NE BUSINESS BUREAU
NEW DELHI/MUMBAI/AHMEDABAD/CHENNAI, MAY 12
Soon after Prime Minister Narendra Modi’s address to the nation, reactions started pouring in, with Captains of India Inc termed the response as visionary, and said that they expect the Indian economy to get a boost with the Rs 20 lakh crore stimulus package. Here are some of the reactions:
For every section of our society there is something in the #AatmaNirbharBharat We should make #Local our mantra. Every big product, branded product, were #Local sometime. @PMOIndia @narendramodi is confident that we can do this.
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 12, 2020
Union Minister of Finance Nirmala Sitharaman said there was something in the Aatma Nirbhar Bharat package for every section of our society. “We should make local our mantra. Every big product, branded product, were local sometime. PM Modi is confident that we can do this,” she said.
Anil Agarwal, Executive Chairman, Vedanta Resources in his Twitter message said, “Tthe 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.”
The overarching principle of ‘self-reliance’ mentioned by @PMOIndia in the need of the hour. #AatmanirbharBharat is the best way forward for our nation to shine in the 21st century. The 20 lac cr. economic package will help industries, MSMEs & the society to revive and thrive.
— Anil Agarwal (@AnilAgarwal_Ved) May 12, 2020
RPG Enterprises Chairman Harsh Goenka termed the stimulus a powerful booster dose for the economy. “It is a timely lifeline and I am sure it will benefit all sections,” he said.
Venu Srinivasan of @tvsmotorcompany says that the #EconomicPackage was on a grand scale, beyond expectation & extremely visionary@PMOIndia @narendramodi @narendramodi_in #Lockdown4 #IndiaFightsCOVID19 pic.twitter.com/q2lq6xLCYE
— ET NOW (@ETNOWlive) May 12, 2020
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.
Paytm founder Vijay Shekhar Sharma said PM Modi was making this moment one of the biggest opportunity for India.
Nilesh Shah, Managing Director, Kotak AMC: In the 1980s we were next to China, since then we have been left behind. We did wonderfully on the Informational Technology side and now it is time to repeat that on the manufacturing side. If we see Samsung, it makes in India and then it went to Vietnam. Their turnover in Vietnam is more than India. We have to get companies out of China. We have the image to do that, while we have given medicine to the world, China gave the virus.
Vikram Kirloskar, Chairman and Managing Director, Kirloskar Systems: This package is going to mean a huge amount of responsibility. This means there is huge borrowing so there will be issues, but we have to be responsible. It is not just the country or government resetting everything but we as business people need to be sure that we use this money wisely and do our planning in such a manner that we create new models.
Puducherry Lt Governor Kiran Bedi said a self-reliant leader PM Modi was leading India towards the path of self-reliance. “Self-reliance is Self-dependence,” she added.
Ajay Singh, owner of SpiceJet: What Prime Minister Narendra Modi is doing is that he is making sure this crisis is turned into an opportunity. This was desperately required and no matter where this money is going to be spent it will benefit the economy as a whole. What I found to be more interesting was how he was talking about the way we do business. This situation creates a unique opportunity for India, and we can roll out the red carpet for firms leaving China but a clear part of this will be our land reforms.
Soumya Kanti Ghosh, Group Chief Economic advisor, State Bank of India: This will be staggered and we will have to see how the composition of this stimulus package is. It is huge and nobody was expecting something to the tune of 10% of the GDP. Lockdown is a costly proposition and that has been taken into account.
Congress spokesperson Randeep Singh Surjewala said the PM gave the country just a “HEADLINE”. “When the “blank page” is filled with “Heartfelt Help of People”, the Nation and Congress Party will respond,” he added, indicating the party would respond once major details about the package would be out.
Gujarat industries, Jitu Vaghani hail new package; Congress not impressed
Industry representatives in Gujarat on Tuesday welcomed the massive financial package announced by Prime Minister Narendra Modi to revive the coronavirus-affected economy, but the opposition Congress was not impressed and dubbed it as a ”hollow promise”.
In a big push to revive the COVID-hit economy, Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore, saying the crisis has provided India an opportunity to become self-reliant and emerge as the best in the world.
The Gujarat BJP also welcomed the Rs 20 lakh crore package saying it has come as a blessing for various sections of the society, including farmers, labourers, middle-class and MSMEs.
“Our PM has put forward a great vision for a self- reliant India. Every section of the society will get something out of this stimulus package, which is around 10 percent of our country’s GDP,” said Gujarat BJP president Jitu Vaghani.
However, the Gujarat Congress said common citizens expected something concrete instead of such an announcement.
“This country’s economy is run by workers. Citizens were expecting some concrete schemes for labourers, who are suffering the most due to the lockdown.
“This package was nothing but a hollow promise for the common citizens,” said Gujarat Congress spokesperson Manish Doshi.
On the other hand, industrialists welcomed the package.
“This package was much needed for small and medium industries. This package will also boost the agricultural and rural economy. The PM’s idea of promoting local manufacturing is encouraging,” said former president of the Gujarat Chamber of Commerce and Industry (GCCI), Jaimin Vasa.
“Since the threat of coronavirus is still there, I believe it will be a challenge for both the government as well as people to restore normalcy,” said Vasa.
