Business leaders welcome Nirmala’s special package to revive economy

File photo of Nirmala Sitharaman

Chennai: India Inc has said initiatives unveiled by the Finance Minister Nirmala Sitharaman targeting key sectors of MSME, discoms and real estate as part of the ‘Stimulus Package 2.0’ will enable them to mitigate the impact of the coronavirus crisis.

CII director general Chandrajit Banerjee said the most important announcement with long-term implications is the quantum jump in the definition of MSME, which had not been changed since the MSME Development Act of 2006 and was long-awaited.

Assocham Secretary General Deepak Sood said the measures would provide immediately and much-needed relief to MSMEs, microfinance institutions, housing finance companies, stressed real estate, and construction sectors.

FICCI president Sangita Reddy said the industry welcomes the ‘Stimulus Package 2.0′ and looks forward to more such measures.

K E Raghunathan, former national president of All India Manufacturers Organisation (AIMO), said, “on the face of it looks comprehensive and hardwork is evident. Thank you PM and FM. MSMEs need oxygen to survive. On Thursday’s announcement, need to know more in details. The intention is very good but we must see how it perculates to reach the industrilaist at this time.”

Anshuman Magazine, chairman and CEO- India, South East Asia, Middle East & Africa, CBRE said, “the announcement to treat Covid-19 as an event of ‘Force Majeure’ and as an ‘Act of God’, and permission to extend project completion timelines and other statuary compliances under RERA by six months is a positive step for the developer community. It will enable them to deliver projects to the end consumer under the new timeline.’ Earlier, he had welcomed Prime Minister Narendra Modi’s address and said, ‘the special economic package of Rs 20 lakh crore announced by the PM is heartening. It will not only help us tide over the economic impact of Covid-19 but will also ensure a faster turn around.”

Himanshu Chaturvedi, chief strategy officer, Tata Projects Ltd, said, “the government’s Atmanirbhar Bharat initiative has recognised ‘Infrastructure’ as one of the five pillars. This is an acknowledgement of the sector’s key role in India’s development and large scale employment generation. The extension of up to six months to be given by government agencies is a welcome move”.