Industry Said, The Package Will Be Helpful In Job Creations

Industry said, the package will be helpful in employment generation, the government tries to give relief to all sectors.

The industry has praised the third relief package announced by Finance Minister Nirmala Sitharaman. Industry organizations say that this package will help in employment generation.

Confederation of Indian Industry (CII) President Uday Kotak said that it is heartening to see that despite financial pressures, the government has opted for another package.

Increasing the scope of ECLGS will benefit sectors under pressure.

FICCI President Sangeeta Reddy’s focus on housing, infrastructure, and construction shows that the government wants to make full use of the capabilities of these sectors to accelerate the growing economy on the path of reform.

According to the SBI EcoRap report, through a package of Rs 2.65 lakh crore, the government has prepared to increase demand through incentives.

Employment generation has been placed at the center of the package.

Bandhan Bank Managing Director and CEO CS Ghosh said that this relief package is a step taken at the right time. This will help stimulate the growing economy on the fast track.

Arun Singh, Global Chief Economist at Dun & Bradstreet, said the package would provide major relief amid concerns about increasing infection.

The announcement of a fertilizer subsidy of Rs 65,000 crore is also being appreciated.

Chemicals and Fertilizers Minister DV Sadanand Gowda said that this will ensure the availability of fertilizer to farmers. Rating agency Iqra said the move would be a relief for the fertilizer industry.

According to Iqra estimates, by the end of FY 2020-21, subsidy arrears could touch Rs 57,000 to Rs 60,000 crore. This bailout could have put a crisis on the availability of cash in the sector.

From the additional allocation that the government has made, it is clear that the government’s attitude towards the fertilizer sector is changing.

On the announcements made for the real estate sector, National Chairman of CREDAI, Zakshya Shah said that the relief in income tax will give relief to the developers facing the cash crisis.

He said that due to the epidemic, property prices have already gone below the circle rate in many places.

Naredco and Assocham President Niranjan Hiranandani also welcomed the move.

Kenichi Ayukawa, president of Siam, an organization of the automobile industry, said special provisions for employment generation and credit guarantee have been made in the third relief package.

This will help many sectors in crisis to come out of the pressure.