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Industry hails fresh stimulus package
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SME Times News Bureau | 13 Nov, 2020
India Inc has lauded the central government's third round of stimulus
package which ranged from collateral free credit for stressed sectors to
support for employee's provident fund for a period of two years.
Sangita Reddy, President of FICCI said: "We saw a powerful
multi-sectoral boost coming in from the government today. The clear
focus on housing, infrastructure and construction shows that the
government wants to leverage the huge multiplier impact these sectors
have to rev up the economy that is already showing multiple signs of
recovery."
Describing the package as Diwali bonanza, Reddy said
that the measures will lift growth, employment, exports and make India
part of the global value chains.
The President of PHD Chamber of
Commerce and Industry, Sanjay Aggarwal, said that the reforms will have a
multiplier effect on the economic growth trajectory through enhanced
demand, job creation, increased private investments, escalated exports
and growth of sectors that have strong backward and forward linkages.
"The
recovery in the key economic and business indicators on the back of
series of stimulus announcements by the government in last 7-8 months,
totalling to around Rs 29.9 lakh crore, will go a long way in our fight
against the pandemic impact of Covid-19 on trade, industry and economy,"
he said.
Niranjan Hiranandani, President of NAREDCO and ASSOCHAM
said that the increase in differential limit between circle rate and
agreement value has removed a major "stumbling block for price
rationalization".
Funding issues have been a major challenge for real estate.
Finance
Minister Nirmala Sitharaman's announcement, about additional funding of
Rs 18,000 crore for PM Awaas Yojana-Urban will add to the sparkle this
festive season, Hiranandani said.
Applauding the Centre's
measures, Apparel Export Promotion Council's (AEPC) Chairman A.
Sakthivel said that the world will see emergence of a new India post
Covid-19.
"Both extension of ECLGS till the end of the current
fiscal and increase in outstanding credit limit have been our demand and
we thank the government for the comprehensive relief. This will go a
long way in propping up many of the struggling industries," Sakthivel
said.
On the announcement to support the real estate sector,
Bhushan Nemlekar, Director, Sumit Woods Limited said that the central
government has taken a step in the right direction.
"I hope we
see improvement in sales in the next one year. This income tax incentive
will stimulate demand for buying homes. This is a welcome move and we
are optimistic that the government will introduce more proactive steps
for giving additional relief to boost the real estate industry," he
said.
Hemant Krishna, Joint Partner with Lakshmikumaran &
Sridharan Attorneys, however noted that although incentives and stimulus
packages are necessary, they offer their gains do not last long.
"Therefore, the emphasis should now shift to transforming the economy through deeper, systemic reform," he said.
The
rubber industry which has been severely hit amid the pandemic, however,
was disappointed with no specific measures announced for the sector.
Rohit
Kumar Singh, Director General, All India Rubber Industries Association
said: "In case of rubber goods industry especially non-tyre segment, the
duty differential between inputs and finished goods are irrational. The
duty on inputs is either nil or as much as twice the duty of finished
goods."
To bring parity in the entire value chain and to make the
campaign of 'Make in India' and 'Atmanirbhar Bharat' a success story,
the government must consider correcting "this anomaly at first place",
he said.
On the decisions on real estate, Amit B. Wadhwani MD of
Sai Estate Consultants Chembur Pvt Ltd (SECCPL) said: "It comes at a
perfect time when the spirit of home buying is high amongst prospective
buyers, especially in the middle class segment."
While the
decision definitely benefits the consumer, from a developer perspective
it opens up options to offset homes at a better rate as well as
incentivise the sector to invest in tech that can help boost sales, he
said.
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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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