Economy

FIEO seeks Government intervention to tide over the coronavirus crisis

Our Bureau Coimbatore | Updated on March 19, 2020 Published on March 19, 2020



 

Covid-19 pandemic has taken the exporting community by storm.

“The situation is grave. Many factories across sectors have started feeling the pinch. While the Government is taking all measures to contain this serious issue, the industry needs government support and immediate intervention to tide over the crisis,” said Israr Ahmed, Regional Chairman, Federation of Indian Exports Organisation (FIEO).

FIEO has appealed for relaxation of NPA norms, extension of export realization period from 270 days to 360 days, for direction to banks to facilitate faster clearance of credit applications, facilitate instant refund of ITC/ IGST claims, extension of interest equalization at 5 per cent to all sectors, deferment of ESI payments up to 3 months and advance tax dues at least till September 30, 2020 and possible consideration for extending the PMRPY scheme incentive of 8.33 per cent for a period of six months till exporters tide over the crisis.

Published on March 19, 2020
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