AIMO welcomes the RBI announcement Friday, March 27, 2020.

AIMO welcomes the RBI announcement Friday, March 27, 2020. All India Manufacturers Organisation, ( AIMO ) an Apex trade body focused on the interests of the MSME sector today welcomed the measures announced by the Reserve Bank of India and said it will provide the MSME’s a much-desired short term jab in the arm relief .  According to Mr Sudarshan Saren , President, AIMO  “ We would like to acknowledge the steps and compliment the RBI for providing the appropriate measures at a critical stage for the 60 million plus MSMEs in the country . We believe that the announcement regarding the Three months Moratorium on EMIs an Term loans will help the MSMEs and its employees greatly especially when we expect to see negligible revenues in the near future.” Commenting on the RBI measures , Sareen added  “ The RBI had announced that the Interest payments on Working Capital will also be deferred by 3 months  and such deferment will NOT be considered for NPA, our members greatly appreciate this announcement and hope that by this period their businesses will be back and running at optimum levels. AIMO had also thanks the Government of India for the liquidity increase to the tune of of 3.4^ of the GDP which will help in increasing the demand.”  We at AIMO believe that one of India’s biggest assets are our Entrepreneurs and that segment can not be allowed to die. Survival of every existing Entrepreneur equals creating two fresh new entrepreneurs. The above suggestions are required on war footing basis. The crisis of 60 million plus MSME/START UP can also be called as National Calamity and addressed. If we miss this last opportunity, then we might not have any MSME in existence at all.