Meghalaya CM laud Centre’s package for MSMEs

Syllad | The Rising MeghalayaMay 14, 2020

Chief Minister Conrad K Sangma on Thursday termed the Centre’s announcement of mega Rs 20 lakh crore package for the micro, small and medium enterprises (MSMEs) as a very positive step.

“It is a very positive step. Supporting the MSMEs -the backbone of any economy and a sector that employes the maximum number of people – you are really pushing the overall economic activities…and I think it is the correct move,” Sangma told reporters.

Also stating that the Centre’s announcement for the farmers is another very good move, the CM said, “This is the time that the central government has to stand up and support and put stimulus and I am happy that the PM and government of India has taken those steps and I am sure we will see results.”

Sangma also  said in situation like these, one can understand obviously borrowings will go up and it is not only at the national but also at the state level.

“These are the times where we need to borrow and invest back to the economy and we will see the return of that coming out by seeing the economic growth taking place. This is the way forward as right now taxes have gone down and we do expect it will have hit overall at GST level as well as the direct tax level and obvious the excise and VAT at the state government level. So we will see overall revenue going down and the only way to make up for that is to borrow and then spend and therefore the impact of that will be on the fiscal,” he said.

When asked on the expectation of the state, the CM further stated, “We have to work on that. This has been announced overall for the MSMEs sector. We have to sit down like I said we already have the economic task force and we are already working out measures and in fact anticipating that government will work on this. We have got some road map planned out but all will depend on the discussions we have with the Government of India.”

According to him, the state is hopeful that maximum of the people whether farmers or MSMEs will get benefit and that will be a boost and stimulus to the economy.