India Inc hails PM Modi's Rs 20 lakh cr stimulus for industries

Indian industry bodies -- CII, FICCI, CAIT -- on Tuesday hailed Prime Minister Narendra Modi's Rs 20 lakh crore special economic package, which they said will go a long way in making India a self-reliant and bringing the economy back on the track in view of coronavirus-induced lockdown.

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).

The traders of the country are prepared for lockdown 4.0 and express hope that during the next lockdown, shops across the country will be allowed to open in staggered manner. The traders await further announcements on the matter.

"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.

Meanwhile, C Banerjee, DG, Confederation of Indian Industry (CII), said, "The Prime Minister 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."

Dilip Chenoy, Secretary-General, FICCI, said that the Prime Minister's announcement of the economic package was very significant.

"The Prime Minister's announcement of the package -- Rs 20 lakh crore, 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," Chenoy said.

"We all need to collaborate and work together to make that happen and make Indian economy revive again," he added.

The Prime Minister 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 'Atmrbhar 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.

( With inputs from ANI )