India Inc calls for continuation of stimulus packages
India Inc feels that the government should continue the stimulus packages it had offered, especially to the MSME sector, even during 2010-11. This was revealed during a survey conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) recently.
According to the survey findings, nearly 70% of the respondents polled have called for continuation of the stimulus packages in the current financial year, particularly for small and micro units.
"Indian SMEs still need stimulus measures to recover the losses incurred during the global economic downturn," said Rajan Bharti Mittal, vice chairman and managing director of Bharti Enterprises.
About 70% of the 500 CEOs polled during the survey expressed discontent over the withdrawal of the stimulus measures, as the same has taken a toll on their margins.
"Although recessionary pressures have ebbed away and the global market is showing signs of revival, Indian MSMEs continue to face several problems due to the inflationary pressures, appreciating rupee and lack of good infrastructural facilities. Therefore, continuation of stimulus measures is required to help SMEs retain their competitive edge in the global market," said Sunil Agarwal, director of Supreme Plastics, a small-sized plastic product supplier in Ajmer, Rajasthan.
Majority of the respondents praised the prudent monetary policies initiated by the Reserve Bank of India (RBI), as it has helped to keep the interest rates more or less stable. They also welcomed the pro-active measures undertaken by the Securities and Exchange Board of India (SEBI) towards investor protection.
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