The government should abolish the mandatory requirement of CIBIL score for extending loan facility and instruct banks not to consider the past performance of an enterprise for the last two years while seeking fresh facility or additional loans.
Covid impact on MSMEs: We all know, how we are in the hands of the Covid 2.0 wave. The current setback in testing, tracking, treating immensely convinces us how we missed doing the right things at the right times. It is very unfortunate that we wanted foreigners to invest in India but now they are donating. The next tsunami is coming into our economy. At least here we should be awake and secure ourselves from deeper hits. So, what needs to be done immediately? We need to make sure that money is available in the hands of MSMEs to save their employees and honour their creditors to meet the emergency.
Source: Financial Express