This Article is From Jun 07, 2020

Uday Kotak Suggests Cash Benefits For Those Had Salaries Under Rs 25,000 And Lost Jobs During COVID-19

He also said that giving a waiver of interest for a six-month moratorium on loan repayment would rupture the financial system

Uday Kotak Suggests Cash Benefits For Those Had Salaries Under Rs 25,000 And Lost Jobs During COVID-19

CII President Uday Kotak has suggested cash benefits for those who lost jobs due to COVID-19

In view of the jolt coronavirus has served to the salaried class, industry body Confederation of Indian Industry (CII) President Uday Kotak on Saturday said the government should extend cash-benefit transfer to all those who fall under Rs 25,000 salary bracket, whose jobs are threatened during the ongoing COVID-19 crisis. "The Centre should start cash benefit transfer for the people who have lost their jobs. I think those whose salary is under Rs 25,000, whose jobs are in danger, should be provided 50 to 75 per cent of the salary by the government," Kotak told news agency ANI.

He also said that giving a waiver of interest for a six-month moratorium on loan repayment during this COVID-19 period would rupture the financial system.

Urging the government to focus on land and labour reforms, he asked the government to enhance Ease of Doing Business in India, in order to woo the businesses leaving China due to its trade war with America.

"The pandemic has also presented a fresh set of opportunities to India. The Centre has already announced a package for ''Aatma Nirbhar Bharat.'' It had also reduced corporate taxes in the recent past," he said.

"The trade war between China and America is already going on. It is the right moment for the countries to come to India from China but to bring them here we will also have to bring about land and labour reforms and increase the Ease of Doing Business here," said Kotak.