PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages.

Relief measures announced by Hon’ble Finance Minister Smt Nirmala Sitharaman will induce welfare, create employment and support demand in the economy: PHD Chamber

No.PR-73 May 14, 2020 New Delhi Relief measures announced by Hon’ble Finance Minister Smt Nirmala Sitharaman will induce welfare, create employment and support demand in the economy: PHD Chamber While appreciating the significant relief measures announced by Hon’ble Finance Minister in second tranche of Rs 20 lakh crore support package, Dr D K Aggarwal, President, PHD Chamber said in a press statement issued here today that relief measures announced for farmers, housing sector, migrant workers and street vendors will induce welfare, create employment and support demand in the economy. The relief measures for farmers by providing Rs 30,000 crore additional emergency working capital fund through NABARD and Rs 2 lakh crore of concessional credit will support them to effectively undertake post-harvest rabi produce and preparatory work for kharif crops, said Dr Aggarwal. The relief measures announced by the government so far are very encouraging, these will strengthen the various segments of the economy and socio-economic development in the country and lead to meet our objective to become a self-reliant country going forward, said Dr. Aggarwal. Extension of the credit linked subsidy scheme (CLSS) scheme till March 2021 and Rs 70,000 crore boost to housing sector will stimulate demand for housing, steel, cement, transport and other construction related materials, said Dr Aggarwal. Easy access to credit facility of Rs 5000 crores to all street vendors and interest subvention support of 2% under Mudra- Shishu loans of Rs 50,000 or less for next twelve months will help the vendors and businesses to resume their activities post lockdown, said Dr Aggarwal. Free food grain supply to migrants for next 2 months and announcement on one nation one ration card will streamline the process of percolating the benefits to a larger section of migrant workers at ground level, said Dr Aggarwal. The decision to provide Rs 6000 crore employment push using CAMPA funds will create jobs opportunities in urban, semi-urban and rural areas including for tribals/adivasis, said Dr Aggarwal. Ends. Media Division PHD Chamber of Commerce and Industry