 |
| |
| |
From
IMTMA
|
The economic package to counter coronavirus pandemic, announced by the Government of India, reaffirms the country’s commitment to macro-economic stability, prudent fiscal management and uplifting of indigenous manufacturing. The growth tonic to MSMEs, government support in PF to industries and workers for next 3 months, tax reductions, and releasing of bank guarantees will ease cash flows.
Although lockdown will persist for some more time in pockets, the momentum set by this economic package will help industries recover from slowdown. Industries will have to ‘live and work with Covid-19’ and have resumed their activities with safety measures in place to prevent further damage to the economy. It is now important for industries to not only survive but evolve by adapting, adopting, reshaping, and transforming businesses through product and process innovations.
Districts within states and union territories have been demarcated into red, orange and green zones. India presently has 130 red zones, 284 orange zones and 319 green zones and the state governments have allowed resumption of industrial activities in green zones albeit with reduced workforce.
It is really imperative for industries to follow the guidelines for health and safety. The industry needs to focus just on survival but also explore opportunities and diversify their business to cater to newer segments. Strategy, planning, resilience and leadership will be put to the test in this mission.
IMTMA is bringing you information on efforts by countries across the world including India to tackle the situation. The e-newsletter gives an insight into news, advisories, and notifications from the central and state governments in India and the best practices that Indian and global industries have adopted to combat this pandemic. |
| |
News
Updates
|
| |
| |
Finance Minister announces revised
MSME definitions; no difference between
manufacturing and service enterprises
(Economic Times, May 13, 2020). |
|
Covid-19 relief: Government announces
Rs 3-lakh crore collateral-free automatic
loans for MSMEs
(Economic Times, May 13, 2020). |
|
| |
|
|
|
|
| |
Atamnirbhar Bharat gives
booster shots for MSMEs
(Hindu Businessline, May 14, 2020). |
|
How the Indian auto components sector reacted
to Finance Minister’s MSME relief package
(Financial Express, May 13, 2020). |
|
| |
|
|
|
|
| |
MSME reform announcements
seen as high on optics, outreach
(Livemint, May 14, 2020). |
|
EPF contribution of private sector employers,
employees cut to 10% for 3 months
(Economic Times, May 14, 2020). |
|
| |
|
|
|
|
| |
Cut in EPF contribution rate
— a mixed blessing for employees
(Hindu Businessline, May 13, 2020). |
|
TDS, TCS rates cut by 25% for these specified
payments till March 31, 2021: Check details
(Financial Express, May 13, 2020). |
|
| |
|
|
|
|
| |
TDS/TCS cuts: Advantage self-employed
(Hindu Businessline, May 13, 2020). |
|
Relief for Taxpayers! ITR filing deadline
for FY19-20 extended to November 30
(Financial Express, May 13, 2020). |
|
| |
|
|
|
|
| |
Atmanirbhar Bharat | E-market linkages to replace
trade fairs, exhibitions: Nirmala Sitharaman
(Money Control, May 13, 2020). |
|
India Inc cheers 'Stimulus Package 2.0',
says it will impart relief to businesses
(Economic Times, May 13, 2020) |
|
| |
|
|
|
|
| |
Auto Industry craves for
production on sluggish supplies
(Economic Times Auto, May 14, 2020). |
|
Credit-linked housing subsidy scheme for middle
income group extended to March 31, 2021
(Economic Times, May 14, 2020) |
|
|
| |
Central Government Advisories |
| |
| |
Ministry of Finance, Government of India
Media Conference by Union Finance Minister on 13 May 2020 unveiling the economic package for businesses including MSMEs. Read More |
|
|
|
Department of Expenditure, Ministry of Finance, Government of India
Use of National Regulations or National Standards in case of Public Procurement.
Read More |
|
|
| |
National Best Practices |
| |
| |
Schwing Stetter India
Schwing Stetter India (SSI) has recently resumed operations in its Chennai-based facility, following the national lockdown to contain Covid-19. The announcement follows the recent relaxation rules put by the government and the necessary permissions granted by the state authorities. Read More |
|
|
|
Godrej Security Solutions
Godrej Security Solutions (GSS) has announced their venture into the health security segment with the Covid defense security range of products and eyes a revenue of INR 50-70 crore. Read More |
|
| |
|
|
|
|
|
|
| |
JK Tyre & Industries
The company has commenced production in a graded manner at its manufacturing facilities in Chennai, Kankroli and Laksar. Read More |
|
|
|
TUV Rheinland
TUV Rheinland's state-of-the-art laboratory is capable of testing a wide range of medical device categories, as per national and international standards. The laboratory has been recognized nationally and internationally for testing and certification. Read More |
|
| |
|
|
|
|
|
|
| |
CavinKare
FMCG major CavinKare has launched hand sanitizers under its personal care brand CHIK in a 2ml sachet pack. Priced at ₹1, the sachet can be used at least twice, making it easily affordable and accessible due to its nationwide presence in kirana stores. Read More |
|
|
|
Cargill
Cargill strives to keep food supply chains free of any disruptions: Putting people first, while working closely with farmers, food retailers, and service providers. Read More |
|
|
| |
Global Best Practices |
| |
| |
Cipla
Cipla has signed a non-exclusive licensing agreement with Gilead Sciences, Inc. for the manufacturing and distribution of the investigational medicine Remdesivir, which has been issued an Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA) to treat Covid-19 patients. This agreement is part of Cipla's efforts to enhance global access to life-saving treatments for patients affected by the pandemic. Read More |
|
|
|
UNCTAD
UNCTAD is monitoring the effects of the global pandemic on manufacturing, trade, foreign direct investment and economic growth. It is ready to provide technical assistance that can help countries mitigate or recover from the economic impacts of Covid-19. Read More |
|
| |
|
|
|
|
|
|
| |
JBS USA
In response to the global coronavirus pandemic, JBS USA, an American-based food company and the majority shareholder of Pilgrim’s Pride Corporation (NASDAQ: PPC), is investing more than $200 million to support its team members and local communities in the United States.
Read More |
|
|
|
Kroger
The Kroger Co. said it has hired more than 100,000 workers over the past eight weeks, the period since President Trump declared coronavirus a national emergency. Read More |
|
|
| |
| |
IMTMA Covid-19 Policy Advocacy |
|
|
|
IMTMA Covid-19 Help Desk |
|
| |
|
|
|
|
|
|
| |
IMTMA has set up a section on Covid-19 Policy Advocacy, relevant Notifications, Press notes, Orders and Circulars issued by the Central and State governments, and the Reserve Bank of India are published on the page |
|
|
|
IMTMA is pleased to announce formation of “COVID-19 IMTMA Help Desk” for proactively addressing the concerns of Members, specifically related to COVID-19 Government Policies, Financial and Regulatory issues. Members may send their queries by clicking on “COVID-19 IMTMA Help Desk” button in IMTMA homepage www.imtma.in and filling-up the query form |
|
|
| |
--------------------------------------------------------------------------------------------------------------------------------------------- |
Published by Indian Machine Tool Manufacturers'
Association (IMTMA), Bangalore International Exhibition Centre (BIEC),
10th Mile, Tumkur Road, Madavara Post, Bangalore - 562 123. Tel.: +91 80
6624 6600 Fax: +91 80 6624 6661 E-mail: imtma@imtma.in
Web: www.imtma.in
Disclaimer: The content and figures shown in the newsletter have been taken from different websites and IMTMA does not take responsibility for the accuracy of the same.
|
| |
|
|
|
|