New Delhi:The President of Confederation of Indian Industry – Vikram Shreekant Kirloskar – has expressed concerns about the survivability of small and medium-sized enterprises (SMEs) as supply chains have been disrupted for some time as the coronavirus pandemic takes hold.
He was ‘very worried’ about the sector. He wondered if there could be a moratorium on the repayment of loans and suggested that the Reserve Bank of India (RBI) should cut rates and the cash reserve ratio (CRR).
At the same time, the CII president requested the industry to pay SMEs as fast as possible and appealed to the government to expedite clearance of dues.
As Prime Minister Narendra Modi is scheduled to address the nation at 8 pm on March 19 in the wake of the Novel Coronavirus, or COVID-19, pandemic, Kirloskar expects to ‘get something’ from the PM’s address. He added that the PM is likely to talk about acting responsibly.
On the topic of job cuts as the market is going through a tough time at present, Kirloskar said he had asked members to reconsider their own salaries but ‘hold on to people’. He said he had been trying to convince everyone including the unions.
“We have to all survive together,” he said. “The ‘India story’ is still intact, we hope to bounce back strongly,” he ended on an optimistic note.
