Jindal, Ruia pin hope on ₹20-lakh-cr booster package

The Hindu BusinessLine

The ₹20-lakh-crore package to boost economy in 2020 unveiled by Prime Minister Narendra Modi has been received well by India Inc.

Sajjan Jindal, Chairman, JSW Group, said the package is predicated to make the economy self-reliant by leveraging India’s inherent strengths of demographics, technological skills and domestic demand by building infrastructure and robust supply chains would boost the ‘Make in India’ programme.

The Prime Minister emphasis on being ‘Vocal about Local’ and to buy local is a message to rekindle our sagging manufacturing sector, he added.

The actions to achieve two important outcomes for rebooting the demand and credit flow to the industry are expected to be outlined hopefully in the details by the Finance Minister in the afternoon, he said.

Big & befitting package

Prashant Ruia, Director, Essar Capital, said the big and befitting package announced by the PM will not only be a mega stimulus, but also unleash a new growth impulse across all sectors.

Prime Minister has done well to look beyond the Covid crisis and turn the calamity into an opportunity for reset and change. “Now for all of us to respond and do our bit,” he said.

Though the announcement is a bold move by the government, one has to read the fine print through subsequent announcements by the Finance Minister to see how this would be implemented and what specific benefits the nation will derive from it, said Jindal.

The main differentiator in the package compared to other countries is blending game changing reforms such as land, labour, laws and liquidity. It is timely in supporting the most needy segments of the economy — MSME, farmers, honest tax payers and the middle class, he said.

Source: The Hindu BusinessLine