Industry leaders term PM Narendra Modi's stimulus package visionary

BENGALURU: Hailing Prime Minister Narendra Modi for his leadership in combating the coronavirus battle, industry captains in the manufacturing and services sectors on Wednesday termed his Rs 20 lakh crore stimulus package visionary.

"The prime minister's economic stimulus package is visionary, as it will bring relief to several stressed sectors and industries," said leading motorbike maker TVS Motor Company chairman Venu Srinivasan, in a statement here.

Welcoming the initiative, Srinivasan, however, said the federal government must prioritise micro, small and medium industries (MSMEs) and facilitate a direct benefit transfer to employees in unorganised and small scale sectors.

"The government should ensure credit backstop for the MSMEs so that they do not go into cash crunch when the stimulus propels demand, which is key to drive the market as much as it is essential to infuse confidence in the economy for the people to come out and buy," asserted Srinivasan.

Echoing Srinivasan, leading diversified engineering firm Greaves Cotton's chief executive Nagesh Basavanhalli said the special package would revive the Covid battered economy as it focuses on 'Make in India' for achieving self-reliance and hard-selling products in domestic and overseas markets.

"The quantum of package has potential to jump start the manufacturing sector. Self reliance will insulate the country from the impact of the Covid like situation. We are waiting for details in the print," said Basavanahalli in a statement here.

On Modi's new mantra 'Vocal for Local', the regional social media platform ShareChat's public policy director Berges Malu said there was no place better than India to be vocal about local, as this century would be India's, with dominance in the global digital economy.

"PM's call to make AtmanirbharBharat will play a major role in achieving self-reliance in all spheres of life, including the economy in the post-Covid times," said Malu in a statement here.

Pledging to contribute to Modi's call for promoting local brands, the director said the company would strive to realize the prime minister's dream of making India the global hub of supply chain.

Leading realtor Sobha vice-chairman JC Sharma said the mantra of self-reliance and make India 'atma nirbhar Bharat' would empower different sectors of the economy.

"The special package will focus on land, labour, liquidity and laws besides helping small businesses, migrant labour and farmers. The drive to make the country self-reliant by supporting local manufacturing and becoming vocal for local is commendable," said Sharma.

On the 5 pillars of India, Sharma said economy, infrastructure, technology-driven system, vibrant demography and demand would support the nation's mission in playing a major role in the global supply chain.

"Infrastructure has played a key role in driving the economy and generating employment across the country. In this unprecedented crisis for humanity, the government's initiatives and the people's support have enabled the country to turn the challenge into an opportunity," added Sharma.

American commercial real estate services and investment firm Coldwell Banker Richard Ellis' (CBRE) India chief executive Anshuman Magazine said the package would not only help the country to tide over the economic impact of Covid-19, but also ensure a faster turn-around.

"The emphasis laid by the prime minister on a 'self reliant' India brought to fore the potential and the inherent strength of the country's domestic demand. The 5 pillars will position the nation on a strong footing in the long run," said Magazine. (IANS)