India Inc cheers Finance Minister package announcement

Pune: Even as Finance Minister Nirmala Sitharaman announced the details to restart the economy, various industrial sectors hailed the move. They are calling it a comprehensive package that will provide liquidity for the businesses and people through various measures.

Pramod Chaudhari, Executive Chairman, Praj Industries India, said, "At the outset, I must compliment Hon. PM for announcing a well thought through a stimulus package that’s 10 per cent of Nations GDP and welcome various initiatives unveiling by Finance Minister in the first tranche of this package. It is a well and truly comprehensive package that will provide liquidity for the businesses and people through various measures."

He said, "Strong focus on MSME and compliance relaxations to help rejuvenate the national economy is highly commendable steps. We believe this stimulus package is a definitive step in the right direction of 'Atma-Nirbhar Bharat' (self-reliant India). Capitalizing on Swadeshi-Indian in the form of Biofuels which is a captive source of renewable energy will contribute to Atma-Nirbhar Bharat' (self-reliant India)."

Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “In the speech by Finance Minister has brought a much-needed relief to restart the economy and help Fintech, NBFCs and mass India at large. Collateral free loans to MSMEs with one-year moratorium will be one of the strongest points while NBFCs Rating Restrictions removal will greatly help smaller and new-age NBFCs to raise debt from other institutions, this will also help the much-needed capital creation.

He added, "Liquidity measures linked to TDS, EPF and master support to MSMEs, will help and protect many jobs for Indians.”

Boosters for MSME’s
Seema Prem, Founder and CEO, FIA Global called the announcement on MSME as much needed booster in tackling the current slowdown.

She said, "The announcements on MSME bring in crucial government intervention which will certainly prove to be a much-needed booster dose in tackling the current slowdown & regaining the growth momentum. The MSME definition change, the EPFO support and the 20,000 crore support will go a long way in the future to build the economy back.

Anuj Puri, Chairman of ANAROCK Property Consultants hailed the government for extending the timeline for project completion in real estate.

He said, "Providing major relief to real estate developers, the government has extended the timeline for project completions and registration by six months. This is a big move that will de-stress developers significantly since construction activity had been halted all across the country. Homebuyers' wait for their homes will get extended by this move but this was in any case inevitable".

"Further, the announcement of INR 30,000 crore special liquidity scheme for NBFCs/HFCs and MFIs will ease liquidity woes of stressed players. This will benefit the real estate sector significantly, given that NBFCs and HFCs are major lenders to it. As per ANAROCK research, NBFCs and HFCs together contribute almost 56 per cent of total lending to real estate in India currently," he added.