Industry body Bangalore Chamber of Industry and Commerce (BCIC) on Wednesday urged the Reserve Bank of India (RBI) to immediately address five key issues — credit flow to industries, MSMEs and funds, job incentivisation, revival of Non-Banking Financial Companies (NBFCs), and demand creation.
“The Government of India through the RBI brought out a slew of measures to alleviate the problems faced by small businesses. However, the measures suggested by the RBI are yet to make a significant impact on the ground,” said the BCIC in a statement.
The industry body released a report titled ‘BCIC’s recommendation on RBI economic policy implementation post pandemic’ and highlighted that COVID-19 affected the world on an unprecedented scale.
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It noted that the pandemic had an enormous negative impact on individuals (proprietary concerns/firms), MSMEs and SMEs, large organisations, both private and public, including untold hardships to a few business segments.
According to the industry body, the goal of this report is to address the gaps in implementation of the apex bank’s policies and recommend measures for consideration.
“This report shares risks that weigh on the RBI’s policy implementation dilemma, challenges that the RBI has to keep an eye on revival of NBFCs/ HFCs/MFIs, MSME and funds, job creation, incentivisation and demand creation with recommendations for each area to be considered for adoption by RBI,” the BCIC added.
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