PM Modi's Atmanirbhar package strengthens dream of strong India, says FICCI President Sangita Reddy

New Delhi: The Federation of Indian Chambers of Commerce & Industry (FICCI) President Dr Sangita Reddy on Tuesday (May 12, 2020) appreciated Prime Minister Narendra Modi's move and said that the Rs 20 lakh crore Atmanirbhar package will strengthen the dream of a strong India. 

India's largest, oldest, and the apex business chamber's President said, "A big Thank You to PM and FM. Its time for India to dream big. What this package does is, it strengthens the dream of a strong India. It's a good step towards a great India."

She added, "We expect that the contours of the package to be announced by Finance Minister Nirmala Sitharaman will address the needs of the poor and needy, MSMEs and also the industry and common man on the whole. The stress on land, labor, and liquidity is what is required to make India self-reliant."

"FICCI will fully support the PM’s dream of a self-dependent India and ensure all measures to make this a reality. The strengthening of the five pillars — economy, infrastructure, system, demography, and demand will pave the way for India returning to a higher sustained growth path again,” said FICCI President.

A big Thank You to PM Mr @narendramodi and FM Ms @nsitharaman! It’s time for India to dream big. What this package does is, it strengthens the dream of a strong India. It’s a good step towards a great India: FICCI President Dr Sangita Reddy.#FICCISpeaks #AatmanirbharBharat pic.twitter.com/0A0rnVIsoW

— FICCI (@ficci_india) May 12, 2020

Deepak Jain, President of Automotive Component Manufacturers Association (ACMA) of India said, "Announcement of the Rs 20 lakh crore economic package is indeed very welcome and is the need of the hour. This will bring much-needed relief to several stressed sectors and industries, especially the MSMEs. A significant proportion of the industries in the auto component sector are MSMEs." 

He added, "ACMA is committed to making the Hon'ble Prime Minister's vision of self-reliance through localisation,  global competitiveness, vibrant local manufacturing and a robust local supply chain a reality. Reforms in land, labour, liquidity and laws  are critical to make India a driver of the global economy."

Welcoming Prime Minister's address to the nation on Tuesday, Sharad Kumar Saraf, President, Federation of Indian Export Organisations (FIEO) said that the initiatives mentioned by the Prine Minister heralds the arrival of New India. He said, "The Prime Minister sensed an opportunity in this adversity and is looking into path-breaking reforms to unshackle the economy to reap demographic dividends."

"The increasing localisation is a fall out of COVID-19 across the globe but this will make market access for exports more difficult. However, if we can integrate into the global value chain, we are up for a quantum jump in exports," said President FIEO.

He added, "The stimulus package should address both supply and demand-side challenges emanating from the coronavirus. The credit availability at soft interest rates, reduced tax rates, infrastructure development would help the manufacturing to start the process from local to global."

President FIEO opined that opportunities of investment are knocking at our doors and the PM announcement has opened the door further. 

"We hope the States provide ease of doing business to realise this. If we miss the bus now, we will miss it for all the time to come, said Sharad.