How industry reacted to PM Modi’s Rs 20 lakh crore package

Like many other state heads, Indian Prime Minister Narendra Modi announced the finance package. While he promised a Rs 20 lakh crore economic relief package, he also stated the details of the package will be announced by Finance Minister Nirmala Sitharaman. This announcement by the Prime Minister was lauded by the industry associations.

Chandrajit Banerjee, Director General, CII, said, "The Prime Minister has delivered a visionary statement that truly captures the needs of the nation at this critical hour during the Coronavirus pandemic.” Banerjee appreciated the Prime Minister for speaking about the areas of land, labour, liquidity and simplification of laws which are the key challenges of the economy.

Ashish Vaid, President, IMC Chamber of Commerce and Industry, said, “With the intent of making India self-reliant, the package will be implemented across sectors of agriculture, labour, middle class, MSME and the industrial segment at large encompassing reforms in land, labour, liquidity and legal systems.

The five pillars of the economy — a quantum jump of the economy, world-class infrastructure, technology processes, demography and strong domestic demand — have been rightfully identified, stated Banerjee.

Appreciating the efforts of the government, Niranjan Hiranandani, President, ASSOCHAM and NAREDCO, said, “Long-awaited announcement of a fiscal stimulus package of Rs 20 lakh crore nearly 10 per cent of Indian GDP is truly commendable — a shot in the arm to revive the drowning economy.

Appreciating the sentiment of the PM, Hiranandani, added, “The economic package is meant for labours of country, for that farmer of the country, for the middle class of our country which is the broad segment of the demographic pyramid of the nation, and most important the taxpayers who contribute to the development of the country."

FICCI, President, Sangita Reddy took to Twitter to congratulate PM. FICCI, President, Sangita Reddy took to Twitter to congratulate PM. She added, “What this package does is, it strengthens the dream of a strong India. Its a good step towards a great India.”

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