COVID-19 Impact, A Wishlist to revive Economy

COVID-19 Impact, A Wishlist to revive Economy
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Siddharth Zarabi @szarabi Executive Editor-Business Television India @BTVI

Many Indian consumers, staring at personal loan repayment defaults, to need help.

1.Waive interest & penalty for 3-6 months
2. Extend term correspondingly.
3. Reset interest rate.
4. No foreclosure or recall.
(For personal loan categories, barring credit cards)

Create NEW consumer demand

Purchase of home <2000 sq.ft super area:
Offer one-time tax deduction on down payment (up to 20% of cost) for home loan taken via all banks.
Scheme period: Apr-Sep 2020
100% deduction on amount paid from FY21 income tax liability of purchaser. (2/3) 

For 2-wheelers:
Offer one-time tax dedn on upfront payment made (30% of cost of upto Rs 1 lakh) for loan taken via all banks.
Scheme period: Apr-Sept 2020.
Allow full deduction of amount paid from FY21 income tax liability of purchaser. (3/4) 

For 4-wheelers:
Offer one-time tax deduction on upfront payment made (25% of cost of 4-wheeler up to Rs 12 lakh) for loan taken via all banks.
Scheme period: Apr-Sept 2020.
Allow full deduction of amount paid from FY21 income tax liability of purchaser. (4/5) 

For Commercial Vehicles: (Taxi, Trucks, Load Carriers, Tippers etc)
One-time tax deduction on upfront payment made (25% of cost subject to category wise limits) for loan taken via all banks.
Scheme period: Apr-Sept 2020.
Allow GST set off & higher depreciation

Resolution of stuck residential projects (500,000 units all India):
All stuck projects be taken over under SPV route for time bound construction. Buyers be given top-up on existing loan to fund completion via 3rd party construction co’s. (SC has already set precedence)

Others

One-time cash subsidy of 10% of cost of mobile phone for only those handsets that are MADE-in-India and retail for up to Rs 10,000.
Subsidy to be funded from USO Fund and be given directly to purchaser/supplier via Aadhar linked authentication. (7/8)

Farmers & Agri economy:

Increase instalment amount payable under existing scheme by 50% from April.
Consider one-time GST Rate cut of 2% on all goods and services for H1, FY21.
Roll out basic income scheme.

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