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₹20 lakh cr package will help manufacturing sector: ITF

May '20
Prime Minister Narendra Modi addressing the nation on May 12, 2020. Pic: PMO/Youtube
Prime Minister Narendra Modi addressing the nation on May 12, 2020. Pic: PMO/Youtube

A total package of 20 lakh crore combined mainly with bold structural reforms will help Indian manufacturing sector to integrate into global value chain, Indian Texpreneurs Federation (ITF) convenor Prabhu Dhamodharan has said. He has welcomed the announcements made by Prime Minister Narendra Modi in his Address to the Nation on Tuesday.

"We welcome the announcements (made by Prime Minister Modi) and expect specific support measures for labour intensive sectors in finance minister's announcement in the coming days. As mentioned in the PM's speech, focus on liquidity will bring much needed relief to our sector," Dhamodharan said.

Various announcements made by the government related to the Corona crisis, including the decisions of the Reserve Bank of India, when added to the economic package that is being announced, will come to around ₹20 lakh crore. "This package is about 10 per cent of India's GDP. With this, various sections of the country and those linked to economic system will get support and strength of 20 lakh crore," PM Modi said in his televised speech.

"This package will give a new impetus to the development journey of the country in 2020 and a new direction to the self-reliant India campaign. In order to prove the resolve of a self-reliant India, land, labour, liquidity and laws have been emphasised in this package," he added.

Elaborating further he said, "This economic package is for our cottage industry, home industry, our small-scale industry, our MSME, which is a source of livelihood for millions of people, which is the strong foundation of our resolve for a self-reliant India. This economic package is for that labourer of the country, for the farmers of the country who are working day and night for the countrymen in every situation, every season. This economic package is for the middle class of our country, which pays taxes honestly and contributes to the development of the country. This economic package is for Indian industries, which are determined to give a boost to the economic potential of India."

Starting today, over the next few days, finance minister Nirmala Sitharaman will give detailed information about this economic package inspired by the 'Self-reliant India campaign'.

Prime Minister Modi also stressed on the importance of local manufacturing, local market and local supply chain. In times of crisis, this 'local' has fulfilled our demand, this 'local' has saved us. Local is not just the need, it is our responsibility also. Time has taught us that we must make the 'local' as a mantra of our life.

Welcoming the economic package announced by the PM, Union MSMEs minister Nitin Gadkari said the MSME, village and cottage industry sector will grow to new heights with the support of this package.

Fibre2Fashion News Desk (RKS)

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