• Expands Partial Credit Guarantee Scheme 2.0 For NBFCs
• Rs. 90,000 Cr. Liquidity Injection for DISCOM
• Extension of up to 6 months (without costs to contractor) to be provided by all Central Agencies. Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows
• Extension of Registration and Completion Date of Real Estate Projects under RERA
• Rs 50,000 crores liquidity through TDS/TCS rate reduction
• All pending refunds to charitable trusts and noncorporate businesses and professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately
• Date of assessments getting barred on 30th September,2020 extended to 31st December, 2020 and those getting barred on 31st March,2021 will be extended to 30th September, 2021
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020