- AEPC welcomes Rs 2.65 lakh cr fiscal stimulus
DELHI NCR, 12 Nov 2020: Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel welcomed the third edition of Atmanirbhar Bharat stimulus package worth Rs 2.65 lakh crore saying the world will see emergence of New India post Covid-19.
“I sincerely thank Hon’ble Prime Minister Shri Narendra Modi and Hon’ble Finance Minister Smt Nirmala Sitharaman for Atmanirbhar Bharat Abhiyan 3.0 which along with the earlier measures of the government will see the rise of a new, economically robust and confident India post the coronavirus pandemic,” said Dr Sakthivel.
The Chairman congratulated the government for extending the Emergency Credit Line Guarantee Scheme (ECLGS) till 31 March 2021 and expanding the outstanding credit limit up to Rs 500 crore for the stressed sectors with no turnover ceiling.
“Both extension of ECLGS till the end of the current fiscal and increase in outstanding credit limit have been our demand and we thank the government for the comprehensive relief. This will go a long way in propping up many of the struggling industries.
“The government has taken several measures including key structural reforms since the outbreak of coronavirus which will increase investments, strengthen the manufacturing prowess of the country and generate employment for the youth,” Dr Sakthivel said.
He also thanked the government for the provision of Rs 3,000 crore to EXIM Bank and for the Atmanirbhar Bharat Rozgar Yojana, which promises to bear both employee’ and employers’ EPFO contributions for new employees in firms with less than 1,000 employees and employee contribution in case of more than 1,000 employees.
Further, the Chairman said that the Production Linked Incentive (PLI) scheme for 10 champion sectors will encourage many apparel manufacturers to expand their capacity and enter into production of manmade fibre (MMF) based garments.
“PLI coupled with the scheme to boost new employment will tremendously increase opening of new job opportunities in the apparel sector,” he added.
