Categories: Business

Industry expresses happiness over package of Rs 20 lakh crore, says economic growth will get new momentum

Photo: PTI

Indian Industry hail PM Modi's massive Rs 20 lakh crore economic package

new Delhi. Terming the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi as the need of the hour, the Indian industry said it would help in the revival of the economy affected by the Kovid-19 pandemic and the restrictions imposed for its prevention and economic Growth will gain new momentum. The Prime Minister on Tuesday announced a financial package of 20 lakh crore rupees, which is 10 percent of the country's total GDP.

Chandrajit Banerjee, director general of industry chamber CII, said that the Prime Minister talked about land, labor, cash and simplifying the law, we appreciate it. This is a major challenge for the economy. Reforms in these four areas will give new impetus to economic growth in this hour of crisis.

Sangeeta Reddy, chairperson of FICCI, said that by strengthening the five grounds – economy, infrastructure, system, population and demand, India will again come on the path of sustainable growth. He said that we hope that when Finance Minister Nirmala Sitharaman declares the framework of the package, the needs of the poor and needy, MSME and industry and the common people will be addressed. Land, labor and cash are needed to make India self-reliant.

Assocham and NAREDCO President Dr. Niranjan Hiranandani said that this package will give a boost to the economy. He said that this is truly a commendable package, it was waiting for it to give a boost to the economy. Assocham Secretary General Deepak Sood said that by strengthening the five foundations to make India self-reliant, we will become a tremendous global force. He said that along with the economic package, reforms in agriculture, taxation, infrastructure, human resources and financial system would attract investors and help to increase demand. Make in India will be the main catalyst for attracting investment.

DK Agarwal, president of the PHD Chamber of Commerce and Industry, said that the stimulus package on this occasion is the need of the hour. This will strengthen the foundation of the economy and accelerate economic activity. The Society of Indian Automobile Manufacturers hoped that when the Finance Minister announces the specifics of the package, it will announce a focused package to help the country's auto industry.

This post was published on May 13, 2020 10:05 am

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