India Inc. welcomes FM’s booster dose for industry

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Industry captains have welcomed Finance Minister Nirmala Sitharaman’s announcements for the revival of various sectors, on Wednesday.

FICCI president Sangita Reddy said that the greatest takeaway from today’s announcement was the clear focus on getting liquidity flowing into the system. “Besides liquidity, we need to give equal focus on generating consumption demand and propping up investments. We hope that in the next set of announcements, these areas will be taken up in a comprehensive manner as well,” Dr. Reddy said.

TVS Group chairman Venu Srinivasan said the collateral free automatic loan of ₹3 lakh crore for businesses will definitely help the MSME sector, which is facing serious cash crunch. The Centre is listening to grievances of industry and addressing them one by one, he said.

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said that one of the most important announcements with long-term implications is the “quantum jump in definition of MSME” that had not been changed since the MSME Development Act of 2006.

RPG group chairman Harsh Goenka tweeted: “Prescription for Economy – Injections for MSMEs, sanitiser for NBFCs, masks for discoms, gloves for real estate. Other sectors placed in containment zone till other tranches are announced. Hoping FM #NirmalaSitharaman will not do social distancing for manufacturing sector.”

Deepak Jain, president at the Automotive Component Manufacturers Association of India (ACMA) expressed hope that the government will soon announce a package for demand generation for the automotive sector. “A uniform GST rate of 18% on all vehicles and auto components, backed by an incentive-based scrappage policy would bring the automotive industry back on track.”

TAFE chairman Mallika Srinivasan said that the announcement regarding MSME sector recognised the critical role that they played.

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