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The coronavirus crisis has left thousands of people without work in India.
New Delhi:
Industrialists Anand Mahindra and Gautam Adani led Prime Minister Narendra Modi’s Rs 20 lakh crore support package squad announced Tuesday to help the Indian economy mitigate the damage caused by the coronavirus crisis and national blockade.
Finance Minister Nirmala Sitharaman will announce more details about the package, equivalent to around 10 percent of India’s GDP, in the coming days, Prime Minister Modi said in a speech to the nation confirming that the blockade was It will extend for a fourth phase on May 18 but with new rules.
Anand Mahindra, Chairman of the Mahindra Group, said the announcement with a push for self-sufficiency called “Aatmanirbhar Bharat Mission” could be as significant as the liberalization of India’s economy in 1991.
This was Prime Minister Carpe Diem’s speech (Seize the Day); an opportunity to change the narrative from “Survival” to “Strength”. Tomorrow we will know if this will be a moment of transformation like 1991. What I also believe is that I will not sleep much tonight!
– anand mahindra (@anandmahindra) May 12, 2020
the #AatmanirbharBharat The package is not only historic for its scale but for its diverse vision that focuses on land, work, liquidity and laws, a canvas that covers broad sectors of people. This could be a defining moment in PM @Narendra Modi and his government’s vision to transform India.
– Gautam Adani (@gautam_adani) May 12, 2020
Indian Industry Lobbies: Confederation of Indian Industry (IIC), Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of All India Merchants (CAIT) and others also praised the package, Saying it will go a long way in making India autonomous – trustworthy and putting the economy back on track.
“We appreciate that the Prime Minister spoke about the areas of land, work, liquidity and simplification of laws, which are the key challenges for the economy. Reforms in these four areas will really unleash the next wave of economic growth within this situation of crisis”. IIC Director General Chandrajit Banerjee said.
FICCI President Sangita Reddy said strengthening the five pillars ~ CHECK ~ economy, infrastructure, system, demographics and demand will pave the way for India to return to a path of higher sustained growth again.
“We hope that the contours of the package will be announced by Finance Minister Nirmala Sitharaman to address the needs of the poor and needy, MSMEs and also industry and the common man in general. Stress on land, work and liquidity is what is required to make India self-sufficient, “he added.
Along with the economic package, bold reforms in all sectors (agriculture, taxes, infrastructure, human resources and the financial system) would go a long way towards attracting investment and reviving demand in the economy, Associated Chambers of Commerce of India (Assocham) Secretary General Deepak Sood said.
The Society of Indian Automobile Manufacturers (SIAM) also expected the Minister of Finance to announce a targeted package to support the Indian auto industry when announcing the details of the package.
The global coronavirus pandemic and the national blockade that India imposed on March 25 triggered an unprecedented economic crisis, which left thousands of people unemployed and slowed growth.
India’s economy, which was already growing at its slowest pace in six years before the coronavirus started, will take a sharp hit amid the shutdown, economists warned, saying unemployment could rise to record levels.
India has more than 70,000 cases, including 2,293 deaths, and is expected to overtake China, the source of the outbreak, within a week. Prime Minister Modi said the strict orders to stay home would be extended beyond May 17 with a new set of rules.
In March, the government said it was providing around Rs 1.7 lakh crore in cash transfers and food security measures, primarily for the poor, but was widely accused of doing too little.
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