Prime Minister Narendra Modi, in an effort to fight the coronavirus pandemic, announced a historical package of Rs 20 lakh crore to revitalize the economy as well as make it “self-reliant”. The move is expected to be a combination of fiscal and monetary stimulus from the Union Government and Reserve Bank of India.
In his address to the nation on 12-05-2020, PM Modi emphasized on turning the COVID-19 pandemic crisis into an opportunity by utilizing strengths of the nation as India is geared to enter Lockdown-4 with different characteristics.
India’s industry bodies and associations hailed the response as “visionary” and said that they expect the sagging Indian economy to get a lift with the Rs. 20 lakh crore economic package. Here are few notable voices and expert opinions from the industry Industry,
Dilip Chenoy, Secretary General, FICCI: PM’s announcement of the package-Rs 20 Lakh Cr, in his address to the nation was very significant. What he said about it covering all sections of society, all sectors of industry and really looking for a self-reliant India was a very positive message. We all need to collaborate and work together to make that happen and make Indian economy revive again.
Sangitha Reddy, President FICCI: The path breaking 20 Lakh Crores #atmanirbharbharat Abhyan financial package amounting to 10% of GDP will enable the Economy to Survive, Revive and Thrive.
Deepak Sood, Secretary General, ASSOCHAM: With this announcement, we can very clearly say the estimations of 0-1% growth are now defeated and we are very clear that if all this money is pumped into the economy we should see 2-3% or 4% growth as we move along and as early as March of next year.
Chandrajit Banerjee, Director General, CII: PM Modi made an unprecedented announcement of the economic package to deal with the extraordinary situation we are in today. The economic package of Rs 20 lakh crore really promises to place India back into the path of economic recovery.
Ashish Vaid, President, IMC Chamber of Commerce and Industry: 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.