Industry captains, experts hail PM Modi’s massive Rs 20 lakh crore economic package

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Updated: May 12, 2020 9:59 PM

rime 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.

PM Modi live SpeechThe Prime Minister stressed on turning the ongoing coronavirus crisis into an advantage, and making use of India’s strengths as the nation gears up to revive the virtually shut economy.

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. The move will be a mix of fiscal and monetary response from the government and the Reserve Bank of India. The Prime Minister stressed on turning the ongoing coronavirus crisis into an advantage, and making use of India’s strengths as the nation gears up to revive the virtually shut economy. 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 notable industry and expert voices.

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. (on Twitter)

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. (on ET Now)

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. (on CNBC TV18)

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. (on CNBC TV18)

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)

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. (on CNBC TV18)

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. (on CNBC TV18)

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