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India Inc. hails PM's stimulus package
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SME Times News Bureau | 13 May, 2020
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 J.C.
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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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