Appreciating Prime Minister Narendra Modi’s announcement of a financial package worth Rs 20 lakh crore on Tuesday, several Indian industrial bodies said that the package promises to place the country back on the path economic recovery.
Deepak Sood, Secretary-General, Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that if all this money is pumped into the economy, the nation could witness two to four percent growth by March 2021.
ASSOCHAM had reasoned with the Indian industry, the govt & had made this request about a month&a half back for a package of US$ 200-300 Bn. We're delighted that we were able to foresee this&we're glad that it's in alignment with the Indian thinking: Deepak Sood #EconomicPackage https://t.co/pokVMVVgZO— ANI (@ANI) May 12, 2020
Calling the economic package a significant one, Dilip Chenoy, Secretary-General of FICCI said that PM Modi’s vision to develop a self-reliant India is very positive.
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&really looking for a self-reliant India was a very positive message: Dilip Chenoy, Secy-General,FICCI pic.twitter.com/udtcHTVn5d— ANI (@ANI) May 12, 2020
In his address to the nation earlier in the day, PM Modi stated that the new financial package was worth 10% of India's GDP. However, the details of the package shall be announced by Union Finance Minister Nirmala Sitharaman on Wednesday, May 13. PM Modi mentioned that this would benefit the workers, hawkers, street vendors, farmers, the business class, etc. The prime minister added that special emphasis has been paid to land, labour, liquidity, and laws.
Additionally, PM Modi appealed to the citizens to be 'vocal for local' in an attempt to boost Indian businesses. He elaborated that this not only involved buying local products but also promoting them with pride. PM Modi exuded confidence that the country shall follow this mantra.
(Image credits: PTI file photo)