The Chamber of Commerce (PHDCCI), in its pre-Budget memorandum, has urged the Government to review the Securitisation Act, provide longer duration to borrowers for debt repayment and also offer a flexible corporate debt-restructuring scheme.
Addressing a press conference in the Capital on Wednesday, Mr P.K. Jain, President of the Chamber, said, "we, as a Chamber, are not with defaulters, but the Securitisation Act should not be harsh for unwilful defaulters."
Mr Jain said that the Chamber expected the Government to announce restructuring of development banking, specially keeping in mind the small sizes industries (SSIs) and small and medium enterprises (SMEs).
"The growth of small and medium industries has been curbed due to lack of finances and the harsh provisions relating to non-performing assets (NPAs). This has lead to a number of entrepreneurs facing problems which are not of their own making," said Mr Jain.
