Nitin Gadkari asks traders to take loan in dollars, keep their balance sheets clean

New Delhi: Union minister Nitin Gadkari on Friday (May 8) gave useful recommendation to traders and requested them not to panic amid coronavirus lockdown whereas interacting with completely different business associations that attain out to him searching for aid measures from the federal government. 

The Union minister additionally supplied them some treatments which can be seemingly to earn cash and can assist them in growing their enterprise. Gadkari stated that there are numerous businessmen and traders in the nation who require {dollars} for their on a regular basis enterprise and for them, he stated that they need to take a loan in {dollars} that many banks supply. 

“This will benefit them in two ways, one is that they will not face the scare of rupee depreciation against the dollar, the second benefit is that banks lend in dollars at a lower interest rate,” he stated, including that some banks give loan in {dollars} at an rate of interest of round 4 per cent, and traders ought to repay their loan quantity in {dollars} to avail most profit. 

Apart from this, small businessmen or traders ought to keep their balance sheets clean and never cover their turnover, in addition to conserving their tax ebook clear if they need to commerce in the capital market, he stated, including “they will be able to get money from the capital market due to their clean book.”

“Some investors would be ready to invest money in your venture looking at your credit which would ultimately help in the growth of your business, he said, adding “If your organization’s ranking is nice then it can earn extra profit.”

According to Nitin Gadkari, there are a number of firms that turned large after they ventured into the capital market.

He added, “There a proposal to create a separate stock exchange for small companies. Small companies are still being listed in the stock exchange, but the new exchange will help smaller firms will easily get money from investors.” 

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