New Delhi: Hours after Prime Minister Narendra Modi announced a special economic package of Rs 20 lakh crore, industry bodies like FICCI, CII and Assocham gave a thumbs-up to make India self-reliant strategy.
PM Modi on Tuesday announced Rs 20 lakh crore special economic package for the country to be ‘self-reliant’ and deal with COVID-19.
“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan.’ The announcements made by the government over COVID, decisions of RBI and today’s package totals to Rs 20 lakh crore. This is 10 per cent of India’s GDP,” Modi said in his address to the nation.
Dr Sangita Reddy, FICCI President
FICCI will fully support the Prime Minister’s dream of a self-dependent India and ensure all measures to make this a reality. She said, the strengthening of the five pillars economy, infrastructure, system, demography and demand will pave the way for India returning to a higher sustained growth path again. Secretary General, FICCI, Dilip chenoy said, FICCI will work together to make Indian economy revive again.
ASSOCHAM Secretary General Deepak Sood
General Deepak Sood thanked Prime Minister Narendra Modi for lifting up the national spirit, not only with his 20 lakh crore rupees economic package but also laying a broad direction for the country’s development , based on a Self-Reliant India. He said, the five-pillars of building a Self-Reliant India would take us towards becoming a credible global force that reaches out to the world from a position of strength.
Confederation of Indian Industry (CII)
CII also hailed the economic package announced by the Prime Minister. Talking to media, CII Director General, Chandrajit Banerjee said Prime Minister has made an unprecedented announcement of economic package to deal with the extraordinary situation the country is in today. He said the 20 lakh crore package really promises to place India back into the path of economic recovery.
Confederation of All India Traders (CAIT)
The package is equal to about 10 per cent of the GDP of the country, having a special focus on MSME sector of the country. Seven crore traders are now anxiously awaiting the detailed announcement to be made by Finance Minister Nirmala Sitharaman, according to the Confederation of All India Traders (CAIT).
“Strengthening of supply chain with upgraded technology will be the silver line of the economic package. His emphasis on ‘ local’ clearly indicates the priority of the government to push domestic products. We expect a major shift change in future policies of the government which will definitely boost the production and consumption of Indian goods,” said Praveen Khandelwal, CAIT Secretary-General.
How Anand Mahindra and Adani reacted
Anand Mahindra, chairman of the Mahindra Group, said the announcement could be as significant as the liberalisation of India’s economy in 1991.
This was the PM’s Carpe Diem (Seize the Day) speech; an opportunity to change the narrative from ‘Survival’ to ‘Strength.’ We will know tomorrow whether or not this is going to be a transformational moment like 1991. What I also believe is I won’t get much sleep tonight!
— anand mahindra (@anandmahindra) May 12, 2020
The #AatmanirbharBharat package is not just historic for its scale but for its diverse vision focussing on land, labour, liquidity, & laws, a canvas covering wide sections of people. This could be a defining moment in PM @narendramodi & his govt’s vision to transform India.
— Gautam Adani (@gautam_adani) May 12, 2020
FM Sitharaman’s presser on Spl package @ 4 PM
Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday.
Finance Minister Nirmala Sitharaman will announce further details on the package, equivalent to around 10 percent of India’s GDP, in the coming days, PM Modi had said in an address to the nation as he confirmed that the lockdown will be extended for a fourth phase on May 18 but with new rules.
