Stimulus package to revive economic activities, boost Make in India, says steelmakers

Indian steelmakers on Wednesday said the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi would give a quantum jump to economic activities in the country and boost the ambitious Make in India programme

Press Trust of India May 13, 2020 19:25:08 IST
Stimulus package to revive economic activities, boost Make in India, says steelmakers

New Delhi: Indian steelmakers on Wednesday said the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi would give a quantum jump to economic activities in the country and boost the ambitious Make in India programme.

The Prime Minister on Tuesday announced a massive new financial incentive on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

Welcoming the announcement, Rashtriya Ispat Nigam Ltd chairman and managing director P K Rath said the impetus would give a quantum jump to economic activities in the country.

The growth of downstream sectors of the Indian steel Industry, MSMEs, construction, infrastructure, auto etc will help India become self-reliant, he said.

Stimulus package to revive economic activities boost Make in India says steelmakers

Representational image, Reuters.

"The package is predicated to make the Indian economy self-reliant by leveraging our inherent strengths of demographics, technological skills and domestic demand by building infrastructure and robust supply chains that would give a boost the Make in India programme," JSW Group Chairman Sajjan Jindal said.

Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said the relief announced under the 'Atmanirbhar Bharat Abhiyan' will strengthen infrastructure, tech-driven system, demography and demand as highlighted by the Prime Minister.

The much-needed stimulus by the government will reassure businesses and the common man, he said.

SAIL Chairman Anil Kumar Chaudhary said the package which equals 10 percent of the India's GDP is in line with the industry expectations.

This will help restart various industrial activities and bring back the momentum of all economic activities, he said.

"Infrastructure being one of five pillars emphasized by PM in his strategy of self-reliant India will augur well for domestic steel demand. Once the economy is kick-started, there will be a marked pick-up in infrastructure and construction activities bringing the steel demand back in the domestic market," he said.

Pankaj Malhan, CEO, Vedanta ElectroSteel Steels Limited, said, "Prime Minister Narendra Modi's Aatmanirbhar Bharat movement, based on economy, infrastructure, technology-driven system, vibrant demography and demand is a welcome initiative that will propel India's growth and shape up 'India of Future' while ensuring that both lives and livelihood are well-balanced."

The announcements made by the Finance Minister Nirmala Sitharaman will go a long way in driving the much-needed demand and liquidity in the system, he said, adding it will protect earnings at both individual and corporate level.

Updated Date:

also read

Beijing Winter Olympics: IOC urges teams to ask for more vaccines ahead of next year's Games
Sports

Beijing Winter Olympics: IOC urges teams to ask for more vaccines ahead of next year's Games

Health officials in China said this week that more than one billion people, or 72 percent of the country's 1.4 billion citizens, have been fully vaccinated.

Mumbai reports 352 new COVID-19 cases, 1 death; tests top 1 crore
India

Mumbai reports 352 new COVID-19 cases, 1 death; tests top 1 crore

Mumbai reported less than 400 daily COVID-19 cases after a gap of six days and witnessed only one fatality for the first time since 31 August

Maharashtra logs 3,595 COVID-19 cases, 45 deaths; toll at 1,38,322
India

Maharashtra logs 3,595 COVID-19 cases, 45 deaths; toll at 1,38,322

Maharashtra's COVID-19 recovery rate stands at 97.06 percent, while the fatality rate is 2.12 percent