Industry

Industry captains welcome FM’s welfare steps for poor

Chandrajit Banerjee.

Chandrajit Banerjee.  

CII chief bats for fiscal stimulus worth 2.5-3% of GDP

The welfare package announced by Union Finance Minister Nirmala Sitharaman for the poor and deprived sections to deal with the COVID-19-related impact has been welcomed by the industry and analysts.

“The Finance Minister has done very well to keep the welfare concerns of the poor in mind while announcing a package of ₹1.70 lakh crore,” said Chandrajit Banerjee, said director general, Confederation of Indian Industry (CII).

He said a combination of instruments had been used, including provision of extra rations, direct benefit transfer and increase in wages.

“The package is expected to alleviate the difficulties currently being faced by the poor and the distressed,” he said. “However, the government could be more aggressive in its spending with the overall fiscal stimulus at 2.5-3% of GDP if the disruptions continue for the next three months,” he added.

Sanjiv Puri, chairman, ITC Ltd., said “These measures will greatly benefit the most vulnerable and poor sections of society during these challenging times.”

“These timely measures and relief packages will go a long way in providing support to

Pawan Munjal, chairman, Hero MotoCorp, said, “These welfare measures will mitigate the situation for those sections of the society, which have been affected the most by the lockdown.”

“ I personally thank the PM and the FM for driving these welfare measures on priority to ensure that the underprivileged and the needy don’t go hungry or face too many hardships during these times,” he added.

J.C. Sharma, vice-chairman and MD, Sobha Ltd., said, “The government has taken laudable steps to deal with this situation.”

Prabhat Chaturvedi, CEO, Netafim Agricultural Financing Agency Pvt. Ltd. said, “The economic package, to curb the effects of lockdown on the marginalized sections, is a much needed respite.While we are confident that the announced package will go a long way to support, we request the government to consider forbearance/repayment-relief for SHGs, farmers, daily wagers and MSMEs as their repayment capacities are going to be severely impacted.

Arun Singh, chief economist, Dun and Bradstreet, said, “The government should be applauded for thinking through the critical requirement of the country at this time of crisis. It has been more systematic and target-oriented compared to the fiscal measures taken by some countries globally.”

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Printable version | Apr 2, 2020 3:04:42 PM | https://www.thehindu.com/business/Industry/industry-captains-welcome-fms-welfare-steps-for-poor/article31176152.ece

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