Industry welcomes Modi’s mega Rs 20 lakh crore package

Prime Minister Narendra Modi, in an effort to not only revive the economy, but also to make it self-reliant, announced a Rs 20 lakh crore stimulus package to help India fight the coronavirus pandemic. This has been welcomed by industry leaders.

Venu Srinivasan, Chairman, TVS Motors: This was more than what was expected and it is a visionary package. What we now need to do is make it easier for businesses. We need to be in the top 5 countries in ease of doing business. States need to have competition to attract investments and create jobs.

Anil Agarwal, Executive Chairman, Vedanta Resources – The overarching principle of ‘self-reliance’ mentioned by the Prime Minister in the need of the hour. #AatmanirbharBharat is the best way forward for our nation to shine in the 21st century. The 20 lakh crore economic package will help industries, MSMEs & the society to revive and thrive.

Vijay Shekhar Sharma, founder of Paytm – Love how the Prime Minister is making this moment. One of the biggest opportunities to make India leap forward! (on Twitter)

CII DG Chandrajit Banerjee, who was warning till last week of irreversible damage to the industry in the absence of a package, said the industry truly appreciated the PM’s emphasis on strengthening MSMEs as well as his emphasis on competitiveness of Indian industry.

“Global supply chains, agriculture and agri-supply chains, and local supply chains, all found mention. Workers in organised and unorganised sectors can both be expected to receive benefits in the coming days,” he said.

Union Minister Nitin Gadkari said, “abundant resources, superior technology, and raw materials”, can India help in becoming self-reliant in all sectors.

“Industry can never forget this support given by Prime Minister to small industries, cottage industries and rural industries. Over 11 crore workers, who work in these, have been given relief. We will become a super economic power, come out of this crisis and walk towards development,” the Union Minister added.