Essar Capital, JSW Group hail $266 billion stimulus package, call it 'a bold move'

After PM Modi announced the massive stimulus package worth Rs 20 lakh crore to tide over the challenges posed by the pandemic, industry leaders praised the Prime Minister hoping that this package could 'unleash new growth' across sectors of the economy. 

Prashant Ruia, Director of Essar Capital lauded the PM for being able to look beyond a crisis and turn 'calamity into an opportunity.' Sajjan Jindal, Director of JSW group also hailed the massive package calling it a 'bold move'.

Read: US CDC Commits 3.6 Million To Assist India's Response To The COVID Pandemic

Read: '$266 Billion - 10% Of GDP': Here's How India's Covid Package Compares To Other Countries

PM Modi announces $266 billion package

In a massive development on Tuesday, Prime Minister Narendra Modi announced a financial package to boost India's self-reliance. According to him, the earlier decisions of the Centre, including those by RBI, along with the new package totals Rs.20 lakh crore- i.e 10% of India's GDP. However, the details of the package shall be announced by Union Finance Minister Nirmala Sitharaman in a short while. The PM mentioned that this would benefit the workers, hawkers, street vendors, farmers, the business class, etc. He added that special emphasis has been paid to land, labour, liquidity and laws.

Read: Congress' Milind Deora Welcomes $266 Billion Package; Reference Chinese 'crisis' Proverb